CARACAS, Tuesday July 28, 2009 | Update
in the first five months of 2009, Colombia exported products to Venezuela amounting USD 2.24 billion whereas it imported Venezuelan goods for a total of USD 238 million (File Photo)
Following the announcement that the United States is seeking to set up military bases in Colombia, Venezuela's President Hugo Chávez has ordered the Ministry of Foreign Affairs to review the country's relations with Bogotá.
From the economic point of view, there is a striking economic imbalance between the two countries. Colombia's National Administrative Department of Statistics (Dane), which is the agency responsible for the statistics in the neighboring country, said that during the first five months of the year, Venezuela has been the main market for non-traditional exports from Colombia, as textile, plastic materials and general manufactures that generate higher value added and create a large number of jobs.
The study shows that between January and May, Venezuela absorbed 33 percent of non-traditional exports sold by Colombia, followed by the United States, with 19.6 percent.
Furthermore, Venezuela has virtually halted exports to Colombia, to the extent that the Colombian economy barely imports 1.8 percent of its purchases abroad from Venezuela.
Overall, in the first five months of 2009, Colombia exported products to Venezuela amounting USD 2.24 billion whereas it imported Venezuelan goods for a total of USD 238 million.
10:07 AM. DIPLOMACY. Admired by the Colombian guerrilla after his coup attempt in 1992, the then lieutenant colonel Hugo Chávez Frías received financial support by the Colombian Revolutionary Armed Forces (FARC) for his projects after his capture that year. This mostly explains the relationship and "debt" between the parties, as revealed by a paper of the International Institute for Strategic Studies (IISS) of the United Kingdom.