Venezuelan oil imports from the US soar 474.96% in 2011-2012
Imports of oil products climbed from USD 486 million in January-November 2011 to USD 2.79 billion in the same period of 2012. In general terms, Venezuela-US trade balance hit USD 19.78 billion, favoring Venezuela
In 2012, Venezuela's purchases from the US stood at USD 2.79 billion, far above the figure recorded in 2011 (USD 486 billion). Imports comprised oil, oil byproducts, and related materials, the VenAmCham's report showed.
Non-oil imports soared 21.9% in January-November 2012 as well, from USD 10.75 billion in 2011 to USD 13.10 billion.
On the contrary, Venezuela's oil exports totaled USD 34.49 billion in 2012, down 11.35% with respect to 2011 (USD 38.91 billion).
Meanwhile, non-oil exports reported a slight rebound and amounted to USD 1.19 billion, 1.7% higher than USD 1.18 billion reported in 2011.
In general terms, Venezuela-US trade during January-November 2012 accounted for USD 19.7 billion, 31.42% below the figure recorded in 2011 (USD 28.85 billion) and in favor of Venezuela.
Translated by Jhean Cabrera
President Nicolás Maduro is not only the heir to the throne, but also to an economic crisis which demanded urgent measures to rectify the course. The crisis showed up in two aspects: a 50% inflation estimate, and shortage of staples ranging between 70% and 98%. These issues might hit the President's poor popularity; considering his feeble electoral victory of 1% over his challenger.