ESPACIO PUBLICITARIO
CARACAS, Monday February 04, 2013 | Update
 
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HYDROCARBONS

Oil represents more than 60% of Venezuela's exports to China

Venezuela and Ecuador are the two countries receiving the largest funding from China

Venezuela's oil byproducts exports to China amount to 25.7% of total exports (File photo)
FRANK LÓPEZ BALLESTEROS |  EL UNIVERSAL
Monday February 04, 2013  10:38 AM
As never before, in 2013 Venezuela's relations with China are vital. The Asian country has become Venezuela's top funding source, in a relation where Beijing grants loans to Caracas in exchange for oil.

By the end of 2011, oil accounted for 62.2% of Venezuela's exports to China, with oil byproducts at 28.5%, iron (8.1%), ferroalloys (1.6%), and common metal scraps (0.4%), according to a report compiled by the Economic Commission for Latin America and the Caribbean (Eclac), called The People's Republic of China and Latin America and the Caribbean: Dialogue and cooperation vis-a-vis the new challenges of the global economy.

In 2011, Venezuela-China trade stood at USD 18 billion, 24 times higher than in 2003 (USD 742 million).

Venezuelan Ambassador to Singapore Alfredo Toro Hardy estimated trade at USD 23 billion in 2012, 31 times the figure recorded nine years ago.

Similarly to Venezuela, Ecuador's oil exports account for 63.6% of total exports. After Colombia, the two countries are China's main oil suppliers in the region.

Translated by Jhean Cabrera
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Is protest over?

That political protest in Venezuela has lost momentum seems pretty obvious: people are no longer building barricades to block off streets near Plaza Francia in Altamira (eastern Caracas), an anti-government stronghold; no new images have been shown of brave and dashing protesters with bandanna-covered faces clashing with the National Guard in San Cristóbal, in the western state of Táchira; and those who dreamed of a horde of "Gochos" (Tachirans) descending  in an avalanche to stir up revolt in Caracas have been left with no option but to wake up to reality.

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