Venezuela
Economic and trade overview
Key figures
Economy 2011 Trade 2011 (USD billion)
GDP (USD) 316 bn Goods Exports 93
GDP per capita (USD) 10,746 Imports 46
GDP volume growth (year-on-year) + 4.0% Net + 46
Population 29.44m Services Exports 2
MMR (year average) 4.93% Imports 13
Exchange rate VEF / USD (year average) 4.289 Net – 11
BoP (goods, services & income) as % of GDP + 6.9% Source: IFS, IMF, January 2013International/Regional memberships
Mercado Común del Sur / Southern Cone
Common Market (Mercosur):
since 31 July 2012.
International Monetary Fund (IMF):
since 30 December 1946.
World Trade Organization (WTO):
since 1 January 1995.
Government trade policy
Trade policy is implemented by the Ministry
of Commerce (MinComercio —
http://www.mincomercio.gob.ve)..)
Venezuela left the the Andean Community
(CAN — http://www.comunidadandina.org)) in
April 2006. It has since replaced its full
CAN preferential tariff agreements with
agreements with Bolivia, Ecuador and
Colombia. In January 2012, Venezuela
signed a partial scope agreement with Peru
but the agreement is not yet in force.
Venezuela has been a full member of
Mercosur (www.mercosur.int) since
31 July 2012. It must implement the
Mercosur Common Code and Mercosur’s
common external tariff (CET) by 2016 and
eliminate tariffs by 2019 (sensitive products
will be allowed a five-year extension).
National export credit insurance provider:
Banco de Comercio Exterior (Bancoex —
http://www.bancoex.gov.ve).
Bancoex also operates Venezuela’s state-
supported export credit programmes.
Venezuela maintains two free zones (the
Paraguaná Peninsula Free Zone for Tourism
Investment and the Mérida State Free Zone
for Culture, Science and Technology), two
industrial and commercial free zones (the
Paraguaná Industrial and Commercial Free
Zone, in the Carirubana municipality, in
Falcon state, and the ATUJA Industrial and
Commercial Free Zone, in the San Francisco
municipality, in Zulia state), and two free
ports (Free Port of Santa Elena de Uairén,
in Bolívar state, and the Free Port of Nueva
Esparta State, which includes the Margarita
and Coche islands).Currency and exchange controls
Official currency: Venezuelan Bolivar fuerte
(VEF).
Exchange rate arrangement: conventional
peg. The VEF is pegged to the USD.
On 9 February 2013, the VEF was devalued
to the buying rate of VEF 6.2842 per USD 1
and selling rate of VEF 6.3000 per USD 1
from the previous buying rate of VEF 4.2893
per USD 1 and selling rate of VEF 4.3000
per USD 1.
The Banco Central de Venezuela
(www.bcv.org.ve) and the Ministry of Finance
(www.mppef.gob.ve) formulate foreign
exchange policy.
Venezuela reintroduced foreign exchange
controls in 2003.