The Treasurer’s Guide to Trade Finance

Venezuela

Bank accounts

ƒ As of July 2012, resident companies and

individuals and non-resident companies

participating in strategic public investment

projects for the development of the national

economy may hold foreign currency

accounts in Venezuela. Account holders may

move funds via partial or total withdrawals in

local currency at the official exchange rate.

ƒ Non-resident companies can hold local

currency bank accounts in Venezuela.

Venezuela imports exports

ƒ The Foreign Exchange Administration

Commission (CADIVI) administers exchange

controls on foreign capital and international

reserves.

ƒ There are no restrictions on the forward

foreign exchange markets.

ƒ Individuals importing or exporting over the

equivalent of USD 10,000 in foreign currency

are required to notify customs.

ƒ Export proceeds are required to be

repatriated and all but 30 percent (which can

be kept for export-related expenses) must

be surrendered to the central bank.

ƒ Payments for invisible transactions and

current transfers require prior approval from

CADIVI.

ƒ Proceeds from invisible transactions and

current transfers are required to be repatriated

and must be sold to authorised banks.

ƒ All foreign direct investment must be

registered with the Superintendencia de

Inversiones Extranjeras (SIEX —

http://www.siex.gob.ve) within 60 days.

Trade information

Key trading partners

Imports by origin

USA 27.9%

EU 13.8%

China 12.0%

Brazil 8.6%

Colombia 4.2%

Other 33.5%

Source: WTO, September 2012.

Exports by destination

Information on exports from Venezuela is not

available.

Principal exports

Petroleum, bauxite and aluminium, minerals,

chemicals, agricultural products and basic

manufactures.

Documentation

Imports

ƒ Commercial invoice (with complete

description of goods to be imported), bill

of lading, packing list and, sometimes, a

certificate of origin.

ƒ CADIVI must authorise all import activities,

and import permits from the relevant

authorities must be obtained prior to

authorisation.