elecciones7Oenbilbao

Punto de encuentro de Venezolanos votantes en Bilbao

The INE, Its Figures on Venezuela’s Foreign Trade por TalCual – Latin American Herald Tribune – 21 de Noviembre 2019

According to INE figures, Venezuelan non-oil exports reached $2.8 billion in all 2018. But of that amount, some $1.2 billion are made up by gold shipments sold to the United Arab Emirates, making this country the first commercial partner of Venezuela with regard to non-oil goods

The National Institute of Statistics (INE for its acronym in Spanish) recently released figures on Venezuela’s foreign trade in 2018 that deserve to be known and analyzed.

The first thing that catches attention is that, according to the INE, in all 2018, Venezuelan non-oil exports reached $2.8 billion. But of that amount, some $1.2 billion are made up by gold shipments sold to the United Arab Emirates, making this country the first commercial partner of Venezuela with regard to non-oil goods.

Venezuela’s second trading partner in non-oil goods, according to the INE, is Turkey, a country that was sold a total of $683 million in goods, made up almost exclusively of gold, during 2018.

If all of the above were true, Venezuelan non-oil and non-gold exports would sum up, in 2018, $870 million.

These figures can be contrasted with the statistics by the International Trade Center (ITC), a joint agency of the United Nations Conference on Trade and Development (UNCTAD) and the World Trade Organization (WTO). This agency releases global trade figures on a web page known as The Trade Map (www.trademap.org). It makes the most comprehensive source at international level on world trade.

According to The Trade Map, total exports from Venezuela, including oil, reached $35.1 billion in 2018. Of that amount, $30.1 billion correspond to exports under chapter 27, made up mainly of oil and its derivatives. That being said, we would have a remainder of approximately $5 billion coming from non-oil exports.

Of this last amount, according to The Trade Map, gold exports would reach $2.8 billion – $1.8 billion to the United Arab Emirates and $901 million to Turkey. These figures would indicate that Venezuelan non-oil and non-gold exports would stand at about $2.2 billion in 2018.

There are some economic magnitudes, especially at national level, on which the INE may be prone to exaggerate things a bit. But foreign trade figures have the peculiarity that they leave marks both on the exporting country and on the country that imports a certain amount of goods, which makes it more difficult to leave room for unilateral statistical creativity.

Comments are closed.

A %d blogueros les gusta esto: