El Universal – The President of the Chamber of Venezuelan-Colombian Economic Integration (Cavecol) Luis Alberto Russian said that in the first four months of this year bilateral trade was above USD 800 million, including USD 724 million in Venezuelan imports from Colombia and only USD 133 million in Venezuelan exports to Colombia.
“This year, trade has been affected because there are issues with the flow of foreign exchange. Great expectations emerged when the Sitme (Transaction System for Foreign Currency Denominated Securities) was eliminated. However, the Sicad (Ancillary Foreign Currency Administration System, which replaced the Sitme) has conducted one auction only, and not everyone has been given US dollars, due to technical reasons,” he noted in an interview with radio station Unión Radio.
In 2012, Venezuelan exports to Colombia stood at USD 224 million. This means a 40.6% decline, according to data from the National Bureau of Statistics of Colombia (DANE).