Markets Open to Venezuela
Colombia is currently experiencing a great opportunity to expand its foreign trade and be in a position to increase production, stimulate trade, favor employment policies, and find foreign exchange opportunities.
TL;DR
- Colombia can expand foreign trade and increase production due to Venezuela's economic opening.
- A change in Venezuela's government, potentially with US support, indicates a flow of resources and economic sustainability.
- Venezuela, with the world's largest oil reserves, can now export crude oil to various countries.
- Colombian exports to Venezuela fell drastically from $2.556 billion in 2012 to $195 million in 2019, but have recovered to over $1 billion and are projected to reach $3 billion.
- Venezuela will demand significant quantities of food, clothing, footwear, personal hygiene items, appliances, agricultural inputs, automobiles, and services.
- Past infrastructure projects connecting Colombia and Venezuela, such as the Alto del Escorial road and improvements to the Bucaramanga-Cúcuta highway, were abandoned.