Venezuela Forecasts 40% Trade Growth by End of 2023

Venezuelan President Nicolás Maduro predicts a 40% rise in domestic trade by year-end.

He shared this outlook at a Productive Economy Council meeting in Caracas. “The holiday season will boost our trade by 40%, showing strong growth,” he stated.

Maduro emphasized that the economy has been growing for eight straight quarters. He urged continuous review of sectors like food, pharmaceuticals, and taxes.

On taxes, Maduro called for more efforts in promoting responsible payment. From January to August, the country collected $3.551 billion in taxes.

“This shows good growth and we can do better,” he noted.

Discussing supply rates, Maduro revealed a 97% supply level in local markets. He contrasted this with 2015, which had the lowest supply in two decades.

“We’ve improved a lot,” he remarked.

He also mentioned an 84% rise in bank credit from August 2022 to 2023. Turning to oil production, Maduro aims to end the year with one million barrels per day.

“Next year, we’ll likely reach two million barrels,” he said confidently.

All refineries have been revitalized, offering room for more growth. “We achieved this year’s growth on our own,” he clarified.

Lastly, he highlighted a 90% recovery in the petrochemical industry. Maduro stated it was nearly shut down due to sanctions but has bounced back.

Maduro’s projection paints a hopeful picture of Venezuela’s economic future. Yet, it’s crucial to consider that these are government estimates, requiring further validation.

Background

This projection is critical for Venezuela, which has faced economic challenges for years. Sanctions

and global oil price fluctuations have hit the nation hard. Yet, Maduro’s forecast suggests a turning point could be near.

If the numbers hold true, trade, tax, and oil sectors could see meaningful improvements.

This is not just a matter for domestic interests but also has implications for international partners and investors.