Colombia-Venezuela trade expected to reach $1 billion in 2023
Colombia's Trade Minister, German Umana, announced last month in Caracas that trade between Colombia and Venezuela is set to reach between "$800 million and $1 billion" this year.
This significant boost in trade has been steadily increasing since the reopening of the border late last year, a result of Colombian President Gustavo Petro's efforts to renew relations with Venezuelan President Nicolas Maduro.
Umana shared his expectations for the future, stating, "This year we estimate trade between $800 million and $1 billion, and in 2024, we will be at no less than $1.8 billion dollars." This forecast was revealed during a business conference, highlighting the positive trajectory in the economic relationship between the two countries.
Back in 2006 and 2007, trade between Colombia and Venezuela peaked at around $6 billion. However, it witnessed a significant decline due to political tensions between the two capitals, alongside Venezuela's economic crisis.
Data from the Colombian National Foreign Trade Association reveals that the total trade volume between the two nations for the period from January to July 2023 already reached approximately $441 million, marking over a 15% growth compared to the same period in the previous year.
Colombian businesses are expressing strong interest in forging strategic partnerships in various sectors within Venezuela, such as steel, tourism, and construction. Minister Umana emphasized, "The idea is not to buy companies, but to make strategic alliances," emphasizing the collaborative approach being taken.
