Nicaraguan Exports to Venezuela

There are concerns that the trade partners are constructing a commercial “house of cards” built on shaky foundations made of political rhetoric.

Thursday, July 22, 2010

During Daniel Ortega’s government exports from Nicaragua to Venezuela have increased from $2m to $119m. The figure for 2010 will likely be double the latter. The main products exported are beans, meat and livestock.

However, if commercial relations between Colombia and Venezuela were to return to normal, Nicaraguan exports would quickly find themselves outcompeted due to differences in costs.

Lialdia.com reports that, “this is why Nicaraguan businesses are asking Ortega to formalize this sweet partnership by signing a free trade agreement with Venezuela now, before the bubble bursts. By establishing clear rules of the game, Nicaragua’s private sector hopes that trade relations may evolve beyond a casual handshake between Chávez and Ortega.”



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More on this topic

Nicaraguan Businesses Insist on FTA with Venezuela

July 2010

The Nicaraguan Superior Council of Private Enterprise (COSEP) highlights the importance of reaching a commercial agreement to give “certainty” to markets.

Venezuela has become the second largest destination for Nicaraguan exports, beaten only by the USA. Exports surpassed $2 million in 2006 and are at $127.2 million for the first six months of this year.

Alba To Implement Sucre for Payments

January 2010

A rice shipment from Venezuela to Cuba will become the first trade transaction done using Sucres ("Unitary System for the Regional Compensation of Payments").

The announcement was made by Venezuelan president Hugo Chávez.

"Sucre is a common accounting unit, not a physical currency. It was adopted by Alba member countries in 2009 for exchanging products, freeing them from using the U.S. dollar", reported Epa.

Venezuela Approved $50 million for Nicaragua

June 2009

The funds will be used in the projects that were going to be financed by the withdrawn resources of the U.S. Millennium Challenge Fund.

The president of Nicaragua, Daniel Ortega, announced on Sunday, June 14th that its Venezuelan counterpart Hugo Chávez approved $50 million to the Central American country for the project of territorial, infrastructure, and rural road improvements.

Leaning left

October 2008

Honduras joins the Bolivarian Alternative for American Countries, a club promoted by Venezuela and Cuba.

On October 9th the Honduran Congress ratified the country’s membership in the Alternativa Bolivariana para los pueblos de nuestra América (ALBA, Bolivarian Alternative for American Countries), a regional grouping promoted by Venezuela and Cuba.

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