Venezuela's trade turns to Arab countries and former Soviet republics
The United States and China were the preferred destination of Venezuelan exports

Imports from Latvia, Lithuania, Iraq and Palestine grew sharply in the first half of the year (File photo: Reuters)

Economy
The United States remains Venezuela's main trading partner, but in the last year the South American country has started to turn to some less traditional markets.

According to official data, although overall trade recorded a downward trade, Venezuela expanded trade with some countries. In this regard, the National Statistics Institute (INE) said in a report that Venezuela is now focusing on Arab countries and former Soviet Republics as new markets.

After imports declined by some 30 percent in the first half of the year (at USD 13.89 billion), countries like Georgia, Kazakhstan, Tajikistan, Turkmenistan, Uzbekistan, Latvia and Lithuania sold more goods to Venezuela than a year ago.

In the case of Latvia, exports to Venezuela increased from USD 42,698 in the first half of 2009 to USD 5.97 million in the same period last year. This rise was particularly favored by the purchase of fertilizers, according to the INE.

Meanwhile, imports from Lithuania also climbed from USD 1,060 in the first half of the year to USD 2.26 million in the first half of 2010. Venezuela imported fertilizers, starches and machinery.

Among the most relevant cases are countries such as Tajikistan and Turkmenistan, which for the first time in years exported goods to Venezuela in the first half of 2010.

The former Soviet republics exported tires, starches, cocoa and cocoa products, cotton and vegetables to Venezuela.

From the Middle East
While exports to Venezuela declined in most Arab countries, Venezuelan imports from the United Arab Emirates, Iraq, Kuwait, Lebanon and Palestine increased.

Iraq showed the highest percentage increase in sales to Venezuela. In the first half of 2009, the Arab country exported products amounting to USD 172,950 to Venezuela, while in the same period this year exports totaled USD 5.83 million.

Meanwhile, Venezuelan exporters have sold more products in Arab and Asian countries than in former Soviet republics.

The United States remains the largest market for Venezuelan products (30.7 percent of Venezuelan exports are sold in the US.)

http://english.eluniversal.com/2010/09/06/en_eco_esp_venezuelas-trade-tu_06A4431291.shtml