Venezuela imports 2012, highest amount in sixteen years

The injection of public spending into scholarships and increases in wages and pensions boosts consumption at a time when production of state-run companies and staples such as milk and sugar falls. Therefore, there is no alternative but to resort to imports to prevent widespread shortages. In his year-end report, President of the Central Bank of Venezuela Nelson Merentes stated that in 2012, imports totaled USD 56.35 billion, the highest amount in the last 16 years. The number amounts to 59% of the dollar revenues Venezuela obtained from exports. Read Article