About Ronald Jose Rubio Ampueda

When you are in your country and you want to buy a product, you can buy it with a simple act. In import and export enter this interaction when the merchandise to buy is abroad, and you can have it without having to travel to get it. My name is Ronald José Rubio Ampueda, and in this blog, I offer general notions of foreign trade between Venezuela and the world.

Imports and exports

Imports are the set of goods purchased by a country in foreign territory for use in the national territory, export occurs when the producing or issuing country (exporter) sends as merchandise to a third party (importer) for its purchase or use.

These commercial actions are aimed at acquiring products that are abroad that are not in national territory through importation, sending merchandise and goods, the final result of which affects more profits for the company or issuing country.

Imports are normally subject to economic restrictions and regulated by all countries for the entry of products, therefore there are many agreements between countries to establish regulations that allow faster and less expensive imports.

Venezuela Imports and Exports

In Venezuela, the body that coordinates the authorization of entry and acquisition of foreign currency for imports is the National Center for Foreign Trade known as Cencoex, which establishes the rules on how to import into Venezuela. Once all the requirements to be able to import or export products allowed by Venezuelan laws have been met, the operation is carried out satisfactorily.

What products does Venezuela import?

• The main traditional imports in Venezuela are:
• Petroleum Oils or Bituminous Minerals
• Rice
• Wheat and Morcajo
• Soybean oil and its fractions whether or not refined, but not modified
  

Currently, non-traditional exports and imports in Venezuela have shown an increase, as a result of the pandemic, which has increased online consumption. Especially imports in China, seeing a number of products from textile to technological that are experiencing a lot of boom among Venezuelan consumers.

To export to Venezuela, it is necessary to follow a procedure that consists of few steps:

• Type of product: Primary goods, raw materials or inputs, as well as industrial intermediate goods. Both must against with their Certificate of Origin, such as permits and licenses from the competent bodies

• Payment mechanisms, you must be aware of the permanent information of the modifications that occur in the exchange and payment regime in Venezuela.

• Export route: define whether it will be land, sea, air and multimodal

• Customs regulations, and the regulations of the corresponding agencies for foreign trade activity.

Foreign trade

Foreign trade occurs in the exchange of goods and services carried out by the economy of a country or regional area, satisfying consumer demand by taking advantage of the comparative advantages of each country.

Characteristics of foreign trade

• It is a trade that occurs outside the borders
• The countries have open economies allowing commercial transactions or there is a foreign trade agreement between the countries
• It is subject to special regulations
• Countries usually sign trade agreements or conventions to facilitate the exchange of goods and services
• The entry and exit of products generates a flow of foreign exchange
• Exchange rate fluctuations can affect foreign trade flows between countries with different currencies
  
• Customs is the body in charge of controlling the entry and exit of goods from a country, and the application of taxes

The characteristics of foreign trade in Venezuela are mainly shown in the exports and imports of petroleum derivatives, as well as allowing transactions with other countries, in addition to establishing trade agreements under the regional economic integration model, to enjoy free transit and tariffs. in the exchange of products and services, thus allowing a flow of foreign exchange through traditional and non-traditional exports and imports.

Likewise, in Venezuela the key elements of international trade intervene (Theoretical, Technical, Administrative, Market, Legal, Financial) that make possible the correct functioning of Foreign Trade in Venezuela.