Update on Venezuelan Economic situation


In 2011, Venezuela had roughly $30 billion in reserves. In 2015, it had $20 billion. The trend can't persist much longer, but it's hard to know exactly when Venezuela will run completely out of cash.
"The question is: Where is the floor?" says Siobhan Morden, head of Latin America fixed income strategy at Nomura Holdings. "If oil prices stagnate and foreign reserves reach zero, then the clock is going to start on a default."
According to the country's recently released 2016 financial report, about $7.7 billion of its remaining $10.5 billion of reserves is in gold. To make debt payments in the past year, Venezuela shipped gold to Switzerland.
The thinning reserves paint a scary financial picture as the country faces a humanitarian crisis sparked by an economic meltdown. Venezuelans are suffering massive food and medical shortages, as well as skyrocketing grocery prices.
Related: Venezuela may have issued passports to people with ties to terrorism
Massive government overspending, a crashing currency, mismanagement of the country's infrastructure and corruption are all factors that have sparked extremely high inflation in Venezuela. Inflation is expected to rise 1,660% this year and 2,880% in 2018, according to the IMF.
Another key problem is the relatively low price of oil, which stands at half of what it was in 2014. Venezuela has more oil reserves than any other nation in the world, and oil shipments make up over 90% of the country's total exports.
That's making it nearly impossible for the country to pay its debts and import food, medicine and other essentials for its citizens.
Venezuela's imports are down 50% from a year ago, according to Ecoanalitica, a research firm in Venezuela.
Source: CNN money
Francisco Villanova
President
Venepandi, C.A.

Loading of iron ore fines at Boca Grande II transfer Station

In consideration of the loading of Iron ore fines at Boca Grande transfer station, we´ve noted the increase of cases with misdeclarations by the shippers and subsequent consequences with cargoes loaded out of the parameters established by the IMSBC code.

Port congestion in Puerto Cabello

Given the current Venezuelan economic situation, most of public and private entities are substituting national production and export of products for imports which is causing an important increase of port activities and traffic which represents significant ports congestion and mainly in the port of Puerto Cabello.

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