Record-breaking trade among Andean countries

Cusco, Dec. 7, 2004. According to new estimates of the Andean Community General Secretariat, trade among the five Andean Community member countries reportedly amounted in December 2004 to US$ 6bn 283mn, breaking the US$ 5bn 636mn record set in 1997.

That figure is US$ 500mn higher than initial estimates of US$ 5.7bn in intra-Community trade at year-end 2004.

Andean Community Secretary General Allan Wagner pointed out that the news is doubly encouraging, for not only is this trade record-breaking, it also consists mainly of highly diversified manufactures with a large value added content.

The calculations are based on the latest commercial trends published in the Andean Community General Secretariat’s Bulletin of Monthly Indicators for October.

Venezuela’s recovery as an exporter and the vigorous trade between Colombia and Venezuela, reportedly at a level of around US$ 2.2bn (almost one-third of total Andean trade), as expected by the specialists, were instrumental in boosting the growth of intra-Community trade.

Colombia is reportedly the subregion’s largest exporter (US$ 2bn 688mn), followed by Venezuela (US$ 1bn 642mn), Ecuador (US$ 754mn), Peru (US$ 737mn), and Bolivia (US$ 462mn).

Trade among the Andean Community countries grew most heavily over the first 6 months of 2004, when it reached US$ 2.94bn, as compared with US$ 2bn 128mn between January and June 2003 (without considering Venezuelan oil exports in either period).