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Oil Leads Declining Florida-Venezuela Trade Total international trade between Florida and Venezuela has decreased annually since 1997, and Venezuela has dropped to fifth on the list of the state's major trading partners (exports + imports). High oil prices, due to supply restrictions by the OPEC cartel, led to greater exports ($20 billion) than imports in 1999 ($18.7 billion), a trend that continued in 2000. Venezuela's continuing dependence on oil exports, however, does not bode well for the diversification of its economy. Florida Exports to
Venezuela As is usually the case, the exports that changed most in value were largely the top exports in value. The top three exports in change in value were: electrical apparatus for line telephony, with a $22 million increase; transmission apparatus for line telephony, with a $20.3 million increase; and parts and accessories for typewriters, which increased by $14.3 million. The exports with the largest percentage increase among the top 10 in change in value in 1999 were reaction initiators (210.7%) and articles donated for relief and charity (3,947.9%). The exports with the largest decrease in export value were parts for TV, radio and radar (-$55.3 million) and parts and accessories for tractors, motor cars, etc. (-$50.4 million). The largest percentage decrease among the bottom 10 performing exports was for lifting, handling and loading machinery, which declined by -94.2% ($31.5 million). In first semester 2000, Florida exports were mostly the same items in the top 20 exports, but the value tended to be slightly lower. The top five exports were the same as in 1999 with a slight change in order. Of the top 20 exports in 2000, only four items were not in the top 20 in 1999. The fastest growing of these new placements in the top 20 was pumps for liquids, which increased by 68.9% ($6.4 million). As in 1999, the 10 Florida exports to Venezuela in first semester 2000 with the largest change in value were largely among the top 20 exports in value. They included: parts for spark and rotary internal combustion engines, with a $16.9 million increase; parts for balloons, gliders and dirigibles, with a $12.9 million increase; and parts and accessories for typewriters, with an increase of $12.6 million. The largest percentage increase among the top 10 was for printed matter, which increased by 200% ($3.7 million). The largest decrease in export value was for aircraft and spacecraft, -$43.9 million (-99.2%), followed by transmission apparatus for radiotelephony, -$25.8 million (-19.2%) and parts for TV and radio and radar, -$15.8 million (-63.2%). Florida Imports from Venezuela Florida imports from Venezuela are dominated by petroleum. Other imports in general are not very diverse, probably reflecting an unfavorable exchange rate policy that focuses on holding down the price of consumption items rather than stimulating exports. Petroleum imports in 1999 totaled $405 million (+8.7%); the second largest import, parts for tractors, motor cars, transport vehicles, etc., amounted to only $159.5 million (+6.3%). Together, these two items accounted for 17.3% of total Florida imports from Venezuela, and the top 20 imports accounted for 92.3% of the total. The top two were followed by crustaceans ($73.7 million), export of articles imported for repair ($43.7 million), and Portland cement ($38.6 million). The biggest percentage increase was earned by the item in seventeenth place, iron bars and rods, with 365.7% (for a total of $5.3 million). The Florida imports from Venezuela showing the biggest increase in value in 1999 were crustaceans, with a $38.5 million increase; petroleum, with a $32.4 million increase; coffee, with a $13.5 million increase; and bitumen and asphalt, which increased by $11.8 million. The largest percentage increase among the top 10 imports based on change in value was by glass containers, with a 674% increase ($7.4 million). The 10 Florida imports that decreased the most in value included the three at the bottom: bananas and plantains (-$4.4 million), petroleum coke (-$3.7 million) and gold (-$2.99 million). The import item with the biggest percentage decline in value was air conditioning machines, which fell by 96.3% (-$1.8 million). The most valuable Florida imports from Venezuela in first semester 2000 were exactly the same as the top five in 1999. Only one new item, coffee, was in the top 10. The top 20 imports accounted for 95% of total imports for the period. Due to higher prices, petroleum experienced a $50.4 million increase (28.1%). Even larger percentage increases were achieved by the third and fourth leading imports: crustaceans, at 102.6% (a $32.7 million increase) and exports of articles imported for repair, at 201.9% (a $28.5 million increase to $42.6 million for the semester). Florida imports in first semester 2000 showing the largest increase in value were petroleum, crustaceans and exports of articles imported for repair. These were followed by parts and accessories for tractors, motor cars, etc., with a $8.7 million increase (10.9%) and insulated wire, cable, optical fiber and others, with a $4.1 million increase (132.6%). However, the largest percentage increase among the state's top 10 imports from Venezuela based on increase in value was for safety glass, at 659.2% ($1.3 million). The 10 Florida imports with the largest decrease included the bottom three: coffee, -$11.1 million (-72%), aluminum plates -$4.7 million (-98.5%), and Portland cement -$4.4 million (21.8%). The import item with the biggest percentage decline in value after aluminum plates was toilet and facial tissue, paper towels and napkins, etc., which declined by 96.7% (-$1.3 million). FIU Center for Banking and Financial Institutions www.worldbank.org - www.imf.org - www.floridabusiness.com
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