Venezuela: Current account surplus falls amid rising imports
November 10, 2010
In the third quarter, the current account balance incurred a surplus of USD 2.6 billion, which was virtually unchanged from the previous quarter's USD 2.5 billion surplus. The figure nearly halved the USD 5.4 billion surplus recorded in the third quarter of last year. The quarterly figure was the result of a drop in the trade surplus (Q2: USD 6.1 billion; Q3: USD 5.5 billion), the most important component of the Venezuelan current account, which was offset by improvements in the services and income balances. In particular, exports slowed to USD 15.5 billion (Q2: USD 16.1 billion), entirely as a result of lower oil exports, while imports remained broadly unaltered over the previous quarter at USD 10.0 billion. As a result of the relatively weak reading, the moving annual current account balance fell from a USD 19.7 billion surplus in the second quarter to USD 16.9 billion in the third.