New Transportation research report from Business Monitor International is now available from Fast Market Research
Boston, MA -- (SBWIRE) -- 05/11/2013 -- BMI has revised up its forecasts for Venezuela shipping on the back of an upsurge in the country's imports. The overvaluation of the Venezuelan currency has led to a surge in imports, and therefore activity at ports, as it has become cheaper to import goods than to buy domestically produced products. While our Country Risk team believes that a devaluation of the bolivar is a question of when rather than if (and we envisage this will take place in early 2013), for now imports at the country's maritime facilities are booming. BMI notes that these revisions might have been stronger were it not for the fact that the unexpected surge in demand at Venezuelan ports as imports have risen has led to congestion and delays at the facilities.
Headline Industry Data
- 2013 Puerto Cabello tonnage throughput growth forecast at 1.9%. Slow growth expected to continue over the medium term, averaging 1.6% to 2017.
- 2013 Puerto Cabello container throughput to grow by 4.3%, and forecast to average 3.9% over our forecast period.
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Key Industry Trends
Much-Needed Investment Coming To Ports
In a recent re-election pledge, victorious Venezuelan incumbent President Hugo Chavez stated that his government would invest in developing the country's freight transport network in order to better facilitate Mercosur (Common Market of the South, the Latin American trade bloc) trade. While this may be welcomed by the sector, we maintain that the need for investment is perhaps more pressing in the country's existing maritime facilities.
Overvalued Currency Leads To Port Congestion
A surge in Venezuelan imports has caused BMI to revise up throughput forecasts for the country's ports. However, this upwards revision is considerably tempered by the news that the facilities are having trouble with congestion.
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