Download Venezuela November 2012

VENEZUELA
NOVEMBER 2 01 2
INTERNATIONAL
SUPPORT
KIT OF
OPPORTUNITIES
The Country's Economic Context
Industry Structure
International Trade, Bilateral Trade with Portugal and Opportunities
BES Group’s Internationalisation Support: International Premium Unit
BES Group's International Offering
Contacts
ISKO Venezuela
International Premium Unit/ ES Research - Sectoral Research
VENEZUELA
Business environment and key factors
Business environment
Ease of doing busine ss
180/185
(Doing Business 2013 ranking)
Caracas
Investor protection
Cross-border trade
Contract fulfilment
Economic Freedom
181/185
166/185
80/185
174/179
(Economic Freedom 2012 ranking)
Competitiveness
126/144
(Global Competitiveness Index 2012-2013 ranking)
Basic Requirements
Infrastructure
Institutions
120/144
144/144
Efficiency Enablers
117/144
Innovation and Sophistication
135/144
Cosec (Risk group)
7
Grade 1 (low est risk) to 7 (highest risk)
Standard & Poor´
´ s (Rating)
(AAA rating (lowest risk) to D (highest risk, default))
Long term debt in local currency
Long term debt in foreign currency
Outlook
B+
B+
Stable
Capital: Caracas
Population (Millions): 29.2 (2010)
Time Zone: UTC -4.30
Type of Government: Presidential Republic
Religion: Catholicism (majority)
Official Language: Spanish
Surface Area: 916 thousand Km 2
Currency: VEF (bolívar forte)
N. of States: 23
Sources: IMF, World Bank, COSEC, World Economic Forum, Global Heritage.
ISKO Venezuela
International Premium Unit/ ES Research - Sectoral Research
03
VENEZUELA
Macroeconomic Indicators
2012E
2013E
2014E
227.3
263.7
272.8
276.3
4.2
5.7
3.3
3.4
-1.5
8.6
8.1
8.0
8.1
8.2
28.2
26.1
23.3
28.9
28.5
5.6
6.0
5.5
8.3
8.5
8.6
6.7
5.6
4.6
-5.4
-7.4
-5.4
-5.5
2010
GDP
Current prices
EUR billion
222.2
GDP real growth rate
2011
Percentage
Unemployment Rate
Percentage of working population
Inflation Rate
Percentage
Exchange Rate
EUR/VEF
Current Account
4.9
Percentage of GDP
Fiscal Balance
Percentage of GDP
-5.9
E
Estimates.
Sources: IMF, Bloomberg.
ISKO Venezuela
International Premium Unit/ ES Research - Sectoral Research
04
VENEZUELA
Economic summary
The Venezuelan economy is centred on the extraction, production and export of oil. The country is among the leaders in terms of
oil and natural gas reserves and, in 2011, it was the 11th largest producer of oil. Venezuela is also rich in other minerals such as
iron, coal, gold and diamonds.
Venezuela’s GDP shows a strong correlation with oil export volume and the price of oil in international markets (in 2011, oil
represented around 97% of total Venezuelan goods exports).
After the economic contraction registered in 2010, the economy grew by 4.2%, in 2011, and is expected to grow again, in 2012, by
about 5.7%.
The USA is Venezuela’s main trading partner, with a share of 27% of goods imports and of 56% of goods exports, in 2011. In that
year, China was the 2nd largest importer and exporter of Venezuelan goods.
Portugal’s trade relations with Venezuela have increased in recent years, in particular in relation to exports of “Machinery and
equipment”, “soya beans” and “Medicaments” (the compounded annual growth rate, between 2006 and 2011, of the exports of
goods was 55% ).
Sources: IMF, AICEP, ES Research – Sectoral Research.
ISKO Venezuela
International Premium Unit/ ES Research - Sectoral Research
05
VENEZUELA
International Integration
ALADI – Latin American Integration Association
Seeks to gradually and progressively establish a Latin American market by means of
the implementation of a Preferential Regional Tariff system.
It comprises:
Argentina, Bolivia, Brazil, Chile, Colombia, Cuba, Ecuador, Mexico, Paraguay, Peru,
Uruguay and Venezuela. www.aladi.org/
IADB – Inter-American Development Bank
Established in 1959, it is the largest source of development funding in Latin
American and the Caribbean, promoting a program of reform which aims to increase
the level of development in the region. www.iadb.org/
MERCOSUL – Southern Common Market
Seeks to promote economic and social progress amongst member states, through
the gradual formation of a Common Market. The founding members are: Brazil,
Argentina, Paraguay and Uruguay. Venezuela has signed an accession treaty and
this awaits ratification. www.mercosur.int/
SELA – Latin American and the Caribbean Economic System
Comprising 27 Latin American countries, SELA seeks to accelerate economic and
social development among member states through intra-regional cooperation and
the establishment of a permanent system of consultation and coordination in relation
to economic and social issues. www.sela.org/
OAS – Organization of American States
Founded in 1948 by 35 nations in the American Continent, it aims to promote good
government practices, improve human rights, foster peace and security, expand
trade and find solutions for problems resulting from poverty. www.oas.org/
Sources: AICEP, ES Research - Sectoral Research.
ISKO Venezuela
International Premium Unit/ ES Research - Sectoral Research
06
The Country's Economic Context
Industry Structure
International Trade, Bilateral Trade with Portugal and Opportunities
BES Group’s Support to Internationalisation: International Premium Unit
BES Group's International Offer
Contacts
ISKO Venezuela
International Premium Unit/ ES Research - Sectoral Research
VENEZUELA
Sectoral Structure of GDP
The weight of the oil and manufacturing sectors in the economy stands out.
Breakdown of GDP by sector (1st half of 2011)
13.0%
State
13.3%
Oil & Gas
0.5%
Mining
6.6%
Community, social
and personal
services
16.0%
Manufacturing
11.5%
Real Estate and Rental
Services
2.7%
Electriciity and Water
5.8%
Financial
Institutions and
Insurance
7.4%
Construction
8.5%
Telecommunications
3.7%
Transport and
Warehousing
11%
Distribution and Repair Services
Source: Central Bank of Venezuela.
ISKO Venezuela
International Premium Unit/ ES Research - Sectoral Research
08
VENEZUELA
The economy’s sectoral structure (I)
The Central Bank of Venezuela’s key objectives include price stability and the internal and external
stability of the currency. The Sudeban – Superintendencia de Instituciones del Sector Bancario is the
authority responsible for supervision and control of the banking sector.
At the end of 2011, there were 35 Banking Institutions operating in the country, of which 20 were
Universal Banks, 6 were Commercial Banks, 8 were Development Banks and others. Twenty-five
institutions were privately-owned, 71.3% of the banks in the sector (Ten banks were state-owned).
The largest banks operating in Venezuela, 2011
FINANCIAL
SYSTEM
Total Assets
(USD billions)
World
Rank
(Tier 1)
Market Share
(Deposits)
(%)
Mercantil Servicios Financeiros
23.9
323
13.2
6.9
BBVA Banco Provincial – Banco Universal
16.6
-
11.0
5.6
Banesco Banco Universal
18.5
554
14.7
14.0
Banco de Venezuela
20.6
733
13.1
7.8
Banco Bicentenario
12.3
792
n.d.
5.9
Employees
(Thousands)
Sources: Mercantil Servicios Financeiros, EIU, Banco Central de Venezuela, “The Banker”, World Economic Forum.
ISKO Venezuela
International Premium Unit/ ES Research - Sectoral Research
09
VENEZUELA
The economy’s sectoral structure (II)
The Venezuelan economy is centred around the extraction, production and export of oil, with GDP
well correlated with export volumes and the price of oil on the international markets. In 2011, oil
represented around 97% of the value of Venezuela’s goods exports, and the economy grew by 4.2%
(In 2010, GDP contracted by 1.5%).
GDP at current prices and oil exports, 1980-2014E
OIL & GAS (I)
400
100
350
90
80
300
250
200
150
70
Venezuela’s GDP
(USD billions)
Left-hand scale
60
50
Oil exports
(USD billions)
Right-hand scale
40
30
100
20
50
E
E
E
0
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
0
10
Sources: IMF, BP Statistics.
E
Estimates.
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International Premium Unit/ ES Research - Sectoral Research
010
VENEZUELA
The economy’s sectoral structure (III)
Venezuela is a founding member of OPEC and an important player in the sector worldwide.
Venezuela is one of the leading countries in terms of oil and natural gas reserves. In 2011, Venezuela
was the 11th largest producer of oil worldwide and is one of the USA’s main oil suppliers and has also
increased its oil exports to China.
R/P1 (top 5)
(Years)
Oil production (Top 15 countries), 2011
(Milllions of barrels)
OIL & GAS (II)
11.2
11th largest producer
worldwide
10.3
Middle East
North America
41.7
Africa
41.2
7.8
World
Sources: BP Statistics, AICEP.
1
1.8
Kazakhstan
2.0
Norway
2.2
Brazil
2.5
Nigeria
2.7
Venezuela
2.8
Iraq
2.9
Kuwait
2.9
Mexico
3.3
UAE
3.5
Canada
4.1
China
Iran
USA
Russia
Saudi Arabia
4.3
78.7
54.2
Canada
100
Venezuela
100
Kuwait
Iran
UAE
97
95.8
80.7
Reserves-to-production ratio: number of years know n reserves are expected to last, given current production .
ISKO Venezuela
International Premium Unit/ ES Research - Sectoral Research
011
VENEZUELA
The economy’s sectoral structure (IV)
Tourism is an important sector in the Venezuelan economy and the country possesses considerable
potential in this sector (varied geography, including beaches, plains and mountains). In some areas,
investment in infrastructure is required (namely in relation to business travel). In 2011, the tourism sector
made a direct contribution of 3.5% and an indirect contribution of 9.3% to the country’s GDP. The main
market for Venezuelan tourism is South America, from where 34.2% of tourists arrivals originated, in
2010. However, the number of tourists visiting Venezuela, around 400 thousand in 2010, is much lower
that the number of local tourists: 1.3 million in that year.
Foreign tourists, 2001-2010
(Thousands)
Direct contribution of tourism to GDP, 2012E
TOURISM
World
Country
Rank
2011
2011
(USD billions)
(% of GDP)
6
Brazil
78.5
3.2%
7
Mexico
63.7
5.6%
World Average
16.6
5.2%
37
Venezuela
9.6
3.5%
42
Chile
6.7
2.9%
45
Peru
6.1
3.5%
71
Costa Rica
2.0
2.7%
74
Cuba
1.2
2.8%
564 552 561
477
470
486
427
393
402
328
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Sources: World Tourism Organization, World Travel & Tourism Council (WTTC), Ministerio del Poder Popular para el Turismo.
ISKO Venezuela
International Premium Unit/ ES Research - Sectoral Research
E
Estimate.
012
The Country's Economic Context
Industry Structure
International Trade, Bilateral Trade with Portugal and Opportunities
BES Group’s Support to Internationalisation: International Premium Unit
BES Group's International Offer
Contacts
ISKO Venezuela
International Premium Unit/ ES Research - Sectoral Research
VENEZUELA
International Trade – Partners
Venezuela’s imports by country, 2011
Rank
Country
Venezuela’s exports by country, 2011
Imports
Share
(EUR millions)
(%)
Rank
Country
Exports
Share
(EUR millions)
(%)
1
USA
8 870.5
26.9
1
USA
31 503.2
55.6
2
China
4 684.2
14.2
2
China
8 425.6
14.9
3
Brazil
3 298.0
10.0
3
India
4 338.6
7.7
4
Panamá
1 847.8
5.6
4
Singapura
2 450.6
4.3
5
Argentina
1 342.9
4.1
5
Brazil
911.6
1.6
6
Colombia
1 257.2
3.8
6
Dominican Rep.
888.6
1.6
7
Russia
1 224.7
3.7
7
Belarus
811.4
1.4
8
Mexico
1 193.1
3.6
8
Germany
751.6
1.3
9
Ecuador
1 058.6
3.2
9
Equador
691.0
1.2
10
Germany
709.1
2.1
10
Belgium
592.4
1.0
…
…
26
Portugal
14.1
0.0
152.1
0.5
…
…
43
Portugal
Source: UNComtrade.
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International Premium Unit/ ES Research - Sectoral Research
14
VENEZUELA
International Trade – Goods Imports and Exports
(World)
Venezuela’s top 10 exports, 2011
Venezuela’s top 10 imports, 2011
2011
(EUR Million)
Share
(% )
CAGR06-11
(%)
1 511.6
5.8
21.6
696.6
2.7
630.5
2011
(EUR Million)
Share
(%)
CAGR06-11
(%)
2709 - Petroleum Oils And Oils Obtained From
Bituminous Minerals , Crude
43 749.1
66.7
-0.5
-8.7
2710 - Petroleum Oils And Oils Obtained From
Bituminous Minerals (Excl. C rude)
19 548.5
29.8
159.4
2.4
43.3
2601 - Iron Ores And Concentrates , Incl. Roasted Iron
Pyrites
402.7
0.6
n.a.
507.5
1.9
230.1
7203 - Ferrous Products Obtained By Direct Reduction Of
Iron Ore And Other Spongy Ferrous Products , In Lumps ,
Pellets Or Similar Forms
310.7
0.5
-10.5
507.3
1.9
96.7
7208 - Flat-Rolled Products Of Iron Or Non-Alloy Steel, Of
A Width >= 600 Mm, Hot-Rolled, Not Clad, Plated Or
Coated
210.2
0.3
24.3
0102 - Live Bovine Animals
433.2
1.7
32.3
7601 - U nwrought Aluminium
148.1
0.2
-27.1
9021 - Orthopaedic Appliances, Incl. Crutches, Surgical
Belts And Truss es ; Splints And Other Fracture
Appliances; Artificial Parts Of The Body
427.0
1.6
61.9
127.3
0.2
41.8
2304 - Oilcake And Other Solid Res idues, Whether Or Not
Ground Or In The Form Of Pellets, Resulting From The
Extraction Of Soya-Bean Oil
425.7
1.6
21.2
90.4
0.1
4.3
8419 - Machinery, Plant Or Laboratory Equipment
Whether Or Not Electrically Heated, For The Treatment Of
Materials Involving A Change Of Temperature
375.3
1.4
43.4
84.4
0.1
-0.4
3002 - Human Blood; Animal blood prepared for
Therapeutic, Prophylactic or Diagnos tic Uses; Antis era
And Other Blood Fractions
372.6
1.4
43.0
72.6
0.1
29.6
Products (H.S. 4)
3004 - Medicaments
8525 - Transmis sion Apparatus For Radio-Broadcasting
Or Television, Whether Or Not Incorporating Reception
Apparatus Or Sound Recording Or Reproducing
9018 - Instruments And Appliances Used In Medical,
Surgical, Dental Or Veterinary Sciences , Incl.
Scintigraphic Apparatus , Other Electro-Medical Apparatus
8906 - Vess els, Incl. Warships And Lifeboats (Excl.
Rowing Boats And Other Vess els Of Heading Nos 8901
To 8905 And Vess els For Breaking Up)
8433 - Harves ting Or Threshing Machinery, Incl. Straw Or
Fodder Balers ; Grass Or Hay Mowers ; Machines For
Cleaning, Sorting Or Grading Eggs , Fruit Or Other Agric.
Products (H.S. 4)
8905 - Light-Ves sels, Fire-Floats , Dredgers, Floating
Cranes, And Other Vess els The Navigability Of Which Is
Subsidiary To Their Main Function; Floating Docks
3102 - Mineral Or Chemical Nitrogenous Fertilisers (Excl.
Those In Pellet Or Similar Forms , Or In Packages With A
Gross Weight Of <= 10 Kg)
8901 - C ruis e Ships , Excursion Boats, Ferry-Boats, C argo
Ships, Barges And Similar Ves sels For The Transport Of
Persons Or Goods
2901 - Acyclic Hydrocarbons
Source: UNComtrade.
ISKO Venezuela
International Premium Unit/ ES Research - Sectoral Research
15
VENEZUELA
International Trade – Bilateral relations with
Portugal (I)
Portugal’s trade balance with Venezuela, 2006, 2010 and 2011 (EUR millions)
Compound Annual Growth Rate (CAGR)
CAGR06-11 of exports = 29.0%
CAGR06-11 of imports = -30.1%
Surplus balance
In 2011,
229 companies
exported goods to
Venezuela
EUR 277.4 million
Exports
314
288
Services
(51%)
218
161
159
88
36
153
Goods
(49%)
1 047
18
18
2006
Exports of goods and services
2010
30.9%
Imports
2011
2011
Services
(51%)
Goods
(49%)
In 2010,
175 companies
exported goods to
Venezuela
Imports of goods and services
Sources: INE, Banco de Portugal.
ISKO Venezuela
International Premium Unit/ ES Research - Sectoral Research
16
VENEZUELA
International Trade – Bilateral relations with
Portugal (Goods) (II)
Top 10 Portuguese imports from Venezuela, 2011
2011
(EUR Million)
Share
(%)
CAGR06-11
(%)
10.6
75.3
n.a.
2.9
20.5
0.1
Top 10 Portuguese exports to Venezuela, 2011
2011
(EUR Million)
Share
(%)
CAGR06-11
(%)
8504 - Electrical Trans formers, Static Converters, E.G.
Rectifiers , And Inductors ; Parts Thereof
17.3
11.3
373.3
47.2
8471 - Automatic Data-Process ing Machines And Units
Thereof; Magnetic Or Optical Readers
16.3
10.6
307.1
0.8
69.3
1507 - Soya-Bean Oil And Its Fractions , Whether Or Not
Refined (Excl. Chem ically Modified)
13.9
9.1
n.a.
0.1
0.7
-16.5
3004 - Medicam ents
12.8
8.4
142.7
0.1
0.5
n.a.
2901 - Acyclic Hydrocarbons
9.3
6.1
n.a.
0.1
0.4
-8.2
8428 - Lifting, Handling, Loading Or Unloading
Machinery, E.G. Lifts , Escalators, Conveyors, Teleferics
(Excl. Pulley Tackle And Hois ts, Winches And Caps tans,
6.6
4.3
128.0
0.0
0.3
n.a.
9028 - Gas , Liquid Or Electricity Supply Or Production
Meters , Incl. Calibrating Meters Therefor
6.4
4.2
n.a.
0.0
0.3
n.a.
6.2
4.0
6.4
2803 - Carbon 'Carbon Blacks And Other Forms Of
Carbon', N.E.S.
0.0
0.3
n.a.
6.0
4.0
n.a.
0804 - Dates, Figs, Pineapples , Avocados, Guavas,
Mangoes And Mangos teens, Fres h Or Dried
0.0
0.3
-50.7
5.4
3.5
85.5
Products (H.S. 4)
7203 - Ferrous Products Obtained By Direct Reduction Of
Iron Ore And Other Spongy Ferrous Products , In Lumps,
Pellets Or Similar Forms ; Iron Having A Minimum Purity
2403 - Manufactured Tobacco And Manufactured Tobacco
Substitutes And "Homogenis ed" Or "Recons tituted"
Tobacco, Tobacco Extracts And Tobacco Ess ences (Excl.
2208 - Undenatured Ethyl Alcohol Of An Alcoholic
Strength Of < 80%; Spirits, Liqueurs And Other Spirituous
Beverages
2202 - Waters, Incl. Mineral Waters And Aerated Waters,
Containing Added Sugar Or Other Sweetening Matter Or
Flavoured, And Other Non-Alcoholic Beverages (Excl. Fruit
7801 - Unwrought Lead :
7005 - Float Glass And Surface Ground Or Polished
Glas s, In Sheets, Whether Or Not Having An Absorbent,
Reflecting Or Non-Reflecting Layer, But Not Otherwise
8480 - Moulding Boxes For Metal Foundry; Mould Bases ;
Moulding Patterns ; Moulds For Metal, Metal Carbides,
Glas s, Mineral Materials , Rubber Or Plastics
8477 - Machinery For Working Rubber Or Plastics Or For
The Manufacture Of Products From Thes e Materials , Not
Specified Or Included Elsewhere In This Chapter
Products (H.S. 4)
1509 - Olive Oil And Its Fractions Obtained From The Fruit
Of The Olive Tree Solely By Mechanical Or Other Phys ical
Means Under Conditions That Do Not Lead To
7308 - Structures And Parts Of Structures "E.G., Bridges
And Bridge-Sections , Lock-Gates , Towers, Lattice Masts ,
Roofs, Roofing Frameworks, Doors And Windows And
8544 - Insulated "Incl. Enamelled Or Anodised" Wire,
Cable "Incl. Coaxial Cable" And Other Insulated Electric
Conductors ; Optical Fibre Cables
Source: UNComtrade.
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International Premium Unit/ ES Research - Sectoral Research
17
VENEZUELA
Goods export opportunities (I)
Set of products (merchandise) identified as needs (imports) of Venezuela for which Portugal has
production and export capacity, thus representing opportunities to increase the volume of
Portuguese exports to Venezuela.
Top 10 export opportunities to Venezuela
3808 - Insecticides, Rodenticides, Fungicides, Herbicides, Anti-Sprouting
Products And Plant-Growth Regulators, Disinfectants And Similar Products
9402 - Medical, Surgical, Dental Or Veterinary Furniture, E.G.
Operating Tables, Examination Tables, Hospital Beds With
Mechanical Fittings And Dentists' Chairs
9406 - Prefabricated Buildings, Whether Or Not Complete
Or Already Assembled
0713 - Dried Leguminous Vegetables,
Shelled, Whether Or Not Skinned Or Split
9018 - Instruments And Appliances Used In Medical,
Surgical, Dental Or Veterinary Sciences, Incl.
Scintigraphic Apparatus
1701 - Cane Or Beet Sugar And Chemically Pure
Sucrose, In Solid Form
8537 - Boards, Panels, Consoles, Desks, Cabinets And
Other Bases, Equipped With Two, For Electric Control
Or The Distribution Of Electricity, Incl. Those
Incorporating Instruments
8501 - Electric Motors And Generators (Excl. Generating
Sets)
8433 - Harvesting Or Threshing Machinery, Incl. Straw
Or Fodder Balers; Grass Or Hay Mowers; Machines For
Cleaning, Sorting Or Grading Eggs
3822 - Diagnostic Or Laboratory Reagents On A Backing, Prepared
Diagnostic Or Laboratory Reagents Whether Or Not On A Backing
Sources: UNComtrade, OECD, ES Research - Sectoral Research.
ISKO Venezuela
International Premium Unit/ ES Research - Sectoral Research
18
VENEZUELA
Goods export opportunities (II)
Top 10 export opportunities to Venezuela
(Amount and rank of Venezuela’s world imports)
2006
(EUR Million)
2011
(EUR Million)
CAGR06-11
(%)
Rank 2011
Share
(%)
9018 - Instruments And Appliances Used In Medical, Surgical, Dental Or Veterinary
Sciences, Incl. Scintigraphic Apparatus
104.2
630.5
43.3
3
2.4
8433 - Harvesting Or Threshing Machinery, Incl. Straw Or Fodder Balers; Grass Or Hay
Mowers; Machines For Cleaning, Sorting Or Grading Eggs
17.2
507.3
96.7
5
1.9
3822 - Diagnostic Or Laboratory Reagents On A Backing, Prepared Diagnostic Or
Laboratory Reagents Whether Or Not On A Backing
16.8
251.4
71.9
17
1.0
8501 - Electric Motors And Generators (Excl. Generating Sets)
56.1
235.4
33.2
20
0.9
8537 - Boards, Panels, Consoles, Desks, Cabinets And Other Bases, Equipped With Two,
For Electric Control Or The Distribution Of Electricity, Incl. Those Incorporating Instruments
53.8
171.9
26.2
29
0.7
1701 - Cane Or Beet Sugar And Chemically Pure Sucrose, In Solid Form
26.0
139.9
40.1
38
0.5
9406 - Prefabricated Buildings, Whether Or Not Complete Or Already Assembled
7.2
125.9
77.2
47
0.5
9402 - Medical, Surgical, Dental Or Veterinary Furniture, E.G. Operating Tables,
Examination Tables, Hospital Beds With Mechanical Fittings And Dentists' Chairs
7.3
121.6
75.4
49
0.5
3808 - Insecticides, Rodenticides, Fungicides, Herbicides, Anti-Sprouting Products And
Plant-Growth Regulators, Disinfectants And Similar Products
51.8
111.0
16.5
56
0.4
0713 - Dried Leguminous Vegetables, Shelled, Whether Or Not Skinned Or Split
43.7
78.2
12.4
83
0.3
Products (H.S. 4)
Sources: UNComtrade, OECD, ES Research - Sectoral Research.
ISKO Venezuela
International Premium Unit/ ES Research - Sectoral Research
19
VENEZUELA
Goods export opportunities (III)
Cloud of Export Opportunities to Venezuela
Machines and apparatus
8432 - Agricultural, Horticultural Or Forestry Machinery For Soil Preparation Or Cultivation
(Excl. Sprayers And Dusters)
8424 - Mechanical Appliances, Whether Or Not Hand-Operated, For Projecting, Dispersing
Or Spraying Liquids Or Powders
8437 - Machines For Cleaning, Sorting Or Grading Seed, Grain Or Dried Leguminous
Vegetables; Machinery Used In The Milling Industry Or For The Work ing Of Cereals Or
Dried Leguminous
8441 - Machinery For Mak ing Up Paper Pulp, Paper Or Paperboard, Incl. Cutting Machines
Of All Kinds, N.E.S.; Parts Thereof
8503 - Parts Suitable For Use Solely Or Principally With Electric Motors And Generators,
Electric Generating Sets And Rotary Converters, N.E.S.
Iron and Copper
7214 - Bars and rods, of iron or non-alloy steel, not further work ed than forged, hot-rolled,
hot-drawn or hot-extruded, but incl. those twisted after rolling
7202 - Articles Of Glass, N.E.S.
7321 - Stoves, Ranges, Grates, Cook ers, Incl. Those With Subsidiary Boilers For Central
Heating, Barbecues, Braziers, Gas Rings
7312 - Stranded wire, ropes, cables, plaited bands, slings and the lik e, of iron or steel
(excl. electrically insulated products and twisted fencing wire and barbed wire)
7314 - Cloth, Incl. Endless Bands, Grill, Netting And Fencing, Of Iron Or Steel Wire,
Expanded Metal Of Iron Or Steel
ISKO Venezuela
International Premium Unit/ ES Research - Sectoral Research
Vehicles and vessels
8712 - Bicycles And Other Cycles, Incl. Delivery Tricycles, Not Motorised
8714 - Parts And Accessories For Motorcycles And Bicycles And For Carriages
For Disabled Persons, N.E.S.
8903 -Yachts And Other Vessels For Pleasure Or Sports; Rowing Boats And
Canoes
Articles of stone and ceramic products
6802 - Monumental Or Building Stone, Natural (Excl. Slate), Work ed, And
Articles; Mosaic Cubes Etc. Of Natural Stone
6805 - Natural Or Artificial Abrasive Powder Or Grain, On A Base Of Textile
Material, Paper, Paperboard Or Other Materials
6907 - Unglazed Ceramic Flags And Paving, Hearth Or Wall Tiles; Unglazed
Ceramic Mosaic Cubes And The Lik e, Whether Or Not On A Back ing
6910 - Ceramic Sink s, Washbasins, Washbasin Pedestals, Baths, Bidets, Water
Closet Pans, Flushing Cisterns, Urinals And Similar Sanitary Fixtures
Others
6402 - Footwear With Outer Soles And Uppers Of Rubber Or Plastics
9402 - Medical, Surgical, Dental Or Veterinary Furniture, E.G. Operating Tables,
Examination Tables, Hospital Beds With Mechanical Fittings
6206 - Women'S Or Girls' Blouses, Shirts And Shirt-Blouses (Excl. Knitted Or
Crocheted And Vests)
20
The Country's Economic Context
Industry Structure
International Trade, Bilateral Trade with Portugal and Opportunities
BES Group’s Internationalisation Support: International Premium Unit
BES Group's International Offering
Contacts
ISKO Venezuela
International Premium Unit/ ES Research - Sectoral Research
BES Group's Internationalisation Support (I)
VENEZUELA
BES is the Portuguese bank with the largest international presence and the best international offering: for the 5th
consecutive year it won the award for “The Best Trade Finance Bank”.
Subsidiaries and Associates: BES
Angola, BES Oriente (Macao), BES Cape
Verde, ESIB (Brazil, Mexico, Poland, USA,
United Kingdom, Angola, Spain), Moza
Banco (Mozambique), BES Vénétie
(France), ES Bank (USA), ES Plc (Ireland),
Aman Bank (Libya), IJAR Leasing (Algeria),
Dublin
London
New York Madrid
Lisbon
Toronto
New ark
Miam i
Mexico City
Nassau
Cape Verde
Caym an
Islands
Algiers
Warsaw
Paris
Cologne
Zurich
Lausanne
Geneva
Execution Noble (China and India), Banque
Extérieur d’Algérie (Algeria), Banque
Shanghai
Tripoli
Macao
Caracas
Mum bai
Hong Kong
Marocaine du Commerce Extérieur
(Morocco), Banco delle Tre Venezie (Italy).
International Branches: Madrid, New York,
London, Luxembourg, Nassau, Cayman
Islands, Caracas.
Luanda
Off-shore branch: Madeira.
Maputo
Representative and Remittances Offices:
Rio de Janeiro
São Paulo
Johannesburg
Toronto, Mexico City, Caracas, Rio de
Janeiro, São Paulo, Lausanne, Geneva,
Zurich, London, Cologne, Johannesburg,
Shanghai, Newark.
ISKO Venezuela
International Premium Unit/ ES Research - Sectoral Research
22
VENEZUELA
BES Group’s Internationalisation Support (II)
The Venezuela Branch’s objective is to be the principal Bank for the Portuguese Community resident in Venezuela, guaranteeing
adequate support for Portuguese companies with business in the country and for Venezuelan companies with business in
Portugal.
▪
BES’s Venezuela Branch is in operation since January
2012 as an Universal Bank, with a Branch in Caracas
open to the public in general and with specific areas for
Companies and Private Banking.
▪
An important market, where the Portuguese community
comprises over 500 thousand residents in Venezuela.
Descendants of first-generation Portuguese are a
significant part of the community.
▪
Although an Universal Bank, it is focused on supporting
the Portuguese community both in terms of Personal
Banking and Portuguese companies with business in the
country, in addition to Venezuelan companies with
business in Portugal.
▪
A complete range of products and services is being
implemented by the end of 2012, including:
Day-to-day management (current accounts and
deposit accounts) and internet banking;
Transactional banking services in the domestic
market (cheques, cards and transfers);
Treasury Management and local foreign exchange
services;
Appropriate credit products for the local market.
ISKO Venezuela
International Premium Unit/ ES Research - Sectoral Research
23
VENEZUELA
BES Group's Internationalisation Support (III)
Banco Espírito Santo, through the team of international bankers of its International Premium Unit,
actively supports the Portuguese business community:
Bankers with deep market expertise in charge of the various geographical
areas:
INTERNATIONAL BANKERS
Eastern Europe and Asia
Mature markets + China
Maghreb and Turkey
Middle East
Africa
Latin America
Search for credit solutions for the clients from the vast network of
Correspondent Banks;
CORRESPONDENT BANKERS
Search for business opportunities from the corporate banking
areas of the Correspondent Banks.
ISKO Venezuela
International Premium Unit/ ES Research - Sectoral Research
24
The Country's Economic Context
Industry Structure
International Trade, Bilateral Trade with Portugal and Opportunities
BES Group’s Internationalisation Support: International Premium Unit
BES Group's International Offering
Contacts
ISKO Venezuela
International Premium Unit/ ES Research - Sectoral Research
VENEZUELA
BES Group's International Offering
A Global and Innovative Offering to Support the Internationalisation of the Portuguese Companies
ES Research:
Market Data
Investment Banking
Multipessoal Group
Macroeconomic surveys
Project Finance
Recruitment of specialists (M Search)
Sectoral surveys
M&A
Market research
Corporate Finance
Outsourcing, temporary work, training and
consulting services with presence in Angola
and Spain
Commercial Banking
Business Development
Support to Account Opening / KYC
Support to treasury monitoring /
centralisation
Venture Capital
Support as partner in internationalisation
projects
Tranquilidade
International Transport Insurance
ES Ventures
FX Risk Hedging
Support to Exports/Imports; Trade Finance;
Import Financing
Bank Guarantees / Stand By Letters of
Credit
International Factoring – agreement to use
Eurofactor’s European network
Support to business partners’ search
ISKO Venezuela
International Premium Unit/ ES Research - Sectoral Research
ES Capital
2bCapital
Espírito Santo Rockefeller Global Energy
Fund
26
The Country's Economic Context
Industry Structure
International Trade, Bilateral Trade with Portugal and Opportunities
BES Group’s Internationalisation Support: International Premium Unit
BES Group's International Offering
Contacts
ISKO Venezuela
International Premium Unit/ ES Research - Sectoral Research
Disclaimer
This document w as prepared by Banco Espírito Santo and/or any of its subsidiaries (“BES”) and is intended solely for release by BES to qualified investors. Its use is restricted to qualified investors, and their
representatives.
All information contained in this document w as compiled in good faith by BES, using sources of public information considered reliable, although its accuracy cannot be guaranteed. Accordingly, w ith the exception of
information about BES makes no representation as to the accuracy or completeness of such information.
The opinions expressed in this document reflect BES’s point of view as of the date of its release and may be subject to change w ithout prior notice. BES does not assure the update of this document.
This document is not a research report, neither represents any kind of advisory, nor is an offer to buy or sell or intends to solicit an order to buy or sell. The prices of any instruments described in this document are
indicative prices only and do not constitute firm bids or offers. BES may choose to make a market for any instruments referred in this document, but are not obliged to do so. Any such market-making activities may
be discontinued at any time w ithout notice. The prices of any financial instruments described in this document are indicative prices only and do not constitute firm bids or offers.
BES may trade for their ow n account or of their clients any instruments that may be referred to in this document, as w ell as they may have any business relationship w ith the entities referred on it. BES may act as
market-makers of any instruments referred to in this document, although they are not obliged to do so and, if they do it, they may terminate that activity at any moment. BES may act as placement agent, advisor,
lender or in other capacities in w ith respect to financial instruments or issuers referenced in this document.
BES may trade for its ow n account and may also engage in securities transactions in a manner inconsistent w ith this document and w ith respect to financial instruments covered by this document.
BES has no obligation to update, modify or amend this document or to otherw ise notify a reader thereof in the event that any matter stated herein, or any opinion, projection, forecast or estimate set forth herein,
changes or subsequently becomes inaccurate. Prices and availability of financial instruments are also subject to change w ithout notice. This document is provided for informational purposes only. BES w ill not
accept any responsibility for any loss resulting from the use of the information or opinions referred in this document.
The financial instruments discussed in this document may not be suitable for all investors and investors must make their ow n investment decisions using their ow n independent advisors as they believe necessary
and based upon their specific financial situations and investment objectives. If a financial instrument is denominated in a currency other than an investor’s currency, a change in exchange rates may adversely affect
the price or value of, or the income derived from the financial instrument, and such investor effectively assumes currency risk. In addition, income from an investment may fluctuate and the price or value of financial
instruments described in this document, either directly or indirectly, may rise or fall. Furthermore, past performance is not necessarily indicative of future results.
The financial instruments discussed herein may be subject to restrictions w ith regard to certain persons or in certain countries under national regulations applicable to said persons or in said countries. It is each
investor’s responsibility to ensure that it is authorized to invest in those financial instruments.
This document is confidential and addressed to a restricted number of entities. If you are not an addressee of this document, you should immediately destroy it. The dissemination or copy, in total or in part, of this
document is not allow ed.
Additional information is available upon request.
Additional disclosures for US persons
The enclosed document does not constitute any kind of research report or any kind of offer to sell any of the financial instruments discussed herein, nor is it soliciting an offer to buy such financial instruments. The
financial instruments issued by Companies that may be discussed herein may be subject to restrictions w ith regard to certain persons or in certain countries under national regulations applicable to said persons or in
said countries. It is each investor’s responsibility to ensure that it is authorized to invest in those securities.
The financial instruments discussed in this material may not be suitable for all investors. Investors should make their ow n assessment of the risks from a legal, tax and accounting perspective prior to investing in
such products. Past performance is no guarantee to future performance.
This document is being distributed to, and is intended solely for the use of, institutional investors. Notw ithstanding the generality of the preceding sentence, this document is intended solely for the use of the
institutional investor to w hich it has been sent by BES and such recipient’s agents, employees, advisors and representatives. If you have received this document in error, you are urged to destroy it or return it
immediately to BES.
The prices of any financial instruments described in this document are indicative prices only and do not constitute firm bids or offers. BES or its affiliates may choose to make a market for any such financial
instruments, but neither BES nor any of its affiliates has an obligation to do so. Any such market-making activities may be discontinued at any time w ithout notice. Certain information contained in this document has
been derived from public sources that BES deems to be reliable. Neither BES nor any of its affiliates, how ever, have independently verified such publicly available information nor do they take responsibility for its
accuracy or completeness.
Any U.S. person receiving this document and w ishing to effect transactions in any financial instruments discussed herein should do so, if applicable, through BES and not through any non-U.S. affiliate of BES.
ISKO Venezuela
International Premium Unit/ ES Research - Sectoral Research
28
International Premium Unit
Head
Ricardo Bastos Salgado
Marta Mariz
International Business Director
Latin America
Desk
[email protected]
[email protected]
Pedro Silva
International Business Manager
[email protected]
Isabel Cotta
Financial Institutions Manager
[email protected]
ISKO Venezuela
International Premium Unit/ ES Research - Sectoral Research
Head
Miguel Frasquilho
[email protected]
Francisco Mendes Palma
[email protected]
Head Sectoral Strategist
Sectoral Research
Susana Barros
[email protected]
Luís Ribeiro Rosa
[email protected]
Paulo Talhão Paulino
[email protected]
Conceição Leitão
[email protected]
João Pereira Miguel
[email protected]
Patrícia Agostinho
[email protected]
Salvador Salazar Leite
[email protected]
Miguel Bidarra
[email protected]
José Manuel Botelho
[email protected]
29