Venezuela extends the duty exemption on essential foodstuffs until the end of May 2021


On 1 May 2021, the government extended the exemption of imports, customs and value-added taxes for a number of commodities, including cereals and cereal products until the end of May 2021. The import duty exemption on these goods has been in place since 2019, aiming to contain the price spikes amid hyperinflation pressure and boost imports, which steadily declined between 2014 and 2018 due to a spiraling macro‑economic crisis associated with lower oil export revenues, a significant depreciation of the domestic currency and hefty international sanctions. Imports of essential foodstuffs increased modestly during the 2019/20 and 2020/21 marketing years and partially offset the below-average domestic cereal production curtailed by economic constraints. FAO estimates cereal outputs in 2019 and 2020 in the country were well below the levels produced during the pre-crisis (2010-2014) period.

Country: Venezuela