Goal of import substitution exceeds for 2014

The Minister of Production, Richard Espinosa, said that about 900 million USD have been replaced in imports from January to the current date. Espinosa explained that the goal of replacing purchases, which was established for USD 840 million for 2014, was overcome.

According to figures of the Central Bank, between January and August of 2013 and 2014, the total imports fell by 1.6%, which implies USD 285.4 million.

The purchases of capital goods were the ones that fell the most during that period, with 6.5% less.

Among the factors that have allowed this reduction is the application of the Resolution 116 on the Comex import control. As a result, 550 companies and unions agreed with the government to buy more national products.