Venezuela - Current Account Balance





Venezuela: Current Account Balance

Mnemonic TAB.IVEN
Unit Millions US $, NSA
Adjustments Not Seasonally Adjusted
Quarterly 28.73 %
Data 2018 Q4 1,687
2018 Q3 2,367

Series Information

Source Central Bank of Venezuela
Release Balance of Payments
Frequency Quarterly
Start Date 3/31/1994
End Date 12/31/2018

Venezuela: Trade

Reference Last Previous Units Frequency
Balance of Goods 2018 Q4 4,616 5,491 Millions of US $, NSA Quarterly
Current Account Balance 2018 Q4 1,687 2,367 Millions US $, NSA Quarterly
Exports of Goods 2018 Q4 8,257 8,612 Millions of US $, NSA Quarterly
Imports of Goods 2018 Q4 3,641 3,121 Millions of US $, NSA Quarterly
Exports of Goods and Services 2017 61,708,926,179 9,022,191,949 Thousands of VEF, NSA Annual
Imports of Goods and Services 2017 73,190,567,237 7,665,967,045 Thousands of VEF, NSA Annual
Net Exports 2017 -11,481,641,058 1,356,224,904 Thousands of VEF, NSA Annual
Real Exports of Goods and Services 2017 6,511,658 6,514,523 Thousands of 1997 VEF, NSA Annual
Real Imports of Goods and Services 2017 5,658,880 8,659,467 Thousands of 1997 VEF, NSA Annual
Real Net Exports 2017 852,778 -2,144,944 Ths. 1997 VEF, NSA Annual

Release Information

Due to the source not updating data in all of 2014, we have decided that we will now check for new data once a month. 

The balance of payments is part of a comprehensive set of economic statistics.  The updated guidelines for development set out in the fifth edition of  Balance of Payments Manual of the International Monetary Fund (IMF), which  introduced the concept, structure and classification of the same, with a high degree of consistency with the new version of the System of National Accounts (SNA) and other international statistical methodologies.

The balance of payments is a statistical statement that systematically summarizes, for a given period, transactions between residents of a country and the rest of the world, regardless of their nationality. 

One unit Institutional: resident who has an economic interest in the territory of that country, from which conducts and intends to continue making economic activities and significant scale operations, in indefinite or an extended period.

Transactions performed by residents against the rest of the world: categories of goods, services and income, which includes financial assets and liabilities and those that are recorded as transfers, in which seats are made compensatory balance accounted for the unilateral transactions.

Records of the balance of payments: flow, ie facts Economic occurred in a reference period and not holdings or balances assets and liabilities that are available at any given time.

Investment position international: aimed at determining a specific date, the value and composition on holdings of financial assets of an economy and the credits purchased the rest of the world, whose net balance is part of the heritage of an economy, which stems from its external sector.

In the balance of payments, there is an accounting convention that each transaction records must be represented by two seats with values exactly the same, so it is analogous to a financial statement prepared in accordance the method of accounting for two commonly used. 

Economic transactions are generally conducted through processes. Administrative along different stages, so that in accordance with the criteria established internationally, it has been determined the date of transfer of property as the time of recording transactions. 

The balance of payments country is expressed in U.S. dollars and to maintain consistency with the endpoints and timing of recording transactions, the exchange rate which is used to convert the values expressed in another currency, is the kind exchange market, prevailing at the date on which the transfer takes place property in the transaction.

The methodology used in drawing up the balance of payments of the Republic Venezuela has been reviewed and gradually adapted to track Manual of guidelines, which were partially implemented since 1996. 

Exports and imports are estimated based on the monthly information provided by the National Statistics Institute (INE), OCEI earlier, referring to the FOB value registered in the customs documents, expressed in dollars Americans.  This information will be made various adjustments, essentially Coverage and time of registration.  The coverage adjustments in exports relate to the oil sector, provided by Petroleos de Venezuela (PDVSA), including orimulsion and fuel for ships and aircraft, plus added  exports of iron ore and electricity reported by the companies, gold

In the case of imports are used all data from the customs documents with the exception of oil imports, which are supplied by PDVSA. Adjustments are made for coverage related to military procurement registered with customs, smuggling arrested by the National Guard and an estimation of provisions and supplies, repairs and property acquired in ports by means of transport and other adjustments for omissions in customs records.

Transportation includes revenue from the oil industry, national public, airlines

(Private services for freight and sales of tickets for international flights), income port, airport and waterways that receives industry national oil company, the National Institute of Pipes (INC) and the main ports and airports in the country.

In the debits are recorded payments for freight, modality transportation, region, etc.  It also includes payments for transport of passengers

Travel: gives the average daily expenditure in U.S. dollars by category traveler and reason for visit, the average number of nights

Communications: revenues and expenditures of the leading company in the sector, especially for basic telephony services for international correspondent, obtained through their financial statements and indicators of traffic volume and rates internationally.  Also include income and expenses for other services communications and value-added, income and expenditure undertaken by the Institute Postal Telegraph (IPOSTEL) and the private couriers, for services postal and telegraph

Insurance: includes income earned by the companies reinsurers, for accepted bonuses and commissions received.  In discharges, including expenditures from premiums ceded and commissions paid.  Additionally, it includes Merchandise paid by insurance companies

Financial: Payments are recorded by committees of external public debt by the nation, registered by the Ministry of Finance (MF).  Also included are the costs of Commissions for letters of credit for imports of government and business sector public.

Government: recorded expenses incurred by diplomatic missions

accredited in the country.  In the debits are recorded all expenditure undertaken by the government through diplomatic missions abroad and other expenses government. 

Other Services: recorded business services, personal and technical; Additionally, it includes commissions paid to agents air

Compensation of Employees: income payments for the resident staff working at diplomatic missions in the country. The discharges are for the salaries of non-diplomatic personnel working in embassies and consulates of the Bolivarian Republic of Venezuela abroad. Additionally, it includes information on the salaries paid to foreign staff working in the country for a period less than one year.

Direct investment: Provisions are made for income from dividends, profits broken branches and reinvested earnings of public and private enterprises, including the oil industry and national commercial banks and universal.  Debits include outlays for dividends, profits received from branches, utilities reinvested and interests associated with debt, from private oil companies and non-oil and financial institutions.

Portfolio Investment: interest and dividends received on holdings of tools for portfolio held by the monetary authority, government (including the Capitalized interest of zero coupon bonds that were formed as collateral of the Brady Bonds), universal and commercial banks and other institutions Financial, as well as the yields obtained by the non-financial private sector.  The liabilities include the rent paid by bonds and other debt securities issued in international financial markets by government, the oil company public and private companies and non-oil oil.  Also, include dividends issued by commercial banks and universal and private companies, as well as interest paid by the authority currency to non-resident investors who purchase securities in the market stock in the country. 

Other investment: interest earned on loans of advances long-term commercial loans, deposits and other accounts receivable, of local public and private sector in the country.  It includes the monetary authority, government, public and private financial institutions, public enterprises and the private sector not financial.  Additionally, it includes the Interest on loans and deposits reported in the financial statements of the authority monetary and commercial banks.

Current transfers: grants, technical assistance, Indemnity insurance, pensions and workers’ remittances.  Expenditures include the government’s overall contributions to international agencies and workers’ remittances, declared at registrations BCV’s exchange rate, banking trade and exchange offices.  Additionally, it includes the component Transfers of insurance premiums paid by overseas companies and public private.

Capital Account: Not detected significant transactions for its record on this account.

Direct Investment In the country: Recorded transactions resulting from the participation of investors

Foreigners in the capital stock: (greater than or equal to 10%) and utilities reinvested in financial institutions and non-financial public enterprises and private.  For companies other than banks and insurance are included among the debts related companies, including commercial loans.

Abroad: refers to investments in subsidiaries and branches abroad (in stocks, utilities reinvested and other transactions that represent assets or liabilities to companies related) as well as real estate noncommercial, conducted by the banking institutions and public and private companies, non-oil and oil.

Investment Portfolio

Assets: transactions in shares and other equity (less than 10% of capital) and debt securities abroad by the monetary authority, the general government, financial institutions and a sample of private companies. The holdings in zero-coupon bonds are recorded at current value.

Liabilities: Includes liabilities on holdings of shares, representing less than 10% of capital of the banking and non-financial private.  Additionally, there are liabilities on debt securities of the monetary authority, government, the oil company public and private companies no financial (oil and regulated by the SEC). The liabilities of the monetary authority will be determined on the basis of their records and The survey of banks to provide escrow service to investors residents. 

Another Investment

Assets and liabilities of general government: include deposits outside (including collateral for the Bonds Brady) and the participation of the Bolivarian Republic of Venezuela in organisms international.  The liabilities relate to credit with suppliers, and loans other obligations of the Republic. 

Assets and liabilities of the monetary authority: in loans to long-and short-term currency and deposits and other assets of the BCV not regarded as international reserves.  The liabilities include the use of credit and loans from the IMF, bilateral agreements letters of credit, short-term loans, currency and deposits of Central international agencies

Assets and liabilities of the banking sector: loan transactions in the short and long term, and different forms of deposits from commercial banks, universal, of investment, mortgage and savings and loan institutions.

Assets and liabilities to other sectors: assets and liabilities related to trade credits, loans in the short and long term deposits and other accounts receivable and payable, financial institutions other than banks (insurance, reinsurance, public funds, mutual funds, funds money market, houses, bags and other auxiliary and financial intermediaries) and SOEs and private non-financial.

Reserve assets: include the position of Foreign Exchange Reserves of the BCV, discriminated against in its components: monetary gold, special drawing rights, reserve position in the IMF and foreign exchange.  These are detailed in instruments such as currency and deposits, banks, bonds and notes, money market instruments and other assets (involvement of bilateral agreements and capital account “A”).  Excluding the revaluations by the exchange rate and prices.  All assets are valued at prices market.

Additionally, there are assets of IVF until 2001, when become a development bank and its foreign assets pass to register with the another category of investment in the financial account.  From the year 1999, includes Investment and Macroeconomic Stabilization (FIEM), now Fund Macroeconomic Stabilization (FEM)

II.  International Investment Position

The International Investment Position (IIP) is a statistical review shows that the balances of financial assets and liabilities which has an economy in relation to the outside one time.

The net balance of the IIP or IIP Net (possession of foreign assets less tenure external liabilities) shows the difference between what the country has and what it owes externally, at the end of a specified period.  The IIP Neta merged with the holdings of non-financial assets from one country, is the net worth of that economy.

The difference between the position at the close of a specified period and the closure of period immediately preceding reflects:

i)Financial transactions (flows reflected on actual operations in the financial account of the balance of payments)

ii) The changes in valuation and other changes which took place in the period.

The IIP is a useful indicator to determine the causes of the imbalance of payments and need to take adjustment measures, analyzing the evolution of markets capital and foreign debt, as well as the impact of the adoption of exchange rate policies, among other things.

In addition to the transactions, price changes and exchange rate policies, there are other adjustments that affect holdings, as such, the allocation or cancellation of SDRs, reclassifications, cancellations accounting, measurement errors, among others.

The IIP is based on the methodology set out in the fifth Balance of Payments Manual and is prepared, under the same criteria and classifications used in the measurement of flow data from the financial account of the balance of payments. In this sense, there is a close relationship between the two indicators, both by records in the financial account of the balance of payments, which measure transactions an economy on external financial assets and liabilities, for those of the investment income derived from these assets and liabilities are recorded in the Current, which affects the balance of the holdings reported in the IIP.

The IIP is ranked by assets and liabilities, functional categories of investment and investment instruments, in order to be consistent with the presentation of the balance of payments.  An outflow of capital in the balance of payments should increasing assets or decrease in liabilities in the IIP, and similarly, a flow Input capital should increase or decrease in liabilities assets.

The methodology applied in the Bolivarian Republic of Venezuela for the development the IIP, for the quarterly measurement and / or annual holdings of assets and external liabilities of all institutional sectors of the country (monetary authority, Government, financial institutions and public and private companies).  The sources correspond to those identified in the various categories of financial account the balance of payments, so it balances are obtained from financial statements, administrative records and / or surveys.  In most cases, transactions were determined on the basis of the balances, apply indicators of market rates to holdings of assets and liabilities on negotiable instruments and distinguishes the Exchange rate variations and price, as well as other changes product of accounting adjustments and reclassifications.

III.  External Debt

Based on the revised concept, established in the Manual of Balance Payments and National Accounts, are derived from powerful new guidelines for measuring the balance of the gross external debt, contained in the Guide for Compilers and

Users of External Debt Statistics of the IMF and other agencies International, which helps to increase the value of analytical data and allows a greater degree of consistency and comparability of these statistics with other macro-economic nature, such as balance of payments, investment position International and national accounts.

The Guide defines the external debt as the amount outstanding on a determined when the actual current liabilities and non-contingent, made by Residents of an economy with non-residents, with a commitment to perform in future payments of principal, interest or both. In the Bolivarian Republic of Venezuela, the statistics of external debt are generated by the MF and the BCV, in correspondence to the fulfillment of the objectives that each agency meets on the matter.

The MF publishes statistics on public debt in order to present liabilities financial contract, arising from the conduct of public credit operations and internal and external financing.  The data, compiled by the System Management and Analysis of Debt (DMFAS), covering the central government’s debt