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VIET SEAFOOD

Devaluation Of Bolivar Could Raise Venezuelan Tuna Production

The recent devaluation of the Venezuelan currency could stimulate domestic tuna production and improve the country’s competitive position.
Last week, the Venezuelan government devalued the Bolivar from 4.30 to 6.30 per dollar, which could make it less attractive to import tuna from Ecuador because it’s more expensive.
On average, 23% of Ecuador’s tuna exports go to Latin America, with the largest share – about 18 million cases of tuna each year – delivered to Venezuela.
If it becomes cheaper to produce rather than import tuna, the devaluation of the Bolivar could mean more opportunities for Venezuela’s tuna processing industry.
One of the processors in the country is Atun Euskal Caribe, a family run business that recently changed the design of its product labels to make them more consumer-friendly. Their product line includes tuna in olive oil, vegetable oil, and with piquillo peppers.

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