Over 400 Brazilian firms refuse to export to Venezuela

According to a study published by Folha de S.Paulo on 6 November 2016, at least 449 Brazilian firms have refused to export their products to Venezuela due to the growing difficulty in receiving payments for their exports. The study, based on data from the government and the business community, reported that exports from Brazil to Venezuela have fallen by 61 percent since January 2016 (Globovisión). In October 2016, exports from Brazil to Venezuela reached US$980 million, their lowest level since 2003, compared to highs of US$5 billion in annual exports between 2008 and 2010. Folha de S.Paulo also noted Venezuela fell from the seventh-largest recipient of Brazilian exports to the 37th-largest recipient (El Nacional).