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New form of retail in Venezuela leads to increased imports

A new kind of store called a Bodegon has sprung up in Venezuela. These exist side by side with traditional supermarkets and bodegas in that country. These bodegones are of a similar size to a regular (mini)supermarket. Many of these bodegones are, however, getting bigger. Bodegones only offer imported goods. Most of these are products that come in from the United States and Europe.

Bodegones are not affiliated with any foodstuffs chamber or association in Venezuela. It is, therefore, not known how many there are in the country. Some of these stores are virtual and only exist on online platforms. The bodegones mainly offer products in American dollars. They do, however, accept payment in euros or, occasionally, the local currency. These are calculated at the US Dollar exchange rate of the day.

These bodegones increase imports. In 2019, that went up by 126% to almost $27 million. That is more than double the number of goods that were imported to Venezuela in 2018. The imported products are usually priced higher than the same product found overseas. Bodegones owners mainly travel themselves internationally to make purchases. The goods are then shipped to Venezuela.

Source: USDA Retail Foods

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