Venezuela’s export of aluminium scrap during 2019-21 demonstrates escalation; 24% dip estimated for 2022

The year 2021 has been economically challenged for most of the countries worldwide, with the Covid pandemic propelling a drastic impact. Venezuela, as a country was no exception to it, however, the nation in 2022 is creating hopes to clean the dark clouds in the economic sector following its 2014 recession.

The economy of Venezuela primarily encircles around the petroleum sector that is managed by the state and delineates as the first natural wealth of the country. Furthermore, other salient industries contributing to the economy are construction equipment, iron, steel, aluminium, engine components assembly, food and textile.

The recycling of aluminium is stated as the repurposing of used aluminium. Because of it being a metal, it can be melted and used again by the industries that entail aluminium in the first place, largely by the food and beverage packaging, infrastructure, manufacture and construction. The nation on the northern coast of the South American continent, Venezuela exported 9127 tonnes of aluminium scrap during 2019-21, driving revenue earnings of around $12.99 million from the export.

In 2019, Venezuela exported 2497 tonnes of aluminium scrap, attracting an earnings inflow of $3.28 million, whereas, in 2020, the export demonstrated growth by 2.36%, as the export volume rose to 2556 tonnes, counted earnings at $3.58 million.

Venezuela’s export of aluminium scrap in 2021 exhibited a further escalation by 59.38%, as the export volume soared to 4074 tonnes, accounted a revenue inflow of $6.13 million.

The export of scrap for 2022 is analysed with a dip of 24.52%, as the export volume is envisioned to stand at 3075 tonnes and the earnings to plunge at $4.29 million.

The major trading destinations for Venezuela’s export of aluminium scrap are China, South Korea, USA, Japan, Greece, etc.