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Textile exporters panicky over unpaid dues from Venezuela
Jun '09
Colombian business associations asked their government for help to get US $274 million back from Venezuela that the later owed for the goods it imported from Colombia. The association also warned the government that the debt has put few of the companies on the verge of bankruptcy.

The situation is critical, particularly for the companies in the sectors that stopped exporting products to Venezuela, on account of the troubles in receiving the payments, said Mr. Ivan Amaya, Chairman of the Colombian Textile Association.

Proexport, that promotes Colombian exports, put the accounts due at USD 274 million payable to Colombian companies.

According to the estimates that have been made by the Colombian-Venezuela Chamber of Commerce, in May, Colombian exports to Venezuela could tumble down by 18 percent in 2009, after a decline of 5.7 percent in January-February, which stood at US $6 billion in 2008.

Fibre2fashion News Desk - India

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