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Venezuela, US trade reaches $70 billion
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CARACAS, Venezuela - The president of a leading business group says trade between Venezuela and the United States reached $70 billion last year as world oil prices soared to record highs.
Edward Jardine, president of the Venezuelan-American Chamber of Commerce, says trade between the two countries increased 40 percent compared to 2007, when it reached $50 billion.
Jardine said he expects trade to decline this year with falling oil prices, according to comments published Thursday in the local El Universal newspaper.
Venezuela ships about 1.1 million barrels of oil a day to the United States, its No. 1 client.
Oil prices hit highs of around $147 over the summer. Prices settled at $43.67 a barrel on the New York Mercantile Exchange on Thursday.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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