Venezuela: Retail Foods
An ongoing, severe economic and political crisis in the country has led to hyperinflation and contributed to falling U.S. agricultural product exports. U.S. food and agriculture exports to Venezuela, from January to September 2019, were down 66.1 percent to $103 million, as compared to the same period the previous year. Consumer-oriented product exports from the U.S., however, more than doubled from $13.7 million during the first nine months of 2018 to $28.3 million in the same time period in 2019, an increase of 106.4 percent. This remarkable increase seems to be driven by a new kind of retail outlet, known as the “Bodegon”. This type of stores offers imported food products to high-end consumers, frequently operating entirely in foreign currency.