Bleak outlook for footwear and textile production
The Industrial Situation Survey for the second quarter of 2024, provided by the Statistical Information System of CONINDUSTRIA, reported a 23.1% increase in private industrial production overall during this period compared to the same months in 2023.
Specifically for the Textile and Footwear sector, the Production Volume Index decreased by 11.5%, with a capacity utilization rate of 36.5%. Looking ahead, expectations for manufacturing are for a 4.3% drop in 2024 compared to 2023.
The Venezuelan private industry highlighted several variables negatively impacting production, including excessive fiscal and parafiscal taxes, low domestic demand, competition from imported goods, and lack of financing, according to the Venezuela's Confederation of Industrialists.