Poultry production down 72% in Venezuela

Venezuela has been in an economic recession since 2004 and has experienced hyperinflation since 2017. Photo: ANP

Venezuela´s poultry production has been decreasing dramatically over the last decade due to its economic crisis and hyperinflation. According to Central University of Venezuela, the country is using barely 28% and 38% of its maximum producing capacity, respectively, for poultry meat and eggs.

This year, the country achieved an monthly production average of 36,615 tonnes of meat and 700,000 cartons of eggs against 120,000 tonnes and 1,8 million cartons in 2012 when Venezuelans had stable purchasing power. These data was published in the Primicia newspaper.

Simón Leal, head of the Faculty of Veterinary Sciences estimates that Venezuela’s poultry sector needs US$ 150 million of investment per month to bring installed capacity to 100% functional. Currently, there are no resources from the government nor the producers.

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For 2021, production numbers show per capita consumption of 17.3 kg of chicken and 125 eggs per person per year. Leal also highlighted that 2012 was the year with the largest poultry production in the country when per capita consumption was 46.61 kg of chicken and 251 eggs. In other words, supply has dropped by 63% on meat and more than half on eggs for Venezuelans.

Crisis and hyperinflation

Venezuela has been in an economic recession since 2004 and has experienced hyperinflation since 2017, with people complaining about high prices and the collapse of public services. However, the government of President Nicolás Maduro holds the international sanctions imposed against Venezuela responsible.

Although the official currency in Venezuela is the bolivar, products and services are practiced in US dollars or Colombian pesos, and they vary constantly, even when paid in foreign currency. Inflation levels officially reached 1.3 million % in 2018 and 35,000% in 2019 and 2,959.8% last year. In 2021, the Central Bank of Venezuela recorded 574.4% inflation until October. The inflation accumulated in the last 12 months was 1,575.3%.