"Let's Make Money by Selling to Koreans"... The Identity of Venezuela's Export Goods Amid 'Economic Crisis'

Venezuela exports 'Canonball Jellyfish'
"Valued for food and medicinal use in Asian markets"

Venezuela, plunged into economic hardship due to unimaginable inflation, is pushing to resume trade with South Korea through edible jellyfish.

On the 16th (local time), according to Venezuela's Ministry of Fisheries and Aquaculture, local authorities recently exported about 156 tons of 'cannonball jellyfish' (also known as cannonball jellyfish) to South Korea as part of a policy to promote overseas sales of non-oil products.

The Ministry of Fisheries and Aquaculture stated in related briefing materials, "The cannonball jellyfish found off our country's coast has become a sought-after product in the Asian market, valued for food and medicinal purposes," adding, "Exports of jellyfish to South Korea mark a milestone in our government's strategy." The Nicol?s Maduro administration did not disclose specific export amounts or scale.

This announcement by the Venezuelan government is considered somewhat unusual "promotion," given the significant decline in trade with South Korea over the years. According to data from KOTRA and the Korea International Trade Association, Venezuela's exports to South Korea plummeted from $115 million (about 157 billion KRW) in 2012 to $15 million (about 20.4 billion KRW) in 2021.

Jellyfish from Venezuela awaiting export. [Image source: Venezuelan Fisheries and Aquaculture Department briefing materials · Yonhap News]

Venezuela is one of the countries with the largest crude oil reserves in the world. However, it is facing a crisis due to U.S. economic sanctions and an economy overly dependent on oil. Venezuela was once considered a top candidate for becoming an "economic powerhouse," but political instability has worsened the crisis. In 2018, Venezuela experienced hyperinflation exceeding 60,000%. The country is now desperately trying to reduce its dependence on oil and diversify its economic structure. For this reason, Venezuelan authorities are reportedly placing high hopes on the "ripple effects of jellyfish exports to South Korea."

In fact, to facilitate trade with South Korea, the Venezuelan government involved local governments and private organizations in the related project, while emphasizing that "the export system was solidified in record time" through streamlined administrative procedures and accelerated logistics processes.

The Venezuelan Ministry of Fisheries and Aquaculture also stressed, "The export initiative to South Korea holds great significance scientifically and geopolitically," highlighting the importance of research and development for confirming the potential of Venezuela's marine resources and benefiting fishing communities, while strengthening relations with economically dynamic Asian countries through new market development.

Meanwhile, Venezuela's economy plummeted endlessly during the 2010s. As a result, the number of Venezuelans who suffered extreme poverty and migrated to other countries has reached 8 million. The Wall Street Journal (WSJ) pointed out that this figure exceeds those of Syria and Ukraine, which were devastated by war.