Private industrial production grew by 9.5% during the last quarter of 2024

Published at: 20/02/2025 05:53 PM

Venezuela's private industrial production grew by 9.5% during the fourth quarter of last year, compared to the same period in 2023. This was indicated by the Conindustria Statistical Information System (SIEC).

The Industrial Situation Survey for the fourth quarter of 2024 (ECI-IV 24) determined that industrial production evolved by 18.8% during the last three months of 2024, in October, from 5.6% in November, and 4.4% in December.

The president of Conindustria, Luigi Pisella, reported that 45% of private manufacturing companies estimate that their production will remain the same during the current quarter. He also noted that the confidence index stood at 17%, allowing it to remain on positive ground since the third quarter of 2023, when it stood at 18.7%.

In the same way, Venezuelan industrialists estimate that they will grow by around 11%, driven by large companies (11.5%), since medium and small companies will grow between 5 and 6%. From a sectoral perspective, the most favoured activities this year will be pharmaceuticals (27.8%), beverages (16.7%), non-metallic 14.7%, textiles and footwear (13.7%) and auto parts (13.6%).

Similarly, manufacturing achieved an average used capacity of 47.8%, the highest since the second quarter of 2015. The SIEC also broke down the capacity used by company size: large companies use 48.9%, medium ones 43.3% and small ones only 31.4%. In the fourth quarter of 2024, it was observed that 96% of industrialists made some type of investment and the average for the year stood at 88%, in contrast to 79% of companies that made investments in 2023.

Increase in sales

Regarding sales, 47% of industrialists answered that during this quarter, they increased significantly compared to the same quarter of 2023. However, 65% estimated that their sales volume in units for the next quarter will be similar to that evaluated. In his speech, Pisella indicated that the industrial activities that showed the best performance during this quarter were: auto parts (70.0%), pharmaceuticals (23.0%), other industries (21.5%), plastic and rubber (11.6%), beverages (11.5%), food (8.7%), wood and paper (5.1%), chemicals (2.1%).

In contrast, the activities with negative performance stand out machinery, electrical and optical equipment (-34.4%), smelting metal and metal products (-3.8%); and non-metallic (-3.2%).

Recycling Practices

It was also asked whether the manufacturing industry incorporated circular economy practices into its production processes, noting that 77% of large industries, 88% of medium-sized industries and 71% of small industries apply a more responsible model for the use of their resources. In addition to this, industrialists said that of the five circular economy practices they apply in their business models, the recycling and reuse of waste, as well as the recovery of finished products, stand out at 50%.

They also revealed that, as a policy, they implement waste marketing plans at 41%. Similarly, for 33%, the use of wastewater in their production processes was vital. Finally, 33% said that they carry out staff training programs on the circular economy.

Mazo News Team