The #1 Sign of Economic Collapse in Venezuela

Venezuela’s 2017 annualized per-capita consumption of beef and veal meat has reached a new all-time low of 11.39 lbs, down a shocking 74.56% over the last four years from 44.78 lbs in 2013. From 1960 through 2017, Venezuela has averaged annual per-capita consumption of beef and veal meat of 39.64 lbs. Current Venezuela beef and veal meat consumption is a stunning 3 1/2 standard deviations below the long-term average!

From 1960 through 2003, Venezuela produced nearly all of the beef and veal meat consumed by its citizens. In 2003, Venezuela produced 35.81 lbs of beef and veal meat per-capita, equal to 97.9% of its domestic consumption. Over the following decade, Venezuela’s annual per-capita production of beef and veal meat declined by 41.02% to only 21.12 lbs in 2013.

Despite this dramatic decline in production, Venezuela was able to continue consuming beef and veal meat at above average levels due to rapidly rising imports. From 2003 through 2013, Venezuela’s annual per-capita imports of beef and veal meat exploded by 5,405% to 23.67 lbs – with imports accounting for 52.86% of 2013 consumption.

Unfortunately, after crude oil prices collapsed in late-2014, Venezuela could no longer afford to import beef and veal meat. Over the last four years, Venezuela’s annual per-capita imports of beef and veal meat have plunged by 85.42% to only 3.45 lbs.

Meanwhile, Venezuela’s annual per-capita production of beef and veal meat, after declining 41.02% over the previous decade to 21.12 lbs in 2013 – has collapsed by an additional 62.4% since 2013 to only 7.94 lbs.