TOBACCO TRAVELLER – COLLECTION 2009 – VENEZUELA
October 1st, 2009
BY PACIFICA GODDARD
The Venezuelan cigarette market experienced an overall decline in 2008 and the first half of 2009. In 2008, 11.95 billion sticks were sold, an 8.6% drop from the 13.07 billion sticks sold in 2007, according to the United Nations Statistics Division. The market was valued at Euro 1.45 billion (US$2.2 billion).
After a precipitous decline in volume in 2002 to 2003, the profitability of the cigarette market in Venezuela diminished severely, exacerbated by increased VAT and a devaluation of the currency. However, in subsequent years, retail ...
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