Along with a strengthening of the political relationship between the two countries, Venezuela and Cuba have also significantly increased their bilateral trade in recent years, Venezuelan media reported on Thursday.

Venezuela has increased its export of oil and manufactured products, with Cuba receiving 98,000 barrels of Venezuelan crude oil every day, said Gustavo Marquez, Venezuelan State Minister for Integration and Foreign Trade.

"I don't have the final figures of trade volume this year, but it will probably exceed 1.2 billion U.S.dollars, including the supply of petroleum," Marquez said, adding that "the commercial relationship between the two countries is strong and clearly growing."

The total trade volume between Cuba and Venezuela climbed from 464 million dollars in 1999 to 912 millions in 2000. Although it dropped to 744.7 million dollars in 2002, it has experienced steady growth over the past three years,

The trade between Venezuela and Cuba has greatly benefited the two nations, Marquez noted.

Source: Xinhua