Aeromexico announced that almost five years after it started to serve the Mexico City – Caracas route, it has decided to suspend its flights indefinitely, due to the complicated economic situation prevailing in Venezuela.
Foreign airlines have been struggling to repatriate money received from Venezuelan customers in local Bolívar currency due to exchange controls. Amid billions in unpaid bills, several other airlines have halted or reduced their operations to Caracas, including Lufthansa, Air Canada, American Airlines, Alitalia and LATAM.
The outlook for Venezuela appears to be dimming every day, and it’s not just because of the country’s daily four-hour mandatory blackouts. The oil-exporting South American country is caught in a perfect storm of droughts, food and power shortages, and devastating inflation and recession caused by plummeting crude prices.
Grupo Aeromexico’s fleet of close to 130 aircraft is comprised of Boeing 787, 777 and 737 jet airliners and next generation Embraer 190, 175, 170, and 145 models. In 2012, the airline announced the most significant investment strategy in aviation history in Mexico to purchase 100 Boeing aircraft including ten 787-9 Dreamliners and 90 MAX 737 airliners.