Venezuela’s political and economic struggles continue. Credit rating company S&P cut its rating of the country’s bonds despite the prioritization of bond payments from export earnings over imports. Panjiva analysis of imports from five countries fell 22% on a year earlier in May, though they did increased 4% on a month earlier. However, exports were unchanged on a month earlier with oil shipments to the U.S. and China, which represent 81% of total exports, dropping 9%. A further fall is possible after the benchmark crude price fell 7% in June. Food imports from Brazil, Colombia and Mexic...