Foreign trade figures of Venezuela

Foreign Trade in Figures

According to the latest available data, Venezuela’s foreign trade represented 67.2% of the GDP in 2017 (World Bank – latest data available). The country’s economy strongly depends on hydrocarbons, as well as on loans from China and Russia. Traditionally, petroleum represents around two-thirds of Venezuela’s exports. In 2023, Venezuela's oil exports totalled USD 4.04 billion, with an average of 550,000 barrels per day sold at USD 64.37 per barrel. Of this, 248,000 barrels mostly went to Asia (excluding China), accounting for 45% of exports, while Latin America received 28,000 barrels daily. U.S. oil sales sharply declined after sanctions were imposed in 2018. Since 2015, Venezuela's oil exports have been steadily decreasing due to government mismanagement and U.S. sanctions. Other main imports include scrap iron, acyclic alcohol derivatives (halogenated, sulphonated, nitrated), and nitrogenous fertilizers. As per imports, they were led by refined petroleum (6.7%), soybean meal (3.3%), corn (2.7%), broadcasting equipment (2.6%), and cars (2.5% - data OEC for 2023).

As per the latest figures from OEC, Venezuela’s main export partners in 2023 were the United States (49.9%), China (9.7%), Spain (8.8%), Brazil (6.1%), and Turkey (4.8%); whereas imports came chiefly from China (34.6%), the United States (24.3%), Brazil (11.5%), Colombia (6.7%), and Turkey (3.7%). Venezuela is a member of the Latin American Integration Association as well as the Global System of Trade Preferences among Developing Countries and is looking to improve and increase its trade relations with the South American zone, the EU, and China. However, even though Venezuela entered Mercosur in 2012 to develop trade with its neighbours, its membership was indefinitely suspended in 2017 because the country was infringing on the democratic clauses of the treaty.

According to the WTO, the country imported USD 11.1 billion of goods in 2023 and exported USD 8.4 billion of goods over the same period, marking increases of 10.2% and 78.3% year-on-year, respectively. Venezuela's foreign trade policy has been heavily impacted by international sanctions, particularly those imposed by the United States and other Western countries. These sanctions have targeted key sectors of Venezuela's economy, including oil exports, which historically formed the backbone of its foreign trade. As a result, Venezuela has faced significant challenges in accessing international markets and obtaining necessary imports, leading to shortages of essential goods and exacerbating economic instability. Additionally, the sanctions have constrained Venezuela's ability to engage in normal trade relations, forcing the country to seek alternative partners, often with limited success. The restrictions have also hindered foreign investment, further complicating efforts to diversify the economy and stimulate growth. Despite attempts by the Venezuelan government to navigate these challenges through various strategies, including increasing cooperation with countries like Russia and China, the impact of the sanctions continues to pose formidable obstacles to the country's economic recovery and stability.