India (IND) and Venezuela (VEN) Trade | The Observatory of Economic Complexity

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India-Venezuela Trade: In 2023, India exported $155M to Venezuela. The main products that India exported to Venezuela were Packaged Medicaments ($68.7M), Vaccines, blood, antisera, toxins and cultures ($21.3M), and Unglazed Ceramics ($10M). Over the past 5 years the exports of India to Venezuela have increased at an annualized rate of 16.3%, from $73.1M in 2018 to $155M in 2023.

In 2023, India did not export any services to Venezuela.

Venezuela-India Trade: In 2023, Venezuela exported $202M to India. The main products that Venezuela exported to India were Petroleum Coke ($111M), Scrap Iron ($43.4M), and Acyclic alcohol derivatives (halogenated, sulphonated, nitrated) ($17.9M). Over the past 5 years the exports of Venezuela to India have decreased at an annualized rate of 45.1%, from $7.43B in 2018 to $202M in 2023.

In 2023, Venezuela did not export any services to India.

Comparison: In 2023, India ranked 39 in the Economic Complexity Index (ECI 0.65), and 12 in total exports ($441B). That same year, Venezuela ranked 100 in the Economic Complexity Index (ECI -0.82), and 113 in total exports ($7.63B).

Latest Trends

December, 2024

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Overview In December 2024, India exported $18.2M and imported $90M from Venezuela, resulting in a negative trade balance of $71.8M. Between December 2023 and December 2024 the exports of India have increased by $5.59M (44.4%) from $12.6M to $18.2M, while imports increased by $78.7M (695%) from $11.3M to $90M.

Trade In December 2024, the top exports of India to Venezuela were Drug Formulations, Biologicals ($6.17M), Ceramics And Allied Products ($858k), Indl. Machnry For Dairy Etc ($831k), Agro Chemicals ($597k), and Spices ($424k). In December 2024 the top imports of India from Venezuela were Petroleum: Crude ($179M), Aluminium, Products Of Aluminm ($1.76M), Iron And Steel ($1.62M), Other Commodities ($762k), and Plywood And Allied Products ($182k).

Growth In December 2024, the increase in India's year-by-year exports to Venezuela was explained primarily by an increase in product exports in Indl. Machnry For Dairy Etc ($831k or 1.11M%), Ceramics And Allied Products ($464k or 117%), and Spices ($345k or 435%). In December 2024, the increase in India's year-by-year imports from Venezuela was explained primarily by an increase in product imports in Iron And Steel ($847k or 110%), Aluminium, Products Of Aluminm ($775k or 78.2%), and Other Commodities ($727k or 2.07k%).

Latest Trade

Time Scale

Year

Quarter

Month

Flow

Exports

Imports

Value

Trade Value

Growth

Growth (%)

EXPORT GROWTH (December 2023 - December 2024)$5.59M(44.4%)

IMPORT GROWTH (December 2023 - December 2024)$78.7M(695%)

This section shows exports and imports data at subnational level for India. Click any date in the line plot or any product to explore the exports or imports behavior of India over time.

To check Venezuela and India trade dynamics, check the bilateral page.

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Historical Data

Bilateral Trade by Products

Depth

HS2

HS4

HS6

Value

Trade

Growth

Growth (%)

Year

In 2023, India exported $155M to Venezuela. The main products exported from India to Venezuela were Packaged Medicaments ($68.7M), Vaccines, blood, antisera, toxins and cultures ($21.3M), and Unglazed Ceramics ($10M). During the last 5 years the exports of India to Venezuela have increased at an annualized rate of 16.3%, from $73.1M in 2018 to $155M in 2023.

In 2018, Venezuela exported $202M to India. The main products exported from Venezuela to India were Petroleum Coke ($111M), Scrap Iron ($43.4M), and Acyclic alcohol derivatives (halogenated, sulphonated, nitrated) ($17.9M). During the last 5 years the exports of Venezuela to India have decreased at an annualized rate of 45.1%, from $7.43B in 2023 to $202M in 2018.

Exports from India () to Venezuela () (2023)

Exports from Venezuela () to India () (2023)

Market Competitiveness

Color

Exports

Export Growth

Section

Year

India
Top DestinationUnited States$85.5B

Venezuela
Top DestinationUnited States$3.81B

This map shows whether countries import more from India or Venezuela. Each country is colored based on the difference in imports they receive from India and Venezuela or the difference in the growth in imports.

In 2023, countries that imported more from India than Venezuela included United States ($85.5B), United Arab Emirates ($28.8B), and China ($18.1B).

In 2023, countries that imported more from Venezuela than India included Dominica ($10.5M).

Difference in imports from Venezuela () and India () (2023)

Comparative Advantage India - Venezuela

Flow

Section

HS2

HS4

Scale

Log

Linear

Year

This chart compares trade between India and Venezuela by product, considering products traded by both, India and Venezuela.

During 2023, India had a large net trade with Venezuela in the exports of Chemical Products ($107M), Textiles ($13M), and Stone And Glass ($10.7M).

During 2018, Venezuela had a large net trade with India in the exports of Mineral Products ($111M), Metals ($65.5M), and Chemical Products ($20.1M).

Economic Complexity

Competitive Landscape

Year

This visualization shows the product space at the HS4 level with the flags of India and Venezuela. This means that a dot/product with the flag of India indicates it has a comparative advantage over Venezuela. Similarly, a dot/product with the flag of Venezuela indicates it has a comparative advantage over India.

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Latest Trends

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Latest Trade

Historical Data

Bilateral Trade by Products

Exports from India () to Venezuela () (2023)

Exports from Venezuela () to India () (2023)

Market Competitiveness

Difference in imports from Venezuela () and India () (2023)

Comparative Advantage India - Venezuela

Economic Complexity

Competitive Landscape

Product Space of India () and Venezuela () (2023)

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