Flag Venezuela / India Flag

2020
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Exports
: $2.03B, Rnk 1 / 110

2020
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Top Product
: $2B, Crude Petroleum

2020
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Exports
: $758M, Rnk 58 / 218

2020
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Top Product
: $662M, Refined Petroleum

2020
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Economic Complexity (ECI)
: ECI -1.07, Rnk 105 / 127

2020
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Economic Complexity (ECI)
: ECI 0.56, Rnk 40 / 127

2020
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 GDP
: $2.66T, CURRENT US$
Rnk 6 / 195

2010-2020
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GDP GROWTH
: 58.8%, CURRENT US$
Rnk 46 / 195

2020
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GDP PC
: $1,928, CURRENT US$
Rnk 150 / 195

2010-2020
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GDP PC GROWTH
: 42%, CURRENT US$
Rnk 38 / 195

Venezuela-India In 2020, Venezuela exported $2.03B to India. The main products that Venezuela exported to India are Crude Petroleum ($2B), Scrap Iron ($11.6M), and Scrap Copper ($5.87M). During the last 25 years the exports of Venezuela to India have increased at an annualized rate of 23.1%, from $11.2M in 1995 to $2.03B in 2020.

In 2020, Venezuela did not export any services to India.

India-Venezuela In 2020, India exported $758M to Venezuela . The main products that India exported to Venezuela were Refined Petroleum ($662M), Packaged Medicaments ($36.2M), and Blood, antisera, vaccines, toxins and cultures ($17.1M). During the last 25 years the exports of India to Venezuela have increased at an annualized rate of 16.2%, from $17.7M in 1995 to $758M in 2020.

In 2020, India did not export any services to Venezuela.

Comparison In 2020,  Venezuela ranked 105 in the Economic Complexity Index (ECI -1.07), and 118 in total exports ($4.26B). That same year, India ranked 40 in the Economic Complexity Index (ECI 0.56), and 18 in total exports ($284B).

Historical Data

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Bilateral Trade by Products

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Depth
Value
Compare to

In 2020, Venezuela exported $2.03B to India. The main products exported from Venezuela to India were Crude Petroleum ($2B), Scrap Iron ($11.6M), and Scrap Copper ($5.87M). During the last 25 years the exports of Venezuela to India have increased at an annualized rate of 23.1%, from $11.2M in 1995 to $2.03B in 2020.

In 2020, India exported $758M to Venezuela. The main products exported from India to Venezuela were Refined Petroleum ($662M), Packaged Medicaments ($36.2M), and Blood, antisera, vaccines, toxins and cultures ($17.1M). During the last 25 years the exports of India to Venezuela have increased at an annualized rate of 16.2%, from $17.7M in 1995 to $758M in 2020.

Market Competitiveness

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Measure

Venezuela
Top Destination
: India, $2.03B

India
Top Destination
: United States, $49.7B

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

In 2019, no countries were registered that imported more from Venezuela than from India.

In 2019, countries that imported more from India than Venezuela were United States ($49.7B), China ($18.5B), and United Arab Emirates ($18.1B).

Comparative Advantage Venezuela - India

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Flow

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

During 2020, Venezuela had a large net trade with India in the exports of Mineral Products ($2B), Metals ($25.6M), and Vegetable Products ($1.25M).

During 2020, India had a large net trade with Venezuela in the exports of Mineral Products ($662M), Chemical Products ($60M), and Vegetable Products ($16.6M).

Tariff Section

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This section shows import tariffs for products traded between Venezuela and India (using the HS6 product classification and the last year reported).

In 2019, the products from Venezuela that paid the highest import tariffs to enter India were Milk not concentrated nor sweetened < 1% fat (40%)and Milk not concentrated nor sweetened 1-6% fat (40%).

In 2019, the products from India that paid the highest import tariffs to enter Venezuela were Food preparations nes (150%)and Grape wines, sparkling (150%).

*The tariffs present between Venezuela and India are:
136: Most Favoured Nation duty rate treatement
136: Most Favoured Nation duty rate treatement

Economic Complexity

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Competitive Landscape

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This visualization show the product space at the HS4 level colored from blue to red.  This mean that the more blue a dot/product is, the more Venezuela has comparative advantage over India. Similarly, the more red a dot/product is, the more India has comparative advantage over Venezuela.