Venezuela (VEN) and Italy (ITA) Trade | The Observatory of Economic Complexity

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Venezuela-Italy Trade: In 2022, Venezuela exported $97.9M to Italy. The main products that Venezuela exported to Italy were Crude Petroleum ($58.7M), Hard Liquor ($16.4M), and Tanned Equine and Bovine Hides ($5.78M). Over the past 5 years the exports of Venezuela to Italy have decreased at an annualized rate of 10.7%, from $172M in 2017 to $97.9M in 2022.

In 2022, Venezuela did not export any services to Italy.

Italy-Venezuela Trade: In 2022, Italy exported $134M to Venezuela. The main products that Italy exported to Venezuela were Other Furniture ($8.55M), Cars ($5.05M), and Industrial Food Preperation Machinery ($4.65M). Over the past 5 years the exports of Italy to Venezuela have decreased at an annualized rate of 2.95%, from $166M in 2017 to $134M in 2022.

In 2020, Italy exported services to Venezuela worth $11.2M, with Other business services ($4.68M), Travel ($3.54M), and Communications services ($1.37M) being the largest in terms of value.

Comparison: In 2022, Venezuela ranked 107 in the Economic Complexity Index (ECI -0.87), and 132 in total exports ($4.3B). That same year, Italy ranked 17 in the Economic Complexity Index (ECI 1.29), and 7 in total exports ($634B).

Historical Data

Bilateral Trade by Products

Depth

HS2

HS4

HS6

Value

Trade

Growth

Growth (%)

Year

In 2022, Venezuela exported $97.9M to Italy. The main products exported from Venezuela to Italy were Crude Petroleum ($58.7M), Hard Liquor ($16.4M), and Tanned Equine and Bovine Hides ($5.78M). During the last 5 years the exports of Venezuela to Italy have decreased at an annualized rate of 10.7%, from $172M in 2017 to $97.9M in 2022.

In 2017, Italy exported $134M to Venezuela. The main products exported from Italy to Venezuela were Other Furniture ($8.55M), Cars ($5.05M), and Industrial Food Preperation Machinery ($4.65M). During the last 5 years the exports of Italy to Venezuela have decreased at an annualized rate of 2.95%, from $166M in 2022 to $134M in 2017.

Exports from Venezuela () to Italy () (2022)

Exports from Italy () to Venezuela () (2022)

Latest Data

Trade between Venezuela () and Italy ()

Italy Exports

Date

Market Competitiveness

Color

Exports

Export Growth

Section

Year

Venezuela
Top DestinationChina$703M

Italy
Top DestinationGermany$78.5B

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

In 2022, no countries were registered that imported more from Venezuela than from Italy.

In 2022, countries that imported more from Italy than Venezuela included Germany ($78.5B), United States ($68.2B), and France ($63.8B).

Difference in imports from Italy () and Venezuela () (2022)

Comparative Advantage Venezuela - Italy

Flow

Section

HS2

HS4

Scale

Log

Linear

Year

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

During 2022, Venezuela had a large net trade with Italy in the exports of Mineral Products ($58.7M), Foodstuffs ($17.1M), and Metals ($8.52M).

During 2017, Italy had a large net trade with Venezuela in the exports of Machines ($30.7M), Foodstuffs ($17.8M), and Miscellaneous ($15M).

Bilateral Service Trade

Ita Year

In 2020, Italy exported services to Venezuela worth $11.2M, with Other business services ($4.68M), Travel ($3.54M), and Communications services ($1.37M) being the largest in terms of value.

Service trade data is presented based on availability.

Services Exports from Italy () to Venezuela () (2020)

Service Trade

Economic Complexity

Competitive Landscape

Year

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

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Historical Data

Bilateral Trade by Products

Exports from Venezuela () to Italy () (2022)

Exports from Italy () to Venezuela () (2022)

Latest Data

Trade between Venezuela () and Italy ()

Italy Exports

Market Competitiveness

Difference in imports from Italy () and Venezuela () (2022)

Comparative Advantage Venezuela - Italy

Bilateral Service Trade

Services Exports from Italy () to Venezuela () (2020)

Service Trade

Economic Complexity

Competitive Landscape

Product Space of Venezuela () and Italy () (2022)

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