Venezuela2020 Economic Complexity : -1.07, Rank 105 of 127
2020 Product Exports | Imports: $4.26B | $5.89B, 118 of 226 | 122 of 226
2020 Per Capita Product Exports | Imports: $150 | $207, 186 of 219 | 199 of 219
2018 Service Exports | Imports : $798M | $7.29B, 114 of 138 | 69 of 138
Overview In 2020, Venezuela was the number 0 economy in the world in terms of GDP (current US$), the number 118 in total exports, the number 122 in total imports, the number 0 economy in terms of GDP per capita (current US$) and the number 105 most complex economy according to the Economic Complexity Index (ECI).
Exports The top exports of Venezuela are Crude Petroleum ($2.62B), Iron Reductions ($276M), Acyclic Alcohols ($208M), Refined Petroleum ($181M), and Crustaceans ($136M), exporting mostly to India ($2.03B), China ($464M), Malaysia ($387M), Spain ($302M), and Italy ($184M).
Imports The top imports of Venezuela are Refined Petroleum ($942M), Corn ($310M), Rice ($248M), Raw Sugar ($180M), and Soybean Oil ($158M), importing mostly from China ($1.52B), United States ($1.09B), Brazil ($782M), India ($758M), and Turkey ($236M).
Location Venezuela borders Colombia, Guyana, and Brazil by land and Trinidad and Tobago by sea.
The following section uses the most recent trade data from partners of Venezuela.
Disclaimer: data is presented based on availability and only countries that use the harmonized system are being shown.
*All data is converted to USD using January 2020 exchange rates when data is reported in local currency.
The data obtained is mirror data. The trade of countries that do not report current data can be reconstructed based on data reported by partner countries with current data available.
*All data is converted to USD using January 2020 exchange rates when data is reported in local currency.
Top Export (2020): Crude Petroleum, $2.62B
Top Destination (2020): India, $1.52B
In 2020, Venezuela exported a total of $4.26B, making it the number 118 exporter in the world. During the last five reported years the exports of Venezuela have changed by -$30.1B from $34.4B in 2015 to $4.26B in 2020.
The most recent exports are led by Crude Petroleum ($2.62B), Iron Reductions ($276M), Acyclic Alcohols ($208M), Refined Petroleum ($181M), and Crustaceans ($136M). The most common destination for the exports of Venezuela are India ($2.03B), China ($464M), Malaysia ($387M), Spain ($302M), and Italy ($184M).
Venezuela Exports Services (2018): $798M
Venezuela Imports Services (2018): $7.29B
In 2018, Venezuela exported $798M worth of services. The top services exported by Venezuela in 2018 were Sea transport ($277M), Personal travel ($175M), Business travel ($77M), Air transport ($75M), and Telecommunications services ($59M).
The top services imported by Venezuela in 2018 were Other personal, cultural, and recreational services ($2.13B), Sea transport ($1.05B), Air transport ($795M), Personal travel ($748M), and Miscellaneous business, professional, and technical services ($731M).
Venezuela has a high level of specialization in Iron Reductions (270), Acyclic Alcohols (30.9), Cereal Flours (26.8), Crustaceans (21.9), and Crude Petroleum (16.1). Specialization is measured using RCA, an index that takes the ratio between Venezuela observed and expected exports in each product.
The highest complexity exports of Venezuela according to the product complexity index (PCI) are Non-woven Textiles (0.78), Shaped Paper (0.41), Carbon (0.36), Hydrogen peroxide (0.26), and Glycosides (0.09). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.
The top export opportunities for Venezuela according to the relatedness index, are Petroleum Gas (0.095), Gold (0.091), Palm Oil (0.078), Fish Fillets (0.077), and Insect Resins (0.077). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that Venezuela is not specialized in.
The product space is a network connecting products that are likely to be co-exported. The product space can be used to predict future exports, since countries are more likely to start exporting products that are related to current exports. Relatedness measures the distance between a product, and all of the products a country currently specializes in.
The Complexity-Relatedness diagram compares the risk vs strategic value of a country's potential export oppotunities. Relatedness is predictive of the probability that a country increases its exports in a product. Complexity, is associated with higher levels of income, economic growth, less income inequality, and lower greenhouse emissions.
During the last 20 years Venezuela's economy has become relatively less complex, moving from the 41st to the 105th position in the ECI rank.
These economic complexity rankings use 6 digit exports classified according to the HS96 classification. We consider only countries with population of at least 1 million and exports of at least $1 billion, and products with world trade over $500 million. To explore different rankings and vary these parameters visit the custom rankings section.
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