Overview In 2019 Venezuela was the number 80 in total exports, the number 130 in total imports and the number 113 most complex economy according to the Economic Complexity Index (ECI).

Exports The top exports of Venezuela are Crude Petroleum ($12.2B), Refined Petroleum ($761M), Acyclic Alcohols ($337M), Gold ($235M), and Iron Reductions ($161M), exporting mostly to India ($4.98B), China ($4.19B), United States ($1.82B), Spain ($821M), and Malaysia ($558M).

Imports The top imports of Venezuela are Refined Petroleum ($938M), Rice ($242M), Corn ($199M), Rubber Tires ($168M), and Soybean Meal ($161M), importing mostly from China ($1.54B), United States ($1.23B), Brazil ($421M), Spain ($320M), and Mexico ($314M).

Location Venezuela borders Colombia, Guyana, and Brazil by land and Trinidad and Tobago by sea.

Historical Data

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Yearly Exports

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Top Export (2019): Crude Petroleum, $12.2B

Top Destination (2019): India, $4.98B

In 2019, Venezuela exported a total of $14.7B, making it the number 80 exporter in the world. During the last five reported years the exports of Venezuela have changed by -$49B from $63.8B in 2014 to $14.7B in 2019.

The most recent exports are led by Crude Petroleum ($12.2B), Refined Petroleum ($761M), Acyclic Alcohols ($337M), Gold ($235M), and Iron Reductions ($161M). The most common destination for the exports of Venezuela are India ($4.98B), China ($4.19B), United States ($1.82B), Spain ($821M), and Malaysia ($558M).

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Yearly Imports

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Top Import (2019): Refined Petroleum, $938M

Top Origin (2019): China, $1.54B

In 2019 Venezuela imported $5.57B, making it the number 130 trade destination in the world. During the last five reported years the imports of Venezuela changed by -$32.7B from $38.3B in 2014 to $5.57B in 2019.

The most recent imports of Venezuela are led by Refined Petroleum ($938M), Rice ($242M), Corn ($199M), Rubber Tires ($168M), and Soybean Meal ($161M). The most common import partners for Venezuela are China ($1.54B), United States ($1.23B), Brazil ($421M), Spain ($320M), and Mexico ($314M).

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Flow

Fastest Growing Export Markets (2018 - 2019)

Fastest Growing Import Markets (2018 - 2019)

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).

Tariffs by Product

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The top product import tariffs by their MFN Ad Valorem value for Venezuela are Castor oil seeds (40%) and Cereals: grain sorghum, other than seed (40%).

Click any of the products in the bar chart to see the specific Ad Valorem Duty Rates by partner country.

*The tariffs applied to imports for Venezuela are:
7: AAP.A25TM N° 16 Acuerdo de Alcance Parcial N° 16 Suscrito entre la República de Venezuela y la República de Honduras
8: AAP.A25TM N° 20 Acuerdo de Alcance Parcial N° 20 Suscrito entre la República de Venezuela y la República de Trinidad y Tobago
9: AAP.A25TM N° 22 Acuerdo de Alcance Parcial Suscrito entre la República de Venezuela y la República Cooperativa de Guyana
10: AAP.A25TM N° 23 Acuerdo de Alcance Parcial N° 23 Suscrito entre Venezuela y Guatemala al Amparo del Artículo 25 del Tratado de Montevideo 1980
11: AAP.A25TM N° 25 Acuerdo de Alcance Parcial N° 25 Suscrito al Amparo del Artículo 25 del TM80 entre Venezuela y Nicaragua
12: AAP.A25TM N° 26 Acuerdo de Alcance Parcial N° 26 Suscrito al Amparo del Artículo 25 del TM80 entre Venezuela y Costa Rica
13: AAP.A25TM N° 27 Acuerdo de Alcance Parcial N° 27 Suscrito al Amparo del Artículo 25 del TM80 entre Venezuela y El Salvador
23: AAP.AG N° 02 - Acuerdo de Alcance Parcial para la Liberación y Expansión del Comercio Intrarregional de Semillas Suscrito por el Art. 12 del TM80
25: AAP.C Nº 28 Acuerdo de Alcance Parcial de Naturaleza Comercial entre la República de Colombia y la República Bolivariana de Venezuela
31: AAP.CE N° 23 Acuerdo de Complementación Económica N° 23
35: AAP.CE N° 35 - Complementación Económica entre MERCOSUR y Chile
36: AAP.CE N° 36 - Complementación Económica entre MERCOSUR y Bolivia
39: AAP.CE N° 40 Acuerdo de Complementación Económica N° 40 Celebrado entre la República de Cuba y la República de Venezuela
61: AAP.CE N° 59 - Complementación Económica entre Argentina, Brasil, Paraguay, Uruguay, Colombia, Ecuador y Venezuela
65: AAP.CE N° 63 -Acuerdo de Alcance Parcial entre la República Oriental del Uruguay y la República Bolivariana de Venezuela
70: AAP.CE Nº 68 Acuerdo de Alcance Parcial de Complementación Económica N° 68 entre la República Argentina y la República Bolivariana de Venezuela
71: AAP.CE Nº 69 Acuerdo de Alcance Parcial de Complementación Económica N° 69 entre la República Federativa del Brasil y la República Bolivariana de Venezuela
74: Acuerdo de Alcance Parcial de Complementación Económica N° 70 Suscrito entre el Estado Plurinacional de Bolivia, la República de Cuba, la República de Nicaragua y la República Bolivariana de Venezuela
79: AR.AM N° 01 - Acuerdo Regional de Apertura de Mercados en Favor de Bolivia
80: AR.AM N° 02 - Acuerdo Regional de Apertura de Mercados en favor de Ecuador
81: AR.AM N° 03 - Acuerdo Regional de Apertura de Mercados en Favor de Paraguay
82: AR.CEYC N° 7 Acuerdo de Cooperación e Intercambio en las Áreas Cultural, Educacional y Científica (Argentina, Bolivia, Brasil, Chile, Colombia, Cuba, Ecuador, México, Panamá, Paraguay, Perú, Uruguay)
83: AR.PAR N° 04 - Preferencia Arancelaria Regional (Argentina Bolivia Brasil Chile Colombia Cuba Ecuador México Panamá Paraguay Perú Uruguay Venezuela)
136: Most Favoured Nation duty rate treatement
154: Preferential tariff Agreement between Caribbean Community (CARICOM) member states
311: Preferential tariff for The Andean Community ( Spanish: Comunidad Andina, CAN)

Economic Complexity

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Most Specialized Products by RCA Index

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Venezuela has a high level of specialization in Iron Reductions (46.3), Crude Petroleum (15.3), Acyclic Alcohols (13.6), Carbides (8.49), and Asphalt (6.65). Specialization is measured using RCA, an index that takes the ratio between Venezuela observed and expected exports in each product.

Most Complex Products by PCI

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The highest complexity exports of Venezuela according to the product complexity index (PCI) are Acyclic hydrocarbons (0.49), Hydrogen peroxide, (including solidified with urea) (0.37), Carbides, whether or not chemically defined (0.12), Asphalt, bitumen, coal tar pitch, etc articles (0.1), and Glycosides, salts, ethers, esters, other derivatives (-0.024). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.

Export Opportunities by Relatedness

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The top export opportunities for Venezuela according to the relatedness index, are Petroleum Gas (0.073), Gold (0.066), Tropical Fruits (0.053), Other Ores (0.053), and Aluminium Ore (0.053). 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 it is currently specialized in.

Relatedness Space

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This network shows the products most related to the production structure of Venezuela. These are products that tend to be co-exported with the products that Venezuela exports. Higher relatedness values ​​indicate greater knowledge, which predicts a greater probability of exporting that product in the future.

Diversification Frontier

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The Complexity-Relatedness diagram compares the risk and the strategic value of a country's potential export oppotunities. Relatedness is a 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 emissions.

Economic Complexity Ranking

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During the last 20 years Venezuela's⁩ ⁨economy has become relatively less complex, moving from the ⁩⁨49th to the 113th⁩ 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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