VenezuelaEcon Complexity (2018): -0.54, Rank 93 of 137
Product Exports (2018): $31.2B, Rank 67 of 222
Exports Per Capita (2018): $1.08k, Rank 187 of 219
Product Imports (2018): $10.6B, Rank 100 of 221
Imports Per Capita (2018): $367, Rank 218 of 219
Service Exports (2018): $798M, Rank 70 of 88
Service Imports (2018): $7.29B, Rank 37 of 88
Overview: In 2018 Venezuela was the number 67 in total exports, the number 100 in total imports, and the number 93 most complex economy according to the Economic Complexity Index (ECI). In 2018, Venezuela exported $31.2B and imported $10.6B, resulting in a positive trade balance of $20.6B. In 2018, Venezuela's exports per capita were $1.08k and its imports per capita were $367.
Trade: The top exports of Venezuela are Crude Petroleum ($23.2B), Refined Petroleum ($3.03B), Gold ($2.71B), Acyclic Alcohols ($498M), and Iron Ore ($181M). The top imports of Venezuela are Refined Petroleum ($4.48B), Corn ($311M), Rice ($289M), Wheat ($279M), and Soybean Oil ($227M).
Destinations: Venezuela exports mostly to United States ($12.2B), India ($6.41B), China ($6.32B), United Arab Emirates ($1.8B), and Turkey ($1B), and imports mostly from United States ($5.6B), China ($1.14B), Mexico ($994M), Brazil ($577M), and Colombia ($353M).
Location: Venezuela borders Colombia, Guyana, and Brazil by land and Trinidad and Tobago by sea.
Top Export (2018): Crude Petroleum, $23.2B
Top Destination (2018): United States, $12.2B
In 2018 Venezuela exported a total of $31.2B, making it the number 67 exporter in the world. During the last five reported years the exports of Venezuela have changed by -$67.4B from $98.6B in 2013 to $31.2B in 2018.
The most recent exports are led by Crude Petroleum ($23.2B), Refined Petroleum ($3.03B), Gold ($2.71B), Acyclic Alcohols ($498M), and Iron Ore ($181M). The most common destination for the exports of Venezuela are United States ($12.2B), India ($6.41B), China ($6.32B), United Arab Emirates ($1.8B), and Turkey ($1B).
Top Import (2018): Refined Petroleum, $4.48B
Top Origin (2018): United States, $5.6B
In 2018 Venezuela imported $10.6B, making it the number 100 trade destination in the world. During the last five reported years the imports of Venezuela changed by -$34.6B from $45.1B in 2013 to $10.6B in 2018.
The most recent imports of Venezuela are led by Refined Petroleum ($4.48B), Corn ($311M), Rice ($289M), Wheat ($279M), and Soybean Oil ($227M). The most common import partners for Venezuela are United States ($5.6B), China ($1.14B), Mexico ($994M), Brazil ($577M), and Colombia ($353M).
Fastest Growing Export Markets (2017 - 2018)
Fastest Growing Import Markets (2017 - 2018)
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).
This section shows forecasts for total product exports and imports for Venezuela. The forecast is based in a long short-term memory model or LSTM constructed using yearly trade data.
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:
During the last 20 years Venezuela's economy has become relatively less complex, moving from the 40th to the 93rd 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.
Venezuela has a high level of specialization in Iron Reductions (25.3), Crude Petroleum (12.7), Asphalt (8.04), Acyclic Alcohols (7.79), and Gold (5.25). 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 Asphalt, bitumen, coal tar pitch, etc articles (0.075), Glycosides, salts, ethers, esters, other derivatives (0.028), Carbides, whether or not chemically defined (0.0019), Fuel wood, wood in chips or particles, wood waste (-0.017), and Hydrogen peroxide, (including solidified with urea) (-0.088). 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 (0.067), Uranium and Thorium Ore (0.052), Rough Wood (0.049), Sulphur (0.047), and Chromium Ore (0.047). 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.
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.
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