Portugal (PRT) and Venezuela (VEN) Trade | The Observatory of Economic Complexity

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Portugal-Venezuela Trade: In 2022, Portugal exported $10.5M to Venezuela. The main products that Portugal exported to Venezuela were Pure Olive Oil ($843k), Packaged Medicaments ($550k), and Other Furniture ($500k). Over the past 5 years the exports of Portugal to Venezuela have increased at an annualized rate of 0.97%, from $10M in 2017 to $10.5M in 2022.

In 2017, Portugal exported services to Venezuela worth $1.13M, with Travel ($1.13M) being the largest in terms of value.

Venezuela-Portugal Trade: In 2022, Venezuela exported $14.9M to Portugal. The main products that Venezuela exported to Portugal were Iron Reductions ($11M), Scrap Iron ($3.12M), and Processed Crustaceans ($414k). Over the past 5 years the exports of Venezuela to Portugal have decreased at an annualized rate of 10.3%, from $25.6M in 2017 to $14.9M in 2022.

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

Comparison: In 2022, Portugal ranked 42 in the Economic Complexity Index (ECI 0.57), and 48 in total exports ($81.7B). That same year, Venezuela ranked 107 in the Economic Complexity Index (ECI -0.87), and 132 in total exports ($4.3B).

Latest Trends

August, 2024

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Overview In August 2024, Portugal exported €1.11M and imported €964 from Venezuela, resulting in a positive trade balance of €1.11M. Between August 2023 and August 2024 the exports of Portugal have increased by €529k (91%) from €581k to €1.11M, while imports decreased by €-10.3M (-100%) from €10.3M to €964.

Trade In August 2024, the top exports of Portugal to Venezuela were Ceramic products (€94.2k), Animal or vegetable fats, oils, &... (€84.5k), Furniture, bedding, lamps, & prefab buildings (€80k), Machinery, mechanical appliances, & parts (€65.2k), and Beverages, spirits, & vinegar (€46.6k). In August 2024 the top imports of Portugal from Venezuela were Iron & steel (€12.3M), Beverages, spirits, & vinegar (€340k), Knitted clothing accesories (€210), Machinery, mechanical appliances, & parts (€188), and Precious stones, metals, & pearls (€135).

Growth In August 2024, the increase in Portugal's year-by-year exports to Venezuela was explained primarily by an increase in product exports in Ceramic products (€75.6k or 408%), Machinery, mechanical appliances, & parts (€65.1k or 81.4k%), and Glass & glassware (€26k or 815%). In August 2024, the decrease in Portugal's year-by-year imports from Venezuela was explained primarily by an decrease in product imports in Fish, crustaceans, & molluscs (€-56.7k or -100%) and Wood, wood articles, & charcoal (€-5.59k or -100%).

Latest Trade

Time Scale

Year

Quarter

Month

Flow

Exports

Imports

Value

Trade Value

Growth

Growth (%)

EXPORT GROWTH (August 2023 - August 2024)€529k(91%)

IMPORT GROWTH (August 2023 - August 2024)€-10.3M(-100%)

This section shows exports and imports data at subnational level for Portugal. Click any date in the line plot or any product to explore the exports or imports behavior of Portugal over time.

To check Venezuela and Portugal trade dynamics, check the bilateral page.

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Historical Data

Bilateral Trade by Products

Depth

HS2

HS4

HS6

Value

Trade

Growth

Growth (%)

Year

In 2022, Portugal exported $10.5M to Venezuela. The main products exported from Portugal to Venezuela were Pure Olive Oil ($843k), Packaged Medicaments ($550k), and Other Furniture ($500k). During the last 5 years the exports of Portugal to Venezuela have increased at an annualized rate of 0.97%, from $10M in 2017 to $10.5M in 2022.

In 2017, Venezuela exported $14.9M to Portugal. The main products exported from Venezuela to Portugal were Iron Reductions ($11M), Scrap Iron ($3.12M), and Processed Crustaceans ($414k). During the last 5 years the exports of Venezuela to Portugal have decreased at an annualized rate of 10.3%, from $25.6M in 2022 to $14.9M in 2017.

Exports from Portugal () to Venezuela () (2022)

Exports from Venezuela () to Portugal () (2022)

Market Competitiveness

Color

Exports

Export Growth

Section

Year

Portugal
Top DestinationSpain$20.5B

Venezuela
Top DestinationChina$703M

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

In 2022, countries that imported more from Portugal than Venezuela included Spain ($20.5B), France ($9.49B), and Germany ($8.76B).

In 2022, countries that imported more from Venezuela than Portugal included Lebanon ($150M), Montenegro ($75.9M), and Guatemala ($84.5M).

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

Comparative Advantage Portugal - Venezuela

Flow

Section

HS2

HS4

Scale

Log

Linear

Year

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

During 2022, Portugal had a large net trade with Venezuela in the exports of Foodstuffs ($1.49M), Stone And Glass ($1.21M), and Miscellaneous ($1.11M).

During 2017, Venezuela had a large net trade with Portugal in the exports of Metals ($14.1M), Foodstuffs ($432k), and Vegetable Products ($175k).

Economic Complexity

Competitive Landscape

Year

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

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Latest Trends

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Latest Trade

Historical Data

Bilateral Trade by Products

Exports from Portugal () to Venezuela () (2022)

Exports from Venezuela () to Portugal () (2022)

Market Competitiveness

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

Comparative Advantage Portugal - Venezuela

Economic Complexity

Competitive Landscape

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

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