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

About

Portugal-Venezuela Trade: In 2023, Portugal exported $32.2M to Venezuela. The main products that Portugal exported to Venezuela were Refined Petroleum ($22.3M), Other Furniture ($794k), and Pure Olive Oil ($766k). Over the past 5 years the exports of Portugal to Venezuela have increased at an annualized rate of 41.1%, from $5.77M in 2018 to $32.2M in 2023.

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 2023, Venezuela exported $38.8M to Portugal. The main products that Venezuela exported to Portugal were Iron Reductions ($37.5M), Hard Liquor ($791k), and Processed Crustaceans ($281k). Over the past 5 years the exports of Venezuela to Portugal have increased at an annualized rate of 18.9%, from $13.8M in 2018 to $38.8M in 2023.

In 2023, Venezuela did not export any services to Portugal.

Comparison: In 2023, Portugal ranked 42 in the Economic Complexity Index (ECI 0.57), and 46 in total exports ($83B). That same year, Venezuela ranked 100 in the Economic Complexity Index (ECI -0.82), and 113 in total exports ($7.63B).

Latest Trends

December, 2024

About

Overview In December 2024, Portugal exported €648k and imported €195k from Venezuela, resulting in a positive trade balance of €453k. Between December 2023 and December 2024 the exports of Portugal have increased by €119k (22.5%) from €529k to €648k, while imports increased by €194k (35k%) from €555 to €195k.

Trade In December 2024, the top exports of Portugal to Venezuela were Beverages, spirits, & vinegar (€89.5k), Paper articles (€52.4k), Furniture, bedding, lamps, & prefab buildings (€51.3k), Ceramic products (€34.7k), and Edible products of animal origin, n.e.s. (€23.2k). In December 2024 the top imports of Portugal from Venezuela were Edible vegetables, roots, & tubers (€19.4k), Fish, Crustaceans & Molluscs (€5.67k), Glues, starches, & albuminoid products (€594), Knitted clothing accesories (€94), and Misc. manufactures (€31).

Growth In December 2024, the increase in Portugal's year-by-year exports to Venezuela was explained primarily by an increase in product exports in Beverages, spirits, & vinegar (€42.8k or 91.9%), Paper articles (€31.6k or 152%), and Edible products of animal origin, n.e.s. (€23k or 10.1k%). In December 2024, the increase in Portugal's year-by-year imports from Venezuela was explained primarily by an increase in product imports in .

Latest Trade

Time Scale

Year

Quarter

Month

Flow

Exports

Imports

Value

Trade Value

Growth

Growth (%)

EXPORT GROWTH (December 2023 - December 2024)€119k(22.5%)

IMPORT GROWTH (December 2023 - December 2024)€194k(35k%)

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.

For full datasets download visit Bulk Download page.

Explore Venezuela and Portugal Data

Go to Bulk Download

Historical Data

Bilateral Trade by Products

Depth

HS2

HS4

HS6

Value

Trade

Growth

Growth (%)

Year

In 2023, Portugal exported $32.2M to Venezuela. The main products exported from Portugal to Venezuela were Refined Petroleum ($22.3M), Other Furniture ($794k), and Pure Olive Oil ($766k). During the last 5 years the exports of Portugal to Venezuela have increased at an annualized rate of 41.1%, from $5.77M in 2018 to $32.2M in 2023.

In 2018, Venezuela exported $38.8M to Portugal. The main products exported from Venezuela to Portugal were Iron Reductions ($37.5M), Hard Liquor ($791k), and Processed Crustaceans ($281k). During the last 5 years the exports of Venezuela to Portugal have increased at an annualized rate of 18.9%, from $13.8M in 2023 to $38.8M in 2018.

Exports from Portugal () to Venezuela () (2023)

Exports from Venezuela () to Portugal () (2023)

Market Competitiveness

Color

Exports

Export Growth

Section

Year

Portugal
Top DestinationSpain$17.7B

Venezuela
Top DestinationUnited States$3.81B

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 2023, countries that imported more from Portugal than Venezuela included Spain ($17.7B), France ($9.19B), and Germany ($8.12B).

In 2023, countries that imported more from Venezuela than Portugal included Lebanon ($106M), Colombia ($131M), and Guatemala ($50.2M).

Difference in imports from Venezuela () and Portugal () (2023)

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 2023, Portugal had a large net trade with Venezuela in the exports of Mineral Products ($22.3M), Foodstuffs ($1.65M), and Miscellaneous ($1.65M).

During 2018, Venezuela had a large net trade with Portugal in the exports of Metals ($37.5M), Foodstuffs ($1.07M), and Vegetable Products ($96.2k).

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.

About

Latest Trends

About

Latest Trade

Historical Data

Bilateral Trade by Products

Exports from Portugal () to Venezuela () (2023)

Exports from Venezuela () to Portugal () (2023)

Market Competitiveness

Difference in imports from Venezuela () and Portugal () (2023)

Comparative Advantage Portugal - Venezuela

Economic Complexity

Competitive Landscape

Product Space of Portugal () and Venezuela () (2023)

Keep Exploring