Venezuela / Russia | The Observatory of Economic Complexity

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Venezuela-Russia Trade: In 2019, Venezuela exported $1.62M to Russia. The main products that Venezuela exported to Russia were N/A. Over the past 5 years the exports of Venezuela to Russia have decreased at an annualized rate of 12.8%, from $3.2M in 2014 to $1.62M in 2019.

In 2019, Venezuela did not export any services to Russia.

Russia-Venezuela Trade: In 2019, Russia exported $92.5M to Venezuela. The main products that Russia exported to Venezuela were N/A. Over the past 5 years the exports of Russia to Venezuela have decreased at an annualized rate of 25.1%, from $394M in 2014 to $92.5M in 2019.

In 2017, Russia exported services to Venezuela worth $6M, with Other business services ($5.2M), Computer and information services ($500k), and Personal, cultural, and recreational services ($200k) being the largest in terms of value.

Comparison: In 2023, Venezuela ranked 100 in the Economic Complexity Index (ECI -0.82), and 113 in total exports ($7.63B). That same year, Russia ranked 50 in the Economic Complexity Index (ECI 0.3), and 18 in total exports ($394B).

Historical Data

Bilateral Trade by Products

Depth

HS2

HS4

HS6

Value

Trade

Growth

Growth (%)

Year

In 2019, Venezuela exported $1.62M to Russia. There were not main exports from Venezuela to Russia in 2019. During the last 5 years the exports of Venezuela to Russia have decreased at an annualized rate of 12.8%, from $3.2M in 2014 to $1.62M in 2019.

In 2014, Russia exported $92.5M to Venezuela. There were not main exports from Russia to Venezuela in 2014. During the last 5 years the exports of Russia to Venezuela have decreased at an annualized rate of 25.1%, from $394M in 2019 to $92.5M in 2014.

Exports from Venezuela () to Russia () (2019)

Exports from Russia () to Venezuela () (2019)

Market Competitiveness

Color

Exports

Export Growth

Section

Year

Venezuela
Top DestinationUnited States$3.81B

Russia
Top DestinationChina$129B

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

In 2023, countries that imported more from Venezuela than Russia included Guyana ($18.1M), Dominica ($10.5M), and Ukraine ($9.23M).

In 2023, countries that imported more from Russia than Venezuela included China ($129B), India ($66.1B), and Turkey ($31B).

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

Comparative Advantage Venezuela - Russia

Flow

Section

HS2

HS4

Scale

Log

Linear

Year

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

During 2019, Venezuela had a large net trade with Russia in the exports of .

During 2014, Russia had a large net trade with Venezuela in the exports of N/A.

Economic Complexity

Competitive Landscape

Year

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

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Historical Data

Bilateral Trade by Products

Exports from Venezuela () to Russia () (2019)

Exports from Russia () to Venezuela () (2019)

Market Competitiveness

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

Comparative Advantage Venezuela - Russia

Economic Complexity

Competitive Landscape

Product Space of Venezuela () and Russia () (2019)

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