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2023
Economic Complexity
Trade -0.82Rank 100 of 132
2021
Economic Complexity
Technology -1.51Rank 91 of 96
2022
Economic Complexity
Research -0.47Rank 81 of 140
2023
Product
Exports | Imports $7.63B | $9.98B113 of 226 |  118 of 226
2023
Per Capita Product
Exports | Imports $269 | $353215 of 220 |  191 of 220

About

Overview In 2023 Venezuela was the number 113 economy in the world in terms of total exports and the number 118 in total imports.

Exports The top exports of Venezuela are Crude Petroleum ($4.05B), Petroleum Coke ($552M), Scrap Iron ($421M), Acyclic alcohol derivatives (halogenated, sulphonated, nitrated) ($418M), and Nitrogenous Fertilizers ($280M), exporting mostly to United States ($3.81B), China ($739M), Spain ($670M), Brazil ($468M), and Turkey ($364M).

Imports The top imports of Venezuela are Refined Petroleum ($666M), Soybean Meal ($326M), Corn ($273M), Broadcasting Equipment ($256M), and Cars ($253M), importing mostly from China ($3.45B), United States ($2.43B), Brazil ($1.15B), Colombia ($673M), and Turkey ($366M).

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

Latest Trends

Latest Trade

Flow
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Y-AXIS SCALE

The following section uses the most recent trade data from partners of Venezuela.

Disclaimer: data is presented based on availability and only countries that use the harmonized system are being shown.

* Trade values are converted to USD using each month's exchange rate. For December 2023 data, the exchange rate from December 30, 2023 is used.

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Latest Data

Flow
Color
Depth

The data obtained is mirror data. The trade of countries that do not report current data can be reconstructed based on data reported by partner countries with current data available.

*All data is converted to USD using January 2020 exchange rates when data is reported in local currency.

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Historical Data

Yearly Trade

Flow
Color
Depth
Top Export (2023)Crude Petroleum$4.05B
Top Destination (2023)United States$3.81B

In 2023, Venezuela exported a total of $7.63B, making it the number 113 exporter in the world. During the last five reported years the exports of Venezuela have changed by -$30.1B from $37.7B in 2018 to $7.63B in 2023.

The most recent exports are led by Crude Petroleum ($4.05B), Petroleum Coke ($552M), Scrap Iron ($421M), Acyclic alcohol derivatives (halogenated, sulphonated, nitrated) ($418M), and Nitrogenous Fertilizers ($280M). The most common destination for the exports of Venezuela are United States ($3.81B), China ($739M), Spain ($670M), Brazil ($468M), and Turkey ($364M).

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Exports (2023)
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Destinations (2023)
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Market Growth

Flow
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Growth
Fastest Growing Export Markets (2022 - 2023)
United States$3.38B (+ 771%)
Spain$76.3M (+ 12.9%)
Italy$67.8M (+ 61.5%)
Fastest Growing Import Markets (2022 - 2023)
China$441M (+ 14.7%)
United States$222M (+ 10%)
United Arab Emirates$61.6M (+ 94.8%)

Total Export Growth by Market (2022 - 2023)

Potential Exports

Potential Exports

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Service Trade

Service Trade

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).

Service Exports (2018)

Service Imports (2018)

Economic Complexity

Overview

Economic Complexity (Trade)-0.82Rank 100 of 132
Economic Complexity (Technology)-1.51Rank 91 of 96
Economic Complexity (Research)-0.47Rank 81 of 140

Most Specialized Products by RCA Index

Venezuela has a high level of specialization in Iron Reductions (58.2), Petroleum Coke (52.6), Tin Ores (41.3), Acyclic alcohol derivatives (halogenated, sulphonated, nitrated) (37.6), and Scrap Iron (26.9). 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

The highest complexity exports of Venezuela according to the product complexity index (PCI) are Paintings, drawings, pastels, executed entirely by hand; not drawings of heading no.... (0.94), Copper foil (whether or not printed or backed with paper, paperboard, plastics... (0.63), Engravings, prints and lithographs; original (0.63), Iron or non-alloy steel; flat-rolled products of a width of 600mm or... (0.51), and Hydrogen peroxide; whether or not solidified with urea (0.3). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.

Export Opportunities by Relatedness

The top export opportunities for Venezuela according to the relatedness index, were Gold (0.095), Petroleum Gas (0.092), Refined Petroleum (0.085), Cocoa Shells (0.08), and Tropical Fruits (0.077). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that Venezuela is not specialized in.

Product Space

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 a country currently specializes in.

Relatedness Space

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.

Relatedness Space (2023)

Diversification Frontier

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Depth

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

Diversification Frontier

Economic Complexity Ranking

Methodology
Scale
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During the last 20 years Venezuela's⁩ ⁨economy has become relatively less complex, moving from the ⁩⁨52nd to the 100th⁩ 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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ECI (Trade) Ranking by Country

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