Exporting to Venezuela

Venezuela Export Guide | Trade Finance Global

Exporting to Venezuela

The country imports around 30% of its overall needs from countries like the United States ($10 billion), China ($6 billion), Brazil ($4.8 billion), Colombia ($2.3 billion) and Argentina ($2.2 billion).

Most of its imports would include packaged medicaments (around $2 billion), frozen Bovine meat ($1.1 billion), iron pipes (approximately $880 million), concentrated milk ($820 million and Bovine ($800 million).

Venezuela Country Profile

Official Name (Local Language) República Bolivariana de Venezuela
Capital Caracas
Population 30,912,302
Currency Venezuelan Bolivar
GDP $333.7 billion
Languages Spanish
Telephone Dial In 58

Venezuela Imports Profile

Imports ($m USD)

44,952

Number of Import Products

4,21

Number of Import Partners

170

Top 5 import partners

Country

Trade

% Partner Share

United States

10,488

23.33

China

7,645

17.01

Brazil

4,503

10.02

Colombia

2,258

05.02

Mexico

2,232

4.97

Top 5 Import Products at HS 6 digit level

Export Product

Number

Other medicaments of mixed or unmixed products,

5.7%

Frozen boneless bovine meat

2.0%

Oil-cake and other solid residues, of soya-bean

1.9%

Maize (excl. seed)

1.8%

Structures and parts of structures,i or s

1.7%

Chart Showing GDP Growth Compared to rest of world

GDP Composition for Venezuela

Agriculture

%

Product List

0,04

Corn, sorghum, sugarcane, rice, bananas, vegetables, coffee; beef, pork, milk, eggs; fish

Industry

%

Industry List

36.1%

Agricultural products, livestock, raw materials, machinery and equipment, transport equipment, construction materials, medical equipment, pharmaceuticals, chemicals, iron and steel products, crude oil and petroleum products

Services

%

Services List

59.9%

Export to Venezuela: What is trade finance?

The petroleum industry is the most dominant player in Venezuela’s economy and it delivers around 40% of the government’s income as well as over 90% of export earnings.
The country’s top exports would include crude petroleum (around $130 billion), refined petroleum (at $10 billion), acyclic alcohols ($710 million), petroleum coke ($430 million) and iron reductions ($381 million).

Apart from its petroleum industry, Venezuela’s manufacturing sector is also plays a major role in the country’s economy. It contributes 17% of the Gross Domestic Product 9GDP). Manufacturing firms situated around Ciudad Guayana produce and exports heavy industry products such as cement and steel.

Venezuela’s agriculture sectors also enable it to export agricultural goods such as crops, fish, coffee, pork and beef. This sector meanwhile accounts for around 3% of the country’s GDP.
The United States has been Venezuela’s most important partner in trade as the latter remains to be one of the top suppliers of foreign oil to the United States. In addition, the top export destinations of Venezuela goods are the North America and Central America ($30 billion), the United States ($29 billion), Asia ($28 billion) and India ($13 billion).

Information

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Venezuela Economic Statistics

Government Website

http://www.presidencia. gob.ve/

Sovereign Ratings

https://countryeconomy. com/ratings/venezuela

Central Bank

Banco Central de Venezuela

Currency USD Exchange Rate

56.57

Unemployment Rate

10.5%

Population below poverty line

19.7%

Inflation Rate

7,2

Prime Lending Rate

29.5%

GDP

$333.7 billion

GDP Pro Capita (PPP)

$15,100

Currency Name

Venezuelan Boliva

Currency Code

VEF

World Bank Classification

Upper Middle Income

Competitive Industrial Performance

130/138

Corruption Perceptions Index

169/180

Ease of Doing Business

188/190

Enabling Trade Index

136/136

Currency in Venezuela

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