Importing from Venezuela

Venezuela Import Guide | Trade Finance Global

Importing from Venezuela

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).

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 Exports Profile

Exports ($m USD)

44,952

Number of Export Products

4,21

Number of Export Partners

170

Top 5 export partners

Country

Trade

% Partner Share

Unspecified

57,807

65.72

Other Asia, nes

28,056

31.90

United States

550

0.63

China

254

0.29

Colombia

236

0.27

Top 5 Export Products at HS 6 digit level

Export Product

Number

Petroleum oils and oils obtained from bituminou

85.1%

Petroleum oils and oils obtained from bituminou

12.5%

Methanol (methyl alcohol)

0.7%

Non-agglomerated iron ores and concentrates

0.3%

Ferrous products obtained by direct reduction o

0.2%

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%

Importing from Venezuela: What is trade finance?

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).

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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