Importing from Venezuela

Venezuela Import Guide | Trade Finance Global

Importing from Venezuela

Venezuela is the 118th largest exporter in the world, and the 88th largest in the world in terms of GDP. 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 overall export.

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 contributes 17% of GDP. 

Venezuela’s largest export partners are India, China, Malaysia, Spain, and Italy.

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

4,210

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

4%

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?

Trade finance is a revolving facility in which lenders offer financing options – it enables businesses to purchase products and can help ease the pressure from working capital issues.

Generally, an export finance bank will fund up to 100% of the cost of the products, including charges (e.g. insurance costs).

Trade finance offers upsides over more traditional bank financing, for example bridging mortgages or loans. Trade finance provides quick funding without affecting existing bank relationships.

How does it work?

If you’re a business importing or exporting goods around the world, then a trade finance facility would assist your company through offering a letter of credit (LC) or some form of cash advance.

I’m looking to import from Venezuela, how can Trade Finance Global help, and how does it work?

If you’re looking to import inventory from other countries, you may require import finance, which is an agreement between yourself (the importer) and the foreign exporter. A non-bank lender will act as the intermediary, paying the foreign exporter on your behalf until you get the products and have then sold them to your buyer. Repaying the financier then occurs over an agreed period of time.

Information

Importing from Venezuela? Contact our local experts

Venezuela Economic Statistics

Government Website

https://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

About the Author

Brian Canup is the Editorial & Research Assistant at Trade Finance Global (TFG).

Brian holds a BA in Political Science from the University of Wisconsin-Madison and an MA in International Political Economy from King’s College London.

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