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
CapitalCaracas
Population30,912,302
CurrencyVenezuelan Bolivar
GDP$333.7 billion
LanguagesSpanish
Telephone Dial In58

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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