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.
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 |
44,952
4,210
170
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
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%
%
Product List
4%
Corn, sorghum, sugarcane, rice, bananas, vegetables, coffee; beef, pork, milk, eggs; fish
%
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 list
59.9%
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
https://www.presidencia.gob.ve/
https://countryeconomy.com/ratings/venezuela
Banco Central de Venezuela
56.57
10.5%
19.7%
7.2%
29.5%
$333.7 billion
$15,100
Venezuelan Boliva
VEF
Upper Middle Income
130/138
169/180
188/190
136/136
Currency in Venezuela