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Venezuela

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U.S.-Venezuela Trade Facts 

In 2016, Venezuela GDP was an estimated $333.7 billion (current market exchange rates); real GDP was down by an estimated 10.0%; and the population was 31 million. (Source: IMF)

U.S. goods and services trade with Venezuela totaled an estimated $22.9 billion in 2016. Exports were $11.2 billion; imports were $11.7 billion. The U.S. goods and services trade deficit with Venezuela was $454 million in 2016.

Venezuela is currently our 33rd largest goods trading partner with $16.1 billion in total (two way) goods trade during 2016. Goods exports totaled $5.3 billion; goods imports totaled $10.9 billion. The U.S. goods trade deficit with Venezuela was $5.6 billion in 2016.

Trade in services with Venezuela (exports and imports) totaled an estimated $6.8 billion in 2016. Services exports were $6.0 billion; services imports were $797 million. The U.S. services trade surplus with Venezuela was $5.2 billion in 2016.

According to the Department of Commerce, U.S. exports of Goods and Services to Venezuela supported an estimated 82 thousand jobs in 2015 (latest data available) (39 thousand supported by goods exports and 44 thousand supported by services exports).

Exports

  • Venezuela was the United States' 39th largest goods export market in2016. 
  • U.S. goods exports to Venezuela in 2016 were $5.3 billion, down 37.0% ($3.1 billion) from 2015 and down 41.6% from 2006.  
  • The top export categories (2-digit HS) in 2016 were: mineral fuels ($1.7 billion), machinery ($868 million), cereals (corn) ($394 million), organic chemicals ($312 million), and electrical machinery ($289 million). 
  • U.S. total exports of agricultural products to Venezuela totaled $651 million in 2016. Leading domestic export categories include: corn ($202 million), soybean meal ($132 million), wheat ($98 million), rice ($84 million), and soybean oil ($41 million). 
  • U.S. exports of services to Venezuela were an estimated $6.0 billion in 2016, 12.6% ($859 million) less than 2015, but 89.7% greater than 2006 levels.  Leading services exports from the U.S. to Venezuela were in the travel, transport, and telecommunications, computer, and information services sectors.

Imports

  • Venezuela was the United States' 27th largest supplier of goods imports in 2016. 
  • U.S. goods imports from Venezuela totaled $10.9 billion in 2016, down 30.0% ($4.7 billion) from 2015, and down 70.7% from 2006.  
  • The top import categories (2-digit HS) in 2016 were: mineral fuels ($10 billion), organic chemicals ($114 million), aluminum ($113 million), electrical machinery ($38 million), and special other (returns) ($35 million). 
  • U.S. total imports of agricultural products from Venezuela totaled $4 million in 2016. 
  • U.S. imports of services from Venezuela were an estimated $797 million in 2016, 2.7% ($22 million) less than 2015, but 27.7% greater than 2006 levels.  Leading services imports from Venezuela to the U.S. were in the transport, intellectual property (audoivisual related products), and travel sectors.

Trade Balance

  • The U.S. goods trade deficit with Venezuela was $5.6 billion in 2016, a 21.9% decrease ($1.6 billion) over 2015. 
  • The United States has a services trade surplus of an estimated $5.2 billion with Venezuela in 2016, down 13.9% from 2015.

Investment

  • U.S. foreign direct investment (FDI) in Venezuela (stock) was $9.1 billion in 2015 (latest data available), a 20.1% decrease from 2014. U.S. direct investment in Venezuela is led by manufacturing, nonbank holding companies, and finance/insurance. 
  • Venezuela's FDI in the United States (stock) was $4.2 billion in 2015 (latest data available), up 6.5% from 2014. The distribution of Venezuela's FDI in the United States is not available. 
  • Sales of services in Venezuela by majority U.S.-owned affiliates were $3.8 billion in 2014 (latest data available), while sales of services in the United States by majority Venezuela-owned firms were $443 million.