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U.S.-Venezuela Trade Facts
In 2017, Venezuela GDP was an estimated $210.1 billion (current market exchange rates); real GDP was down by an estimated 14.0%; and the population was 31 million. (Source: IMF)
U.S. goods and services trade with Venezuela totaled an estimated $22.4 billion in 2017. Exports were $9.4 billion; imports were $12.9 billion. The U.S. goods and services trade deficit with Venezuela was $3.5 billion in 2017.
Venezuela is currently our 33rd largest goods trading partner with $16.5 billion in total (two way) goods trade during 2017. Goods exports totaled $4.1 billion; goods imports totaled $12.3 billion. The U.S. goods trade deficit with Venezuela was $8.2 billion in 2017.
Trade in services with Venezuela (exports and imports) totaled an estimated $5.9 billion in 2017. Services exports were $5.3 billion; services imports were $593 million. The U.S. services trade surplus with Venezuela was $4.7 billion in 2017.
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).
- Venezuela was the United States' 46th largest goods export market in 2017.
- U.S. goods exports to Venezuela in 2017 were $4.1 billion, down 20.7% ($1.1 billion) from 2016 and down 59.5% from 2007.
- The top export categories (2-digit HS) in 2017 were: mineral fuels ($2.0 billion), machinery ($512 million), cereals (corn) ($207 million), electrical machinery ($189 million), and organic chemicals ($178 million).
- U.S. total exports of agricultural products to Venezuela totaled $400 million in 2017. Leading domestic export categories include: soybean meal ($106 million), wheat ($82 million), rice ($67 million), corn ($58 million), and soybeans ($26 million).
- U.S. exports of services to Venezuela were an estimated $5.3 billion in 2017, 12.4% ($752 million) less than 2016, but 29.8% greater than 2007 levels. Leading services exports from the U.S. to Venezuela were in the travel, transport, and telecommunications, computer, and information services sectors.
- Venezuela was the United States' 27th largest supplier of goods imports in 2017.
- U.S. goods imports from Venezuela totaled $12.3 billion in 2017, up 13.2% ($1.4 billion) from 2016, but down 69.1% from 2007.
- The top import categories (2-digit HS) in 2017 were: mineral fuels ($12 billion), aluminum ($198 million), organic chemicals ($158 million), fish and seafood (fresh fish, not fillet) ($41 million), and electrical machinery ($40 million).
- U.S. total imports of agricultural products from Venezuela totaled $9 million in 2017. Leading categories include: cocoa paste & cocoa butter ($3 million), cocoa beans ($2 million), essential oils ($937 thousand), fruit & vegetable juices ($777 thousand), and snack foods ($673 thousand.
- U.S. imports of services from Venezuela were an estimated $593 million in 2017, 24.5% ($192 million) less than 2016, but 7.6% less than 2007 levels. Leading services imports from Venezuela to the U.S. were in the transport, intellectual property (audio visual and related products), and travel sectors.
- The U.S. goods trade deficit with Venezuela was $8.2 billion in 2017, a 44.3% increase ($2.5 billion) over 2016.
- The United States has a services trade surplus of an estimated $4.7 billion with Venezuela in 2017, down 10.4% from 2016.
- U.S. foreign direct investment (FDI) in Venezuela (stock) was $6.6 billion in 2017, a 9.9% decrease from 2016. U.S. direct investment in Venezuela is led by manufacturing, information services, and nonbank holding companies.
- Venezuela's FDI in the United States (stock) was $4.5 billion in 2017, up 1.1% from 2016. There is no information on the distribution of Venezuela’s FDI in the U.S.
- Sales of services in Venezuela by majority U.S.-owned affiliates were $3.8 billion in 2015 (latest data available), while sales of services in the United States by majority Venezuela-owned firms were $796 million.