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Venezuela

U.S.-Venezuela Trade Facts 

In 2018, Venezuela GDP was an estimated $98.5 billion (current market exchange rates); real GDP was down by an estimated 18.0%; and the population was 29 million. (Source: IMF)

U.S. goods and services trade with Venezuela totaled an estimated $24.0 billion in 2018. Exports were $10.3 billion; imports were $13.7 billion. The U.S. goods and services trade deficit with Venezuela was $3.4 billion in 2018.

Venezuela is currently our 33rd largest goods trading partner with $19.0 billion in total (two way) goods trade during 2018. Goods exports totaled $5.9 billion; goods imports totaled $13.2 billion. The U.S. goods trade deficit with Venezuela was $7.3 billion in 2018.

Trade in services with Venezuela (exports and imports) totaled an estimated $5.0 billion in 2018. Services exports were $4.5 billion; services imports were $533 million. The U.S. services trade surplus with Venezuela was $3.9 billion in 2018.

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 in 2018.
     
  • U.S. goods exports to Venezuela in 2018 were $5.9 billion, up 41.8% ($1.7 billion) from 2017 but down 53.5% from 2008. 
     
  • The top export categories (2-digit HS) in 2018 were: mineral fuels ($4.0 billion), machinery ($403 million), cereals (corn) ($195 million), organic chemicals ($187 million), and electrical machinery ($167 million).
     
  • U.S. total exports of agricultural products to Venezuela totaled $374 million in 2018. Leading domestic export categories include: corn ($93 million), wheat ($86 million), soybean meal ($71 million), soybean oil ($35 million), and soybeans ($35 million).
     
  • U.S. exports of services to Venezuela were an estimated $4.5 billion in 2018, 4.3% ($199 million) less than 2017, but 7.4% less than 2008 levels. Leading services exports from the U.S. to Venezuela were in the travel, transport, and intellectual property (audio visual and related products) sectors.

Imports

  • Venezuela was the United States' 28th largest supplier of goods imports in 2018.
     
  • U.S. goods imports from Venezuela totaled $13.2 billion in 2018, up 6.8% ($833 million) from 2017, but down 74.4% from 2008. 
     
  • The top import categories (2-digit HS) in 2018 were: mineral fuels ($13 billion), organic chemicals ($169 million), aluminum ($104 million), fish and seafood (fresh fish, not fillet) ($62 million), and prepared meat and fish (crustaceans, molluscs) ($42 million).
     
  • U.S. total imports of agricultural products from Venezuela totaled $16 million in 2018. Leading categories include: cocoa beans ($5 million), coffee, unroasted ($5 million), cocoa paste & cocoa butter ($808 thousand), snack foods ($684 thousand), and fruit & vegetable juices ($503 thousand).
     
  • U.S. imports of services from Venezuela were an estimated $533 million in 2018, 10.1% ($60 million) less than 2017, but 25.8% less than 2008 levels. Leading services imports from Venezuela to the U.S. were in the travel, financial services, and telecommunications, computer, and information services sectors.

Trade Balance

  • The U.S. goods trade deficit with Venezuela was $7.3 billion in 2018, a 10.9% decrease ($895 million) over 2017.
     
  • The United States has a services trade surplus of an estimated $3.9 billion with Venezuela in 2018, down 3.4% from 2017.

Investment

  • U.S. foreign direct investment (FDI) in Venezuela (stock) was $6.6 billion in 2017 (latest data available), 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 (latest data available), up 1.1% from 2016. There is no information on the distribution of  Source: U.S. Bureau of Economic Analysis FDI in the U.S.
     
  • Sales of services in Venezuela by majority U.S.-owned affiliates were $3.1 billion in 2016 (latest data available), while sales of services in the United States by majority Venezuela-owned firms were $479 million.