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Venezuela

Venezuela FlagU.S.-Venezuela Trade Facts

U.S. goods and services trade with Venezuela totaled an estimated $30.9 billion in 2015. Exports were $14.4 billion; imports were $16.4 billion. The U.S. goods and services trade deficit with Venezuela was $2.0 billion in 2015.

Venezuela is currently our 30th largest goods trading partner with $24 billion in total (two way) goods trade during 2015. Goods exports totaled $8.3 billion; goods imports totaled $16 billion. The U.S. goods trade deficit with Venezuela was $7.2 billion in 2015.

Trade in services with Venezuela (exports and imports) totaled an estimated $7.0 billion in 2015. Services exports were $6.1 billion; services imports were $865 million. The U.S. services trade surplus with Venezuela was $5.2 billion in 2015.

According to the Department of Commerce, U.S. exports of Goods and Services to Venezuela supported an estimated 90 thousand jobs in 2014 (latest data available) (50 thousand supported by goods exports and nearly 40 thousand supported by services exports).

Exports

  • Venezuela was the United States' 31st largest goods export market in 2015.
     
  • U.S. goods exports to Venezuela in 2015 were $8.3 billion, down 25% ($2.8 billion) from 2014 but up 30% from 2005. 
     
  • The top export categories (2-digit HS) in 2015 were: mineral fuels ($2.2 billion), machinery ($1.5 billion), organic chemicals ($598 million), electrical machinery ($596 million), and vehicles ($425 million).
     
  • U.S. exports of agricultural products to Venezuela totaled $688 million in 2015, our 32nd largest agricultural export market. Leading categories include: soybean meal ($224 million), corn ($93 million), wheat ($91 million), soybean oil ($72 million), and rice ($56 million).
     
  • U.S. exports of services to Venezuela were an estimated $6.1 billion in 2015, 2.0% ($123 million) less than 2014, but 132% greater than 2005 levels.  Based on 2014, leading services exports from the U.S. to Venezuela were in the travel, transportation, and telecommunications, computer, and information services sectors.

Imports

  • Venezuela was the United States' 25th largest supplier of goods imports in 2015.
     
  • U.S. goods imports from Venezuela totaled $16 billion in 2015, down 48% ($15 billion) from 2014, and down 54% from 2005. 
     
  • The top import categories (2-digit HS) in 2015 were: mineral fuels ($15 billion), organic chemicals ($201 million), aluminum ($90 million), inorganic chemicals ($85 million), and fertilizers ($66 million).
     
  • U.S. imports of agricultural products from Venezuela totaled $17 million in 2015.
     
  • U.S. imports of services from Venezuela were an estimated $865 million in 2015, 20.0% ($144 million) more than 2014, and 70.9% greater than 2005 levels.  Based on 2014, leading services imports from Venezuela to the U.S. were in the transportation, travel, and intellectual property (audio visual related products) sectors.

Trade Balance

  • The U.S. goods trade deficit with Venezuela was $7.2 billion in 2015, a 62.0% decrease ($12 billion) over 2014.
     
  • The United States has a services trade surplus of an estimated $5.2 billion with Venezuela in 2015, down 4.8% from 2014.

Investment

  • U.S. foreign direct investment (FDI) in Venezuela (stock) was $11.2 billion in 2014 (latest data available), a 16.4% decrease from 2013. U.S. direct investment in Venezuela is led by manufacturing, finance/insurance, and mining.
     
  • Venezuela's FDI in the United States (stock) was $5.1 billion in 2014 (latest data available), up 32.4% from 2013. Venezuela's direct investment in the U.S. is led by depository institutions, wholesale trade, and real estate.
     
  • Sales of services in Venezuela by majority U.S.-owned affiliates were $4.2 billion in 2013 (latest data available), while sales of services in the United States by majority Venezuela-owned firms were $557 million.