Venezuela

U.S.-Venezuela Trade Facts

U.S. goods and services trade with Venezuela totaled $62 billion in 2011. Exports totaled $18 billion; Imports totaled $44 billion. The U.S. goods and services trade deficit with Venezuela was $26 billion in 2011.

Venezuela is currently our 14th largest goods trading partner with $56 billion in total (two ways) goods trade during 2011. Goods exports totaled $12 billion; Goods imports totaled $43 billion. The U.S. goods trade deficit with Venezuela was $31 billion in 2011.

Trade in services with Venezuela (exports and imports) totaled $6.3 billion in 2011 (preliminary data). Services exports were $5.5 billion; Services imports were $829 million. The U.S. services trade surplus with Venezuela was $4.6 billion in 2011.

Exports

Venezuela was the United States' 26th largest goods export market in 2011.

U.S. goods exports to Venezuela in 2011 were $12.4 billion, up 16.0% ($1.7 billion) from 2011, and up 122.5% from 2000.

The top export categories (2-digit HS) in 2011 were: Machinery ($3.0 billion), Electrical Machinery ($1.7 billion), Organic Chemicals ($1.3 billion), Optic and Medical Instruments ($809 million), and Vehicles ($682 million).

U.S. exports of agricultural products to Venezuela totaled $1.2 billion in 2011, the 20th largest agriculture export market. Leading categories include: soybean meal ($260 million), wheat ($253 million), and coarse grains ($237 million).

U.S. exports of private commercial services* (i.e., excluding military and government) to Venezuela were $5.5 billion in 2011 (preliminary data), 9% ($462 million) more than 2010, and 66% greater than 2000 levels. Other private services (business, professional and technical services and telecommunication) and travel categories accounted for most of the U.S. services exports to Venezuela.

Imports

Venezuela was the United States' 9th largest supplier of goods imports in 2011.

U.S. goods imports from Venezuela totaled $43.3 billion in 2011, a 32.2% increase ($10.5 billion) from 2011, and up 131.9% from 2000. U.S. imports from Venezuela account for 2.0% of overall U.S. imports in 2011.

The five largest import categories in 2011 were: Mineral Fuel and Oil (crude) ($42.0 billion), Organic Chemicals ($309 million), Iron and Steel ($263 million), Aluminum ($169 million), and Fertilizers ($152 million).

U.S. imports of agricultural product from Venezuela totaled $5 million in 2011.

U.S. imports of private commercial services* (i.e., excluding military and government) were $829 million in 2011 (preliminary data), up 14% ($100 million) from 2010, and up 40% from 2000 level. The travel and the other transportation (port services) categories accounted for most of U.S. services imports from Venezuela.

Trade Balance

The U.S goods trade deficit with Venezuela was $30.9 billion in 2011, a 40.1% increase ($8.8 billion) over 2010. The U.S. goods trade deficit with Venezuela accounted for 4.3% of the overall U.S. goods trade deficit in 2011.

The United States had a services trade surplus of $5.5 billion with Venezuela in 2011 (preliminary data), up 8.5% from 2010.

Historical Trade Data

U.S. Goods Trade with Venezuela (in billions of dollars)

  U.S. Services Trade with Venezuela (in billions of dollars) 1990, 1994, 2000, 2005-2011

Investment

U.S. foreign direct investment (FDI) in Venezuela (stock) was $13.7 billion in 2010 (latest data available), a 3.9% decrease from 2009.

U.S. direct investment in Venezuela is primarily concentrated in the nonbank holding companies, and manufacturing sectors.

Venezuela FDI in the United States (stock) was $2.9 billion in 2010 (latest data available), up 9.9% from 2009.

The distribution of Venezuela’s FDI in the United States is not available for 2009.

Sales of services in Venezuela by majority U.S.-owned affiliates were $3.9 billion in 2009 (latest data available), while sales of services in the United States by majority Venezuela-owned firms were $806 million.

*NOTE: Refers to private services trade not including U.S. Military sales, direct defense expenditures, and other miscellaneous U.S. Government services.