U.S.-Venezuela Trade Facts
In 2019, Venezuela GDP was an estimated $70.1 billion (current market exchange rates); real GDP was down by an estimated 35.0%; and the population was 28 million. (Source: IMF)
U.S. goods and services trade with Venezuela totaled an estimated $5.7 billion in 2019. Exports were $3.6 billion; imports were $2.1 billion. The U.S. goods and services trade surplus with Venezuela was $1.6 billion in 2019.
Venezuela is currently our 70th largest goods trading partner with $3.2 billion in total (two way) goods trade during 2019. Goods exports totaled $1.3 billion; goods imports totaled $1.9 billion. The U.S. goods trade deficit with Venezuela was $644 million in 2019.
Trade in services with Venezuela (exports and imports) totaled an estimated $2.5 billion in 2019. Services exports were $2.3 billion; services imports were $132 million. The U.S. services trade surplus with Venezuela was $2.2 billion in 2019.
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' 72nd largest goods export market in 2019.
- U.S. goods exports to Venezuela in 2019 were $1.3 billion, down 78.8% ($4.8 billion) from 2018 and down 86.2% from 2009.
- The top export categories (2-digit HS) in 2019 were: mineral fuels ($337 million), machinery ($187 million), electrical machinery ($185 million), vehicles ($84 million), and cereals (wheat) ($54 million).
- U.S. total exports of agricultural products to Venezuela totaled $174 million in 2019. Leading domestic export categories include: soybean meal ($51 million), wheat ($29 million), prepared food ($20 million), rice ($18 million), and soybean oil ($8 million).
- U.S. exports of services to Venezuela were an estimated $2.3 billion in 2019, 23.6% ($724 million) less than 2018, but 55.6% less than 2009 levels. Leading services exports from the U.S. to Venezuela were in the travel, transportation, and intellectual property (audio visual and related products) sectors.
Imports
- Venezuela was the United States' 65th largest supplier of goods imports in 2019.
- U.S. goods imports from Venezuela totaled $1.9 billion in 2019, down 85.4% ($11.3 billion) from 2018, and down 93.1% from 2009.
- The top import categories (2-digit HS) in 2019 were: mineral fuels ($1.6 billion), fish and seafood (fresh fish, not fillet) ($70 million), prepared meat and fish (crustaceans and molluscs) ($40 million), organic chemicals ($38 million), and precious metal and stone (gold) ($34 million).
- U.S. total imports of agricultural products from Venezuela totaled $19 million in 2019. Leading categories include: cocoa beans ($4 million), cocoa paste & cocoa butter ($3 million), unroasted coffee ($3 million), snack foods ($1 million), and processed fruit & vegetables ($206 thousand).
- U.S. imports of services from Venezuela were an estimated $132 million in 2019, 34.0% ($68 million) less than 2018, but 81.4% less than 2009 levels. Leading services imports from Venezuela to the U.S. were in the travel, telecommunications, computer, and information services, and technical and other services sectors.
Trade Balance
- The U.S. goods trade deficit with Venezuela was $644 million in 2019, a 90.9% decrease ($6.5 billion) over 2018.
- The United States has a services trade surplus of an estimated $2.2 billion with Venezuela in 2019, down 22.9% from 2018.
Investment
- U.S. foreign direct investment (FDI) in Venezuela (stock) was $2.2 billion in 2019, a 2.0% increase from 2018. U.S. direct investment in Venezuela is led by nonbank holding companies, manufacturing, and professional, scientific, and technical services.
- Venezuela's FDI in the United States (stock) was $1.7 billion in 2019, up 1.9% from 2018. There is no information on the distribution of Venezuela FDI in the U.S.
- Sales of services in Venezuela by majority U.S.-owned affiliates were $2.1 billion in 2017 (latest data available), while sales of services in the United States by majority Venezuela-owned firms were $491 million.
