The unprecedented fall in volume of imports and exports in 2020 was due to the global economic crisis following the outbreak of the COVID-19 pandemic. Venezuela’s main trade partners are the United States, China, India, Mexico, Turkey, and Brazil.
What countries can Venezuela trade with?
Venezuela top 5 Export and Import partners
|Exporter||Trade (US$ Mil)||Partner share(%)|
Can the US trade with Venezuela?
Before the United States suspended diplomatic operations in Venezuela, the United States was Venezuela’s largest trading partner. Bilateral trade in goods between both countries reached $1.3 billion in 2020, down from $3.2 billion in 2019.
Does Venezuela have trade barriers?
Currency controls introduced in 2003 continue to pose as a significant trade barrier in Venezuela. Importers must have prior authorization to obtain foreign currency before purchasing imports. The Venezuelan government (GBRV) revised its foreign currency regime on February 8, 2013.
What do we import from Venezuela?
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).
What is Venezuela’s biggest import?
Venezuela main imports are: electronics (32 percent of total imports), chemical products (18 percent), agricultural products and livestock (11 percent), base metals (8 percent) and food, beverages and tobacco (6 percent).
What is Venezuela’s biggest export?
Exports The top exports of Venezuela are Crude Petroleum ($12.2B), Refined Petroleum ($761M), Acyclic Alcohols ($337M), Gold ($235M), and Iron Reductions ($161M), exporting mostly to India ($4.98B), China ($4.19B), United States ($1.82B), Spain ($821M), and Malaysia ($558M).
Are Venezuela and U.S. allies?
The United States and Venezuela have had no formal diplomatic ties since January 23, 2019, but continue to have relations under Juan Guaidó, who is recognized by at least 57 countries, including the United States, as Interim President.
Who is helping Venezuela?
According to USAID, “The United States is the largest humanitarian donor to the Venezuela regional crisis, having provided more than $1.4 billion in humanitarian assistance since 2017.”
Can I export to Venezuela?
Most recently, on August 5, 2019, President Trump issued another Executive Order placing further constraints on engagement with Venezuela. … However, you should still contact the U.S. Department of Commerce, Bureau of Industry and Security (“BIS”) to ensure that your export to Venezuela is authorized.
Does Venezuela have tariffs?
The duty rates vary depending on the product involved. In general, import tariffs are 5% for capital goods, 10% to 15% for raw materials and intermediate goods, and 15% to 35% for finished products. In addition, all imports are subject to customs handling charge, a duty import, and VAT.
Does US buy oil from Venezuela?
The U.S. imported roughly 92 thousand barrels per day of petroleum from Venezuela in the first half of 2019. This was a considerable decline compared to the previous year, when 586 thousand barrels per day were imported.
Does Venezuela import and export?
Venezuela Raw materials exports are worth US$ 75,181 million, product share of 85.47%. Venezuela Raw materials imports are worth US$ 3,973 million, product share of 8.84%. Venezuela Intermediate goods exports are worth US$ 1,495 million, product share of 1.70%.
What products does Venezuela export to the US?
In 2019, Venezuela exported $1.82B to United States. The main products exported from Venezuela to United States were Crude Petroleum ($1.26B), Refined Petroleum ($257M), and Processed Crustaceans ($44.5M).