Exports :

Oil, petroleum, acyclic alcohols, iron reductions, gold, crustaceans and hard liquor

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Imports :

Electronics, chemical products, agricultural products and livestock, base metals and food, beverages and tobacco. The country mainly imports refined petroleum, rice, corn, wheat, and medicaments.

According to World Economic Forums Global Competitiveness report for report for 2019, Venezuela stands 133rd out of 141 countries. World Banks latest Ease of Doing Business report rated Venezuela as 188 out of 189 economies.

Following are the advantages of investing in Venezuela –

• Abundant nature reserves, particularly the oil sector
• The privatisation of ports and airports is a good business opportunity for foreign investors
• Agri-food industry (coffee, tropical fruits, rice, tobacco, cocoa, alcoholic beverages)
• Automobile industry and audiovisual production

In 2020, Venezuela was number 118 in total exports, number 122 in total imports, and the number 105 most complex economy according to the Economic Complexity Index (ECI). According to IMF Foreign Trade Forecasts, the volume of exports of goods and services decreased by 50.1% in 2020 and fell by an estimated 20.8% in 2021, while the volume of imports of goods and services decreased by 19.5% in 2020 and declined by an estimated 5.3% in 2021. The unprecedented fall in volume of imports and exports in 2020 and 2021 was mainly due to lower global demand which resulted from the COVID-19 pandemic.

Venezuela mainly exports crude petroleum ($2.62B), iron reductions ($276M), acyclic alcohols ($208M), refined petroleum ($181M), and crustaceans ($136M) to India ($2.03B), China ($464M), Malaysia ($387M), Spain ($302M), and Italy ($184M).

The country imports mainly refined petroleum ($942M), corn ($310M), rice ($248M), raw sugar ($180M), and soybean oil ($158M) from China ($1.52B), United States ($1.09B), Brazil ($782M), India ($758M), and Turkey ($236M).