Top Venezuelan Exports & Imports

Oil & petroleum products dominate some 94% of U.S. imports from Venezuela, while military weaponry & apparel are among the fastest-growing exports to Hugo Chavez's land.

The United States is Venezuela’s largest trading partner, accounting for some 45% of Venezuela’s US$97.4 billion in overall global trade transactions during 2006.

America generated 46.2% of exports delivered to Venezuela, followed by Netherlands Antilles (13.5%) and China (3.2%). The U.S. was also the largest import destination, receiving 30.6% of Venezuelan shipments. Colombia (10.2%), Brazil (10.1%), Mexico (5.9%), China (4.9%) and Panama (4.8%) are also major importers of products from Venezuela.

Venezuelan Exports to U.S.

With a population of 26 million, Venezuela exported US$37.2 billion worth of merchandise to the United States in 2006, up 9.4% from 2005 and up 146.2% in 4 years.

1. Crude oil …US$27 billion (72.7% of Venezuela to U.S. exports, up 12.1% from 2005)
2. Other petroleum products … $4.1 billion (11%, up 10.1%)
3. Liquified petroleum gases … $2 billion (5.4%, up 24.8%)
4. Fuel oil … $1.8 billion (4.9%, down 10.6%)
5. Bauxite and aluminum … $378.9 million (1%, up 18.1%)
6. Semi-finished iron and steel mill products … $352.4 million (0.9%, down 28.9%)
7. Industrial organic chemicals … $289 million (0.8%, down 25.5%)
8. Coal and related fuels … $232.3 million (0.6%, up 33.9%)
9. Fertilizers, pesticides and insecticides … $155.14 million (0.4%, up 10%)
10. Vehicle parts and accessories … $155.12 million (0.4%, down 11.3%)

Fastest-Growing Venezuelan Exports to U.S.

Below are American imports from Venezuela in 2006 with the highest percentage sales increases from 2005.

1. Scientific, medical and hospital equipment … US$7.8 million (up 1,857% from 2005)
2. Tobacco, waxes and non-food oils … $11 million (up 1,652%)
3. Electric apparatus and parts … $21.1 million (up 40%)
4. Coal and related fuels … $232.3 million (0.6%, up 33.9%)
5. Medicinal, dental and pharmaceutical preparations … $3 million (up 31%)

Venezuelan Imports from U.S.

Venezuelan imports from the U.S. rose 40.3% to $9 billion in 2006, up 103.4% since 2002.

Of American exports to Venezuela, the following product categories had the highest values.

1. Organic chemicals … US$829.2 million (9.2% of Venezuela from U.S. imports, up 111.2% from 2005)
2. Other petroleum products … $587.8 million (6.5%, up 304.5%)
3. Computer accessories … $500 million (5.5%, up 30.6%)
4. Vehicle parts & accessories … $438.9 million (4.9%, up 28.4%)
5. Drilling & oilfield equipment … $426.8 million (4.7%, down 13.2%)
6. Telecommunications equipment … $417.1 million (4.6%, up 24.1%)
7. Other household goods … $395.4 million (4.4%, up 94.3%)
8. Industrial engines … $393.5 million (4.4%, up 34.9%)
9. New & used passenger cars … $323.9 million (3.6%, up 157.3%)
10. Other industrial machines … $302 million (3.4%, up 13.2%)

Fastest-Growing Venezuelan Imports from U.S.

Below are American exports to Venezuela in 2006 with the highest percentage sales increases from 2005.

1. Tanks, artillery, missiles, rockets, guns & ammunition … US$1.4 million (up 594% from 2005)
2. Other commercial vessels … $3.4 million (up 381%)
3. Other petroleum products … $587.8 million (up 304.5%)
4. Military apparel & footwear … $1.6 million (up 275%)
5. Cotton fiber cloth … $11.4 million (up 230%)

In terms of the merchandise flow between the two countries, America’s trade deficit with Venezuela was $28.2 billion in 2006, up 164% from 2002. The U.S. trade deficit with Venezuela increased 2.2% in 2006 – a significant improvement from the 36.7% deficit increase in 2005 from the year earlier.

Sources for this Article

This article presents independent calculations and insights based on data drawn from the CIA World Factbook and the U.S. Census Bureau – Foreign Trade Statistics.

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