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.
- Crude oil …US$27 billion (72.7% of Venezuela to U.S. exports, up 12.1% from 2005)
- Other petroleum products … $4.1 billion (11%, up 10.1%)
- Liquified petroleum gases … $2 billion (5.4%, up 24.8%)
- Fuel oil … $1.8 billion (4.9%, down 10.6%)
- Bauxite and aluminum … $378.9 million (1%, up 18.1%)
- Semi-finished iron and steel mill products … $352.4 million (0.9%, down 28.9%)
- Industrial organic chemicals … $289 million (0.8%, down 25.5%)
- Coal and related fuels … $232.3 million (0.6%, up 33.9%)
- Fertilizers, pesticides and insecticides … $155.14 million (0.4%, up 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.
- Scientific, medical and hospital equipment … US$7.8 million (up 1,857% from 2005)
- Tobacco, waxes and non-food oils … $11 million (up 1,652%)
- Electric apparatus and parts … $21.1 million (up 40%)
- Coal and related fuels … $232.3 million (0.6%, up 33.9%)
- 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.
- Organic chemicals … US$829.2 million (9.2% of Venezuela from U.S. imports, up 111.2% from 2005)
- Other petroleum products … $587.8 million (6.5%, up 304.5%)
- Computer accessories … $500 million (5.5%, up 30.6%)
- Vehicle parts & accessories … $438.9 million (4.9%, up 28.4%)
- Drilling & oilfield equipment … $426.8 million (4.7%, down 13.2%)
- Telecommunications equipment … $417.1 million (4.6%, up 24.1%)
- Other household goods … $395.4 million (4.4%, up 94.3%)
- Industrial engines … $393.5 million (4.4%, up 34.9%)
- New & used passenger cars … $323.9 million (3.6%, up 157.3%)
- 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.
- Tanks, artillery, missiles, rockets, guns & ammunition … US$1.4 million (up 594% from 2005)
- Other commercial vessels … $3.4 million (up 381%)
- Other petroleum products … $587.8 million (up 304.5%)
- Military apparel & footwear … $1.6 million (up 275%)
- 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.
See also Venezuela's Top Imports & Exports 2008.
Sources
This analysis is based on latest statistics from the US Census Bureau - Foreign Trade Statistics and CIA World Factbook as of the date of article publication.
Daniel Workman - A senior business and finance writer who also does French translations, notably international trade and insurance materials.
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