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Friday, 20 November 2009   |   Last Updated: 23 July 2009

 

Venezuela

Venezuela FlagU.S.-Venezuela Trade Facts

U.S. goods and services trade with Venezuela totaled $55 billion in 2007 (latest data available). Exports totaled $14 billion; Imports totaled $41 billion. The U.S. goods and services trade deficit with Venezuela was $27 billion in 2007.

Venezuela is currently our 10th largest goods trading partner with $64 billion in total (two ways) goods trade during 2008. Goods exports totaled $13 billion; Goods imports totaled $51 billion. The U.S. goods trade deficit with Venezuela was $39 billion in 2008.

Trade in services with Venezuela (exports and imports) totaled $4.6 billion in 2007 (latest data available). Services exports were $3.9 billion; Services imports were $658 million. The U.S. services trade surplus with Venezuela was $3.2 billion in 2007.

Exports

Venezuela was the United States' 22nd largest goods export market in 2008.

U.S. goods exports to Venezuela in 2008 were $12.6 billion, up 23.6% ($2.4 billion) from 2007, and up 212% from 1994. U.S. exports to Venezuela account for 1.0% of overall U.S. exports in 2008, up from the 0.8% in 1994.

The top export categories (2-digit HS) in 2008 were: Machinery ($3.4 billion), Electrical Machinery ($1.6 billion), Organic Chemicals ($970 million), Vehicles ($907 million), and Cereals, (wheat, corn and rice) ($880 million).

U.S. exports of agricultural products to Venezuela totaled $1.6 billion in 2008. Leading categories include: wheat ($396 million), coarse grains ($310 million), soybean meal ($223 million), rice ($171 million), and soybean oil ($112 million).

U.S. exports of private commercial services* (i.e., excluding military and government) to Venezuela were $3.9 billion in 2007 (latest data available), 25.8% ($796 million) more than 2006 and 81% ($1.7 billion) greater than 1994 levels. Travel, and other private services (business, professional, and technical services) categories accounted for most of the U.S. exports in 2007.

Imports

Venezuela was the United States' 8th largest supplier of goods imports in 2008.

U.S. goods imports from Venezuela totaled $51.4 billion in 2008, a 28.8% increase ($11.5 billion) from 2007, and up 514% over the last 14 years. U.S. imports from Venezuela account for 2.4% of overall U.S. imports in 2008, up from 1.3% in 1994.

The five largest import categories in 2008 were: Mineral Fuel and Oil (crude) ($49.0 billion), Iron and Steel ($584 million), Aluminum ($566 million), Organic Chemicals ($412 million), and Inorganic Chemicals (Ammonia) ($194 million).

U.S. imports of agricultural product from Venezuela totaled $49 million in 2008. Leading category includes: coffee, unroasted ($15 million), and spices ($15 million).

U.S. imports of private commercial services* (i.e., excluding military and government) were $658 million in 2007 (latest data available), up 11.1% ($66 million) from 2006, but down 14% ($104 million) from 1994 level. The travel, and other private services categories accounted for most of U.S. services imports from Venezuela.

Trade Balance

The U.S. goods trade deficit with Venezuela was $38.8 billion in 2008, a 30.6% increase ($9.1 billion) over 2007. The U.S. goods trade deficit with Venezuela accounted for 4.8% of the overall U.S. goods trade deficit in 2008.

The United States has a services trade surplus of $3.2 billion with Venezuela in 2007 (latest data available).

Investment

U.S. foreign direct investment (FDI) in Venezuela (stock) was $10.0 billion in 2007 (latest data available), a 0.9% decrease from 2006.

U.S. direct investment in Venezuela is primarily concentrated in the manufacturing, nonbank holding companies, and mining sectors.

Venezuela FDI in the United States (stock) was $6.1 billion in 2007 (latest data available), up 12% from 2006.

The distribution of Venezuela's FDI in the United States is not available for 2007.

Sales of services in Venezuela by majority U.S.-owned affiliates were $3.7 billion in 2006 (latest data available), while sales of services in the United States by majority Venezuela-owned firms were $3.9 billion.

 

*NOTE: Refers to private services trade not including U.S. Military sales, direct defense expenditures, and other miscellaneous U.S. Government services.