Venezuela

Venezuela FlagU.S.-Venezuela Trade Facts

U.S. goods and services trade with Venezuela totaled $43 billion in 2009 (latest data available for goods and service trade combined). Exports totaled $14 billion; Imports totaled $29 billion. The U.S. goods and services trade deficit with Venezuela was $15 billion in 2009.

Venezuela is currently our 14th largest goods trading partner with $43 billion in total (two ways) goods trade during 2010. Goods exports totaled $11 billion; Goods imports totaled $33 billion. The U.S. goods trade deficit with Venezuela was $22 billion in 2010.

Trade in services with Venezuela (exports and imports) totaled $5.8 billion in 2009 (latest data available for services trade). Services exports were $5.0 billion; Services imports were $788 million. The U.S. services trade surplus with Venezuela was $4.2 billion in 2009.

Exports

Venezuela was the United States' 25th largest goods export market in 2010.

U.S. goods exports to Venezuela in 2010 were $10.7 billion, up 14.4% ($1.3 billion) from 2009, and up 164% from 1994. U.S. exports to Venezuela account for 0.8% of overall U.S. exports in 2010.

The top export categories (2-digit HS) in 2010 were: Machinery ($2.5 billion), Electrical Machinery ($2.2 billion), Optic and Medical Instruments ($678 million), Organic Chemicals ($596 million), and Vehicles ($584 million).

U.S. exports of agricultural products to Venezuela totaled $1.1 billion in 2010, the 18th largest agriculture export market. Leading categories include: soybean meal ($217 million), coarse grains ($193 million), and wheat ($167 million).

U.S. exports of private commercial services* (i.e., excluding military and government) to Venezuela were $5.0 billion in 2009 (latest data available), 0.6% ($28 million) more than 2008 and 134% greater than 1994 levels. Other private services (telecommunication, and business, professional and technical services) and travel categories accounted for most of the U.S. exports in 2009.

Imports

Venezuela was the United States' 11th largest supplier of goods imports in 2010.

U.S. goods imports from Venezuela totaled $32.8 billion in 2010, a 16.8% increase ($4.7 billion) from 2009, and up 291% over the last 16 years. U.S. imports from Venezuela account for 1.7% of overall U.S. imports in 2010.

The five largest import categories in 2010 were: Mineral Fuel and Oil (crude) ($31.7 billion), Aluminum ($277 million), Organic Chemicals ($216 million), Iron and Steel ($183 million), and Fertilizers ($83 million).

U.S. imports of agricultural product from Venezuela totaled $13 million in 2010. Leading categories includes: spices ($4 million), and cocoa beans ($3 million).

U.S. imports of private commercial services* (i.e., excluding military and government) were $788 million in 2009 (latest data available), down 5.6% ($47 million) from 2008, but up 3.4% from 1994 level. The travel and the other private services (business, professional, and technical service) categories accounted for most of U.S. services imports from Venezuela.

Trade Balance

The U.S. goods trade deficit with Venezuela was $22.1 billion in 2010, a 18.0% increase ($3.4 billion) over 2009. The U.S. goods trade deficit with Venezuela accounted for 3.5% of the overall U.S. goods trade deficit in 2010.

The United States had a services trade surplus of $4.2 billion with Venezuela in 2009 (latest data available), up 1.8% from 2008.

Investment

U.S. foreign direct investment (FDI) in Venezuela (stock) was $14.5 billion in 2009 (latest data available), a 7.7% increase from 2008.

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

Venezuela FDI in the United States (stock) was $4.9 billion in 2009 (latest data available), up 6.2% from 2008.

The distribution of Venezuela’s FDI in the United States is not available for 2009.

Sales of services in Venezuela by majority U.S.-owned affiliates were $4.1 billion in 2008 (latest data available), while sales of services in the United States by majority Venezuela-owned firms were $1.9 billion.

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