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Venezuela

Venezuela FlagU.S.-Venezuela Trade Facts

U.S. goods and private services trade with Venezuela totaled $64 billion in 2012 (latest data available). Exports totaled $24 billion; Imports totaled $40 billion. The U.S. goods and services trade deficit with Venezuela was $16 billion in 2011.

Venezuela is currently our 19th largest goods trading partner with $45 billion in total (two ways) goods trade during 2013. Goods exports totaled $13 billion; Goods imports totaled $32 billion. The U.S. goods trade deficit with Venezuela was $19 billion in 2013.

Trade in private services with Venezuela (exports and imports) totaled $7.4 billion in 2012 (latest data available). Services exports were $6.6 billion; Services imports were $891 million. The U.S. services trade surplus with Venezuela was $5.7 billion in 2012.

Exports

Venezuela was the United States' 24th largest goods export market in 2013.

U.S. goods exports to Venezuela in 2013 were $13.2 billion, down 24.5% ($4.3 billion) from 2012, but up 367% from 2003.  

The top export categories (2-digit HS) in 2013 were: Mineral Fuel (oil) ($2.8 billion), Machinery ($2.4 billion), Organic Chemicals ($1.4 billion), Electrical Machinery ($1.3 billion), and Cereals (corn, wheat) ($679 million).

U.S. exports of agricultural products to Venezuela totaled $1.5 billion in 2013, the 18th largest agriculture export market. Leading categories include: soybean meal ($396 million), corn ($330 million), and wheat ($198 million).

U.S. exports of private commercial services* (i.e., excluding military and government) to Venezuela were $6.6 billion in 2012 (latest data available), 18.3% ($1.0 billion) more than 2011, and 132% greater than 2002 levels.  The other private services (telecom services) and travel categories accounted for most of the U.S. services exports to Venezuela.

Imports

Venezuela was the United States' 13th largest supplier of goods imports in 2013.

U.S. goods imports from Venezuela totaled $32.0 billion in 2013, a 17.4% decrease ($6.7 billion) from 2012, but up 87% from 2003. U.S. imports from Venezuela account for 1.4% of overall U.S. imports in 2013.

The five largest import categories in 2013 were: Mineral Fuel and Oil (crude) ($30.9 billion), Organic Chemicals ($406 million), Iron and Steel ($148 million), Precious Stones (gold) ($138 million), and Inorganic Chemicals ($87 million).

U.S. imports of agricultural product from Venezuela totaled $9 million in 2013.

U.S. imports of private commercial services* (i.e., excluding military and government) were $891 million in 2012 (latest data available), up 5.3% ($45 million) from 2011, and up 102% from 2002 level. The travel and the other transportation (port services) categories accounted for most of U.S. services imports from Venezuela.

Trade Balance

The U.S goods trade deficit with Venezuela was $18.8 billion in 2013, a 11.5% decrease ($2.4 billion) over 2012. The U.S. goods trade deficit with Venezuela accounted for 2.7% of the overall U.S. goods trade deficit in 2013.

The United States had a private services trade surplus of $5.7 billion with Venezuela in 2012 (latest data available), up 20.6% from 2011.

Investment

U.S. foreign direct investment (FDI) in Venezuela (stock) was $15.0 billion in 2012 (latest data available), a 26.6% increase from 2011.

U.S. direct investment in Venezuela is primarily concentrated in the manufacturing sector.

Venezuela FDI in the United States (stock) was $4.6 billion in 2012 (latest data available), up 14.9% from 2011.

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

Sales of services in Venezuela by majority U.S.-owned affiliates were $37.6 billion in 2011 (latest data available), while sales of services in the United States by majority Venezuela-owned firms were $4.9 billion.


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

5/8/14