Imports

In 2022, the Venezuela imported products with a total value of $9.5 billion. The total value of Venezuela's imports represents a 13.9% increase in spending on the international market compared to the $8.3 billion spent in 2021.

Venezuela's Top 10 Imports

1. Electrical machinery and equipment: $983.2 million (10.4% of total imports)

2. Cereals: $783.7 million (8.3%)

3. Machinery, including computers: $768.6 million (8.1%)

4. Plastics, plastic products: $555.3 million (5.9%)

5. Vehicles: $523.4 million (5.5%)

6. Animal and vegetable fats, oils, waxes: $459.7 million (4.9%)

7. Cereal/milk products: $381.7 million (4%)

8. Food industry waste, animal feed: $343.2 million (3.6%)

9. Sugar, confectionery: $269.9 million (2.9%)

10. Rubber, rubber products: $234.5 million (2.5%)

Venezuela's top 10 imports account for more than half (56.2%) of its total product purchases for the global market.

Food industry waste and animal feed are the most imported product categories, growing 60.7% from 2021 to 2022. In second place are Venezuela's imports of rubber as materials and articles, up 46.9% year-on-year. Plastic materials and articles grew by 44.1% compared to 2021.

Other top increases were in Venezuela's imports of automobiles (up 37.7%), followed by sugar (up 16.6%).

Exports

In 2022, Venezuela exported $4.8 billion worth of products to the world. This represents an increase of about 32.4% compared to the 3.6 billion dollars in 2021.

Venezuela's Top 10 Exports

1. Fossil fuels, including oil: $1.2 billion (26.1% of total exports)

2. Iron and steel: $1 billion (21%)

3. Organic chemicals: $469.1 million (9.9%)

4. Aluminum: $402.2 million (8.4%)

5. Fish: $357.6 million (7.5%)

6. Fertilizer: $181.9 million (3.8%)

7. Gems, precious metals: $161.7 million (3.4%)

8. Copper: $151.3 million (3.2%)

9. Beverages, spirits, vinegar: $114.2 million (2.4%)

10. Ores, slag, ash: $113.8 million (2.4%)

Venezuela's top 10 export product categories accounted for 88.1% of its total global shipments.

Mineral fuels, including petroleum, are the fastest-growing of the top 10 export categories, increasing 1,168% from 2021 to 2022. Crude oil is the main driver of this growth. Ranking second in terms of improvement in export sales was aluminum, with an increase of 179.3%. Venezuelan fertilizer shipments ranked third in terms of increase, up 150.4%.

The largest decline in Venezuela's top ten export categories was ores, slag and ash, down -73.3% year-over-year. Iron ore and concentrates were among the biggest decliners in this product category.

At a more granular four-digit HS code level, iron or steel scrap was Venezuela's most valuable export, accounting for 13.6% of the country's total exports. In second place were petroleum residues (12.5%), followed by crude oil (12%), acyclic alcohols (9.4%), primary aluminium (7.4%), lobsters and other crustaceans (4.8%), products of reduction of iron ore (4%), nitrogenous fertilizers (3.8%), unwrought gold (3.2%), and then semi-finished products of iron or non-alloy steel (2.7%).

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