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Venezuela

EU trade relations with Venezuela. Facts, figures and latest developments.

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Venezuela
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Negotiations and agreementsTrade policy

There are no preferential trade arrangements between Venezuela and the EU. The EU-Venezuela trade relationship is based on World Trade Organization (WTO) rules and tariffs.

EU trade with Venezuela is affected by the prolonged economic crisis in Venezuela.

Trade picture

  • The EU is Venezuela's fourth largest trading partner, after India, China and the USA. Total EU-Venezuela trade accounted for € 2.9 billion in 2019, and was highest in 2012 (€11.08 billion).
  • EU exports to Venezuela have decreased drastically from € 6.5 billion in 2012 to € 0.69 billion in 2019. EU imports from Venezuela have also decreased, from € 4.5 billion to € 2.2 billion over the same period, however compared to 2018 this figure represents an increase of 34.6%.
  • The EU exported more to Venezuela than it imported during most of the past decade, however since 2017 there has been a trend for the value of EU imports from Venezuela to be greater than the value of EU exports to Venezuela. In 2019 there was a negative trade balance of around € 1.5 billion.
  • The EU’s most significant exports to Venezuela (2019) include refined petroleum products (57%), machinery and transport equipment (14%) and chemicals (9%). Venezuela's exports to the EU are mainly of petroleum and related chemicals (83%).
  • EU trade in services with Venezuela has also been decreasing, falling from maximum levels of €4 billion in 2012 to €1.1 billion in 2018 (€0.7 billion in exports and €0.4 billion in imports), remaining in surplus.

The EU and Venezuela

The trade and investment climate in Venezuela remains challenging for EU operators, mainly due to economic policies and controls that have been implemented in recent years, such as foreign exchange and price controls, expropriations and other forms of state intervention in the economy. Outward EU Foreign Direct Investment stocks  decreased from €21.4 billion in 2013 to €12.9 billion in 2018.

Venezuela in Mercosur

Venezuela became a full member of Mercosur on 31 July 2012. The founding countries of Mercosur decided to suspend Venezuela’s membership indefinitely in August 2017.

Venezuela is thus not part of the EU-Mercosur trade agreement.

 

Trading with Venezuela