EU trade relations with Venezuela
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Trade and Economic Security

Venezuela

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

Country or region
  • Venezuela
Trade topics
  • Negotiations and agreements
  • Trade 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 third-largest trading partner, after the United States and China. Total EU-Venezuela trade accounted for €2.74 billion in 2024, with a significant surplus in favour of Venezuela. Bilateral trade has increased by a third since 2020, recording a particularly sharp increase in 2024.
  • EU exports to Venezuela in 2024 were mainly of machinery and appliances (20.9%), mineral products (20.6%), and chemical products (15%).
  • EU imports from Venezuela in 2024 were mainly of oil (70%). Other significant categories were fishery products (9.3%) - in particular shrimp - and base metals and articles thereof (8%).
  • EU trade in services with Venezuela in 2023 was worth €600 million in EU exports and €300 million in EU imports.
  • Statistics on foreign direct investment (FDI) suggest that EU FDI stocks in Venezuela were worth €8.2 billion in 2023, a decrease since 2020. 

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