Importing from Venezuela - Trade Finance Global

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Importing from Venezuela

Last updated on 04 Aug 2024
12 Mar 2019 . 2 min read

Venezuela Country Profile

Official Name (Local Language) República Bolivariana de Venezuela

Capital Caracas

Population 30,912,302

Currency Venezuelan Bolivar

GDP $333.7billion

Languages Spanish

Phone Dial In 58

Venezuela Exports Profile

Exports ($m USD) 44,952

Number of Export Products 4,210

Number of Export Partners 170

Venezuela Economic Statistics






Government Website
https://www.presidencia.gob.ve/
Sovereign Ratingshttps://countryeconomy.com/ratings/venezuela
Central BankBanco Central de Venezuela
Currency USD Exchange Rate56.57
Unemployment Rate10.5%
Population below poverty line19.7%
Inflation Rate7.2%
Prime Lending Rate29.5%
GDP$333.7 billion
GDP Pro Capita (PPP)$15,100
Currency NameVenezuelan Boliva
Currency CodeVEF
World Bank ClassificationUpper Middle Income
Competitive Industrial Performance130/138
Corruption Perceptions Index169/180
Ease of Doing Business188/190
Enabling Trade Index136/136

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Importing from Venezuela

Venezuela is the 118th largest exporter in the world, and the 88th largest in the world in terms of GDP. The petroleum industry is the most dominant player in Venezuela’s economy and it delivers around 40% of the government’s income as well as over 90% of overall export.

The country’s top exports would include crude petroleum (around $130 billion), refined petroleum (at $10 billion), acyclic alcohols ($710 million), petroleum coke ($430 million) and iron reductions ($381 million). Apart from its petroleum industry, Venezuela’s manufacturing sector contributes 17% of GDP. 

Venezuela’s largest export partners are India, China, Malaysia, Spain, and Italy.

Importing from Venezuela: What is trade finance?

Trade finance is a revolving facility in which lenders offer financing options – it enables businesses to purchase products and can help ease the pressure from working capital issues.

Generally, an export finance bank will fund up to 100% of the cost of the products, including charges (e.g. insurance costs).

Trade finance offers upsides over more traditional bank financing, for example bridging mortgages or loans. Trade finance provides quick funding without affecting existing bank relationships.

How does it work?

If you’re a business importing or exporting goods around the world, then a trade finance facility would assist your company through offering a letter of credit (LC) or some form of cash advance.

I’m looking to import from Venezuela, how can Trade Finance Global help, and how does it work?

If you’re looking to import inventory from other countries, you may require import finance, which is an agreement between yourself (the importer) and the foreign exporter. A non-bank lender will act as the intermediary, paying the foreign exporter on your behalf until you get the products and have then sold them to your buyer. Repaying the financier then occurs over an agreed period of time.

Chart Showing GDP Growth Compared to rest of world

GDP Composition for Venezuela

Agriculture

4%

Corn, sorghum, sugarcane, rice, bananas, vegetables, coffee; beef, pork, milk, eggs; fish

Industry

36.1%

Agricultural products, livestock, raw materials, machinery and equipment, transport equipment, construction materials, medical equipment, pharmaceuticals, chemicals, iron and steel products, crude oil and petroleum products

Services

59.9%

Map

Top 5 Exports Partners

CountryTrade% Partner Share
Unspecified57,80765.72
Other Asia, nes
28,05631.90
United States
5500.63
China254
0.29
Colombia2360.27

Top 5 Exports Products

Export ProductNumber
Petroleum oils and oils obtained from bituminou
85.1%
Petroleum oils and oils obtained from bituminou
12.5%
Methanol (methyl alcohol)
0.7%
Non-agglomerated iron ores and concentrates
0.3%
Ferrous products obtained by direct reduction o
0.2%

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