Official Name (Local Language) República Bolivariana de Venezuela
Capital Caracas
Population 30,912,302
Currency Venezuelan Bolivar
GDP $333.7billion
Languages Spanish
Phone Dial In 58
Exports ($m USD) 44,952
Number of Export Products 4,210
Number of Export Partners 170
Government Website | https://www.presidencia.gob.ve/ |
Sovereign Ratings | https://countryeconomy.com/ratings/venezuela |
Central Bank | Banco Central de Venezuela |
Currency USD Exchange Rate | 56.57 |
Unemployment Rate | 10.5% |
Population below poverty line | 19.7% |
Inflation Rate | 7.2% |
Prime Lending Rate | 29.5% |
GDP | $333.7 billion |
GDP Pro Capita (PPP) | $15,100 |
Currency Name | Venezuelan Boliva |
Currency Code | VEF |
World Bank Classification | Upper Middle Income |
Competitive Industrial Performance | 130/138 |
Corruption Perceptions Index | 169/180 |
Ease of Doing Business | 188/190 |
Enabling Trade Index | 136/136 |
We assist companies to access trade and receivables finance through our relationships with 270+ banks, funds and alternative finance houses.
Get StartedVenezuela 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.
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.
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%
Country | Trade | % Partner Share |
Unspecified | 57,807 | 65.72 |
Other Asia, nes | 28,056 | 31.90 |
United States | 550 | 0.63 |
China | 254 | 0.29 |
Colombia | 236 | 0.27 |
Export Product | Number |
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% |