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  • Venezuela (Bolivarian Republic of)

    Venezuela (Bolivarian Republic of)

    Development Challenges 

    One of the world’s leading exporters of oil, Venezuela has the least expensive petrol in the world that represents more than half of the country’s revenues. Despite its high biodiversity, Venezuela is not self-sufficient in most areas of agriculture, needing to import about two-thirds of its food needs. The manufacturing sector continues to increase dramatically in spite of private under-investment. China is Venezuela’s second-largest trading partner, and Venezuela is China’s biggest investment destination in Latin America. However, the country faces development challenges including:

    • Corruption and bribery
    • Crime and drug-related violence
    • Poverty and inequality
    • High inflation
    • Weakening of democratic institutions
    • Irresponsible mining operations that are endangering the rain forest and indigenous peoples
    • Polarized politics and military forces
    • Censored communications and journalism

     Key Trade Issues 

    • Need to diversify the economy. the High dependence on oil, makes the country vulnerable to external conditions and price fluctuations
    • Need of better relationships with other countries, especially Colombia and the United States

    Government Priorities 

    • To implement the Simon Bolivar National Project (2007-2013) to built twenty-first century Socialism based on three values: social justice, equity, and solidarity to abolish capitalism 
    • To become the new world energy power
    • To promote internal productive investments
    • To reduce environmental impact
    • To participate actively in MERCOSUR, ALBA, OPEC and UNASUR
    • To offer education and health to everyone
    • To enhance the manufacturing and services sectors
    • To use science, technology and innovation to satisfy the needs of the country

    Trade and Tariff Graphs

    Graphs of the country’s export markets, its export performance in a key sector and tariffs exporters of a sample product face.
    Trademap sample Trademap sample: The map uses color codes to illustrate the relative size of different markets in the overall exports of the country shown in pink.
    Trademap sample Trademap sample: The vertical axis shows import values by key importing countries, while the horizontal axis shows export values by the country for the same sector. I.e. the country has gained market share in the case of an importing country at the bottom right of chart and lost market share for countries top left. The size of circles is proportional to market size.
    Market access map sample Market access map sample: The world map shows trade values and tariff levels for a key export product by importing countries. Color codes indicate protection levels. Red circles denote trade volumes.

    Trade and Investment Data

    Detailed data on the country’s export performance, key imports and foreign investment, grouped by product and service categories (HS and BOP).

    Trade Information Sources

    A listing of country specific print and online publications on trade related topics. Includes information from both ITC and external sources.

    Trade Contacts

    The most important trade contacts, including importers’ and exporters’ associations, trade support institutions, trade promotion organizations and institutions providing business development assistance.