What are Venezuela's top 10 export products?

Venezuela’s top 10 export product categories accounted for 97.1% of the overall value of its global shipments. Ores, slag and ash was the fastest grower among the top 10 export categories, up by 157.8% from 2023 to 2024. Iron ores and concentrates was a major driver for this category.

Where does Venezuela export crude oil?

Most of the remaining crude oil was destined for India, China, and Europe. Venezuela has seven crude oil export loading points, in practice; however, most of its crude oil exports are routed through the Puerto Jose terminal, which is located offshore of the Jose industrial complex in northeastern Venezuela.

How much money does Venezuela export in 2024?

Given Venezuela’s population of 26.6 million people, the estimated $13.6 billion in 2024 Venezuelan exports translates to about $500 per person. That dollar metric exceeds the average $280 per capita for 2023. The following export product groups represent the highest dollar value in Venezuelan global shipments during 2024.

What is the main source of revenue for the Venezuelan government?

PDVSA is the largest source of revenue for the Venezuelan government. When Venezuela nationalized its oil industry in the 1970s, PDVSA was formed. The government gave the company significant autonomy until the 1990s, when it took direct control of PDVSA.

Why is Venezuela exporting oil to China?

Notably, a significant portion of Venezuela’s exports have been supplied to China as part of its oil-for-loans arrangements, in which China has loaned close to $50 billion to Venezuela in exchange for crude oil deliveries over the last decade.34 Exports to China and other countries were also done as part of sanctions evasions prior to 2023.

How much does Venezuela export a year?

Year over year, the value of Venezuela’s exported goods spiked by 78.4% compared to $7.63 billion for 2023. A federal republic on South America’s northern coast, Venezuela is bordered by Guyana to its east, Brazil to its south and Colombia to its west. Historically, Venezuela is highly dependent on its petroleum oil exports.