Venezuela Records Trade Surplus with US in March 2023 for First Time in 46 Months
Venezuela recorded a trade surplus of $150 million in March 2023 with the United States, breaking a streak of 46 consecutive months of deficit, according to the latest data released by the Bureau of Economic Analysis (BEA). The figures show that Venezuelan exports totaled $278 million, the highest since February 2019, while imports were $163 million, resulting in the favorable difference.
The trade balance with the United States went into deficit in May 2019, after sanctions imposed by the Donald Trump government in January completely halted sales of crude oil and derivatives to the country. Historically, the balance had been positive, and to find a period when it was not, one would have to go back to the period between September and December 1988.
In March 2023, the US oil bill with Venezuela was $235.7 million (85% of total exports), for a total of 3.6 million barrels of crude, making this product once again the top seller to the United States.
First quarter trade balance
The first quarter of Venezuelan trade with the United States was marked by the return of crude oil to that market, thanks to Chevron obtaining a license from the US government to resume its activities in Venezuela.
According to data from the Bureau of Economic Analysis, Venezuela exported a total of 6.5 million barrels of crude oil between January and March for a total of $428.14 million. However, the figure is still far from the numbers before the sanctions, even in a context of falling production and low prices.
The return of oil to trade with the United States boosted a 395% growth in total exports, which reached $525 million in the first quarter of 2023, the best figure for that period since 2019, but still far from its peak.
On the import side, there was an increase of 56%, rising from $431 million in the first quarter of 2022 to $673 million in the same period of 2023. The biggest boost came from purchases of phones, soy flour, and crude derivatives, which have already exceeded last year’s billing amounts.
As for the balance, it remains negative for the quarter, but improved from a negative balance of $325 million between January and March 2022 to $148 million in the same period of 2023.
