Venezuelan exports to the US surged by 770% in 2023
Venezuelan exports to the United States grew by 770% in 2023, totaling $3.594 billion, according to data from the Bureau of Economic Analysis (BEA). The increase was driven by oil sales facilitated by Chevron’s license and the relief from sanctions that has been in place since October.
Crude oil sales accounted for 91% of the total exports for the year, amounting to $3.257 billion, with a volume of 47.8 million barrels of oil.
Due to sanctions imposed by the Donald Trump administration, Venezuela was prohibited from buying or selling crude oil or its derivatives to the United States, resulting in a complete halt in trade of these products for the first time in a centuries-old commercial relationship.
Since late 2022, with a license granted to Chevron, and since October with a broad relaxation of measures against the Nicolás Maduro government, Venezuela was able to resume its business with its traditional oil partner, although the political landscape threatens these advancements.
The rest of the major products exported to the United States experienced declines in terms of value (BEA does not publish volume data). Crab sales, which led when crude oil was not being sold, closed 2023 with a total of $55 million, a 28% decrease compared to the previous year. Crabs were followed by cable shipments totaling $52 million (26% less than in 2022).
The next product on the list of Venezuelan exports to the US is methanol, which returned to this market in 2021 through private companies and last year generated a total of $46 million in revenue, marking a year-on-year decline of 35%. On the other hand, coffee collapsed by 90%, recording revenue of $2 million in 2023 compared to $20 million in 2022.
Another petroleum derivative that saw an increase in the US market was coke, with an export value of $6 million, compared to $1 million exported the previous year.
Venezuelan imports from the United States
Venezuelan imports from the United States reached $2.501 billion, a 10% increase compared to the previous year, marking a significant deceleration as it had grown by 68% in 2022. Similarly, the figures are far from their historical peaks, according to data from the Bureau of Economic Analysis.
Purchases of petroleum derivatives topped the list of Venezuela’s imports with a total of $478 million, marking a 393% increase compared to 2022, an increase facilitated by Chevron’s license.
Phones ranked second with a total of $341 million, a 1% decrease compared to 2022. Soybean ranked third with a total of $312 million, marking a 35% increase compared to the previous year.
A product that experienced a sharp decline in Venezuelan imports from the United States was corn, which generated $74 million, 45% less than in 2022.
On the other hand, in terms of total trade (imports plus exports), the volume of business between Venezuela and the United States closed at $6.095 billion in 2023, marking a 128% increase compared to 2022. As for the balance, it returned to being surplus for Venezuela after being in deficit for three consecutive years.
