However, the country recorded a 0.2% uptick from 2017 to 2018. The United States does not authorize the export of defense articles and defense services to Venezuela (see Federal Register, Vol. Venezuela's 2018 GDP was smaller than that of Connecticut's Reuters According to World Economics Ltd., Venezuela's gross domestic product in 2018 was approximately $276 billion. The national currency is the bolivar. These U.S. bound barrels represent the single largest source of revenue generation for the government (roughly 11.5 billion dollars in 2018 according to our estimatesâsee chart below). Venezuela is one of the world's largest exporters of oil and has the world's largest proven oil reserves at an estimated 296.5 billion barrels (20% of global reserves) as of 2012.. As a result, the value of U.S. agricultural exports in calendar year (CY) 2017 plummeted 42 percent to $ 376 million (January to October) compared to the same time period a year before. U.S. imports from Venezuela totaled $13.0 billion, up 11 percent from 2016. Venezuelan law presently authorizes one official FX mechanism to sell dollars to private sector firms and individuals (Gazette No. Venezuelaâs flagship industry has seen output fall precipitously from 1.911 million and 1.354 million bpd in 2017 and 2018, respectively, following the imposition of crippling US financial sanctions. Several major UK companies do business in Venezuela including Shell, Diageo, BT, GSK, Astra Zeneca, Aggreko and British American Tobacco. In 2018, Venezuela exported 515 thousand barrels per day (kb/d) of crude oil to the United States, representing roughly 40 percent of total exports. U.S. goods exports to Venezuela totaled $8.8 billion in 2017, down 21 percent from 2016. UK reputation for high quality goods and services 4. access for UK compâ¦ 71, No.159, 2006). Venezuela Crude Oil: Exports data is updated yearly, averaging 1,561.983 Barrel/Day th from Dec 1980 to 2019, with 40 observations. In Venezuela, the government of President Nicolás Maduro and the opposition are engaged in a bitter power struggle. That means the amount it owes is about 738% of the value of exports. Exports in Venezuela increased to 8627 USD Million in the first quarter of 2019 from 8257 USD Million in the fourth quarter of 2018. Venezuela once boasted Latin America's richest economy - boosted by the biggest oil â¦ Venezuela was the United States' 72nd largest goods export market in 2019. By 2014 the value of Venezuelaâs currency, the bolívar, and the prosperity of the Venezuelan economy, was highly dependent on oil exports. In 2008, crude oil production in Venezuela was the tenth-highest in the world at 2,394,020 barrels per day (380,619 m 3 /d) and the country was also the eighth-largest net oil exporter in the world. Venezuela - U.S. GlobalData also forecast that Venezuelan crude oil production would fall to around one million barrels per day by the end of 2018. Imports in Venezuela averaged 6579.49 USD Million from 1992 until 2019, reaching an all time high of 19338 USD Million in the fourth quarter of 2012 and a record low of 1970 USD Million in the third quarter of 1994. The United States is Venezuela's largest trading partner. The mechanism, called the Complimentary Exchange Rate or DICOM, sells dollars to the private sector for all products and services. This page provides forecast and historical data, charts, statistics, news and updates for Venezuela Real Net Exports. Imports in Venezuela decreased to 2497 USD Million in the first quarter of 2019 from 3370 USD Million in the fourth quarter of 2018. Venezuela is located on the northern coast of South America. Venezuelaâs imports declined by -73.2% in 2018 since 2014. Merchandise trade statistics data for Venezuela (VEN) exports, to partner countries including trade value, number of product exported, Partner Share, and share in total products for year 2018 Venezuela - Exports The economy remains in dire condition in H2: Oil output in August ticked up from July, but remained close to Juneâs near 80-year low, suppressed by U.S. â¦ EU exports to Venezuela have decreased drastically from â¬ 6.5 billion in 2012 to â¬ 0.69 billion in 2019. (2) An offence may be committed under this Orderâ (a) in the United Kingdom by any person; (b) elsewhere by a person who is a United Kingdom person within the meaning of section 11 of the Export Control Act 2002. GDP is falling. Guaido is considering naming a board to state-run PDVSAâs U.S. subsidiary, Citgo Petroleum, in a gambit to generate revenue for the opposition. The precipitous fall in oil prices since 2015 has significantly diminished foreign exchange, challenging Venezuelaâs financial capability to import goods. This records a decrease from the previous number of 1,273.123 Barrel/Day th for Dec 2018. U.S. goods exports to Venezuela in 2019 were $1.3 billion, down 78.8% ($4.8 billion) from 2018 and down 86.2% from 2009. Crude oil production in Venezuela decreased from 2.3 million barrels per day (b/d) in January 2016 to 1.6 million b/d in January 2018. Venezuela's external debt rose to $156 billion in 2018, a new report estimates. As oil exports â¦ Exports in Venezuela averaged 11127.28 USD Million from 1992 until 2019, reaching an all time high of 31468 USD Million in the third quarter of 2008 and a record low of 2995 USD Million in the first quarter of 1992. We can safely say that if the country was receiving $28bn more in yearly export revenue than it does today, it would have experienced a much smaller decline in living standards than it saw. Bilateral trade in goods between both countries reached $21.8 billion in 2017. U.S. exports â¦ Venezuela Crude Oil: Exports was reported at 846.575 Barrel/Day th in Dec 2019. 41.329, January 2018). Venezuela is the sixth largest country in Latin America by size and economy. Apart from petroleum, the countryâs natural resources include natural gas, iron ore, gold, bauxite, diamonds and other minerals. Real Net Exports for Venezuela from Central Bank of Venezuela for the GDP-Annual release. Life expectancy at birth in Venezuela 2018, by gender Venezuela: main destinations for Venezuelan migrants 2019 Assessment of confidence in national government in Venezuela â¦ The UK exported £337 million in goods and services to Venezuela in 2015. As Venezuelaâs oil production plunges toward 1 million barrels a day, the lowest level in seven decades, the country is running out of cash to pay for food and medicine. Exports reportedly averaged over one million bpd as the oil giant drained stored crude. Last Published: 2/17/2019. Venezuela remains highly dependent on oil revenues, which account for almost all export earnings and nearly half of the governmentâs revenue, despite a continued decline in oil production in 2017. â(1) This Order may be cited as the Export Control (Venezuela Sanctions) Order 2018 and comes into force on 26th February 2018. Venezuelaâs oil revenues account for about 99 per cent of export earnings. Merchandise trade statistics Venezuela (VEN) exports and imports, with partner countries including number of products, Partner share, Share in total products, MFN and Effectively Applied Tariffs, duty free imports, dutiable imports, and free lines and number of trade agreements for year 2018 By contrast, Venezuela will sell only $23bn of oil internationally in 2018 (and, if the slide in production continues, $16bn in 2019). Venezuelaâs descent into economic and political chaos in recent years is a cautionary ... government income is deeply reliant on the export of oil and natural gas, ... reaching a new low in 2018 A combination of relatively low global crude oil prices and the mismanagement of Venezuelaâs oil industry has led to these accelerated declines in production. Export Controls Venezuela - US Export Controls Includes the U.S. government export controls that companies need to abide by when exporting to this country. 2018 : U.S. trade in goods with Venezuela NOTE: All figures are in millions of U.S. dollars on a nominal basis, not seasonally adjusted unless otherwise specified. Venezuela Shows Us How China Is Starting to Export Its Authoritarian Surveillance Tech ... at Bolivar Square in Caracas in 2018. Benefits for UK businesses exporting to Venezuela include: 1. the low import tariffs 2. high potential returns due to high margins 3. Venezuela administers a number of Caribbean islands and archipelagos, among which are Margarita Island, La Blanquilla, La Tortuga, Los Roques, and Los Monjes.Since the early 19th century Venezuela has claimed jurisdiction over Guyanese territory west of the Essequibo River totaling some 53,000 square miles (137,000 square km)ânearly two-thirds of the land area of Guyana. Details may not equal totals due to rounding.