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Foreign Trade

IN FOCUS / 2017-08-17

Trade with Venezuela down 73% since 2011

Venezuela is suffering a severe political and economic crisis which also affects the country's foreign trade. However, the South American country plays a minor role in Germany's foreign trade activity. In 2016, exports to Venezuela amounted to 251 million euros and imports from there to 143 million euros. Venezuela ranked far behind other South American trade partners such as Brazil or Argentina.

In recent years, both exports to and imports from Venezuela have suffered a strong decline. Compared with 2011, foreign trade turnover decreased by 73% in 2016. The development was very similar regarding the major trading goods. For instance, exports of machinery and equipment, which are the most important export goods, declined from 226 million euros in 2011 to 76 million euros in 2016 (-66%).

Regarding imports from Venezuela, mineral fuels (crude oil) were the most important import goods. However, the value of imported fuels, too, has declined markedly over the past five years. It decreased from 564 million euros in 2011 to 96 million euros in 2016 ( 83%).

Additional Information

Key figures

Foreign trade 2016
Exports€ 1,207 bn
Imports€ 955 bn
Export surplus€ 252 bn
Export propensity38.5%
Import penetration rate33.1%

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