Venezuela’s economic outlook has come back into focus following the US military operation that captured President Nicolás Maduro just over a week ago. The development has raised fresh questions about the country’s future trade relations, particularly with Europe.
Venezuela holds the world’s largest proven crude oil reserves. According to the US Energy Information Administration, the country had around 303 billion barrels of proven reserves in 2023, accounting for nearly 17% of global oil reserves. This makes Venezuela strategically important despite its limited role in global trade today.
In terms of trade volumes, Venezuela is not a major partner for the European Union. However, its political significance and long term economic potential continue to draw attention. In 2024, EU exports to Venezuela were valued at about €784 million, while imports from Venezuela reached roughly €2.16 billion. This brought total trade between the two sides to nearly €2.95 billion.
Trade has grown notably in recent years. The 2024 figure is more than double the €1.42 billion recorded in 2020. While EU exports to Venezuela have remained largely stable, imports have increased sharply. As a result, Venezuela now runs a significant trade surplus with the EU.
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