Products imported into the Bolivarian Republic of Venezuela cost a total US$11.3 billion in 2023.

That calculated dollar amount results from a 74.2% increase from $6.5 billion worth of Venezuelan imports in 2019.

Year over year, the total value of products bought by Venezuela on international markets flatlined via a tepid 0.9% upturn compared to the $11.2 billion spent in 2022.

Domestically, Venezuela’s inflation rate in terms of average consumer prices soared 337.5% for 2023 up from 186.5% in 2022.

Given Venezuela’s population of 26.5 million people, its total $11.3 billion in estimated imports for 2023 translates to roughly $425 in yearly product demand from every person in the South American nation. That dollar metric exceeds the average $350 per capita one year earlier in 2022.

Venezuela’s Top 10 Imports

The following product groups represent the highest dollar value in Venezuela’s import purchases during 2023. Also shown is the percentage share each product category represents in terms of overall imports into Venezuela.

1. Electrical machinery, equipment: US$1.3 billion (11.2% of total imports)
2. Machinery including computers: $1.1 billion (9.9%)
3. Vehicles: $845.3 million (7.5%)
4. Cereals: $755.9 million (6.7%)
5. Mineral fuels including oil: $665.3 million (5.9%)
6. Plastics, plastic articles: $513.8 million (4.5%)
7. Food industry waste, animal fodder: $388.8 million (3.4%)
8. Cereal/milk preparations: $350 million (3.1%)
9. Animal/vegetable fats, oils, waxes: $292.6 million (2.6%)
10. Pharmaceuticals: $266.5 million (2.4%)

Venezuela’s top 10 imports generated nearly three-fifths (57.2%) of the overall value of its product purchases from global markets.

Mineral fuels including oil was the top-gaining import product category, up 178.5% from 2022 to 2023.

In second place were Venezuela’s imports of vehicles, ahead by 30.7% year over year.

Machinery including computers rose 22.1% compared to 2022.

The worst decliner was animal or vegetable fats, oils and waxes pulled down by a -38.2% drop.

Please note that the results listed above are at the 2-digit Harmonized Tariff System code level. Information presented below are at the more granular 4-digit level.

Venezuela’s Imports of Electrical Products

In 2023, Venezuelan importers spent the most on the following 10 subcategories of electrical items including consumer electronics.

1. Phone devices including smartphones: US$463.6 million (up 2.4% from 2022)
2. TV receivers/monitors/projectors: $181.1 million (up 10.5%)
3. Electric circuit parts, fuses, switches: $109.3 million (up 80%)
4. Insulated wire/cable: $54.5 million (up 34.3%)
5. Electric water heaters, hair dryers: $47.9 million (up 21.1%)
6. Microphones/headphones/amps: $36.8 million (up 14%)
7. Lower-voltage switches, fuses: $35 million (up 6.1%)
8. Electromechanic domestic appliances: $32 million (down -14%)
9. Electric storage batteries: $30.9 million (down -4.7%)
10. Electrical converters/power units: $30.1 million (up 15%)

Among these import subcategories, Venezuelan purchases of electric circuit parts, fuses and switches (up 80%), insulated wire or cable (up 34.3%) then electric water heaters and hair dryers (up 21.1%) grew at the fastest pace from 2022 to 2023.

These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of electronics-related imports among Venezuelan businesses and consumers.

Venezuela’s Imports of Machinery Including Computers

In 2023, Venezuelan importers spent the most on the following 10 subcategories of machinery including computers.

1. Air conditioners: US$145.9 million (up 5% from 2022)
2. Refrigerators, freezers: $103.5 million (up 56.2%)
3. Computers, optical readers: $96.7 million (up 10.6%)
4. Air or vacuum pumps: $75.4 million (up 18.8%)
5. Liquid pumps and elevators: $74.1 million (up 59.1%)
6. Washing machines: $47.7 million (up 87.4%)
7. Dishwashing, clean/dry/fill machines: $39.3 million (up 99.6%)
8. Calculators, accounting/ticket machines, cash registers: $35.4 million (down -21.2%)
9. Printing machinery: $34.4 million (up 54.9%)
10. Taps, valves, similar appliances: $33.4 million (up 12.9%)

Among these import subcategories, Venezuelan purchases of dishwashing, cleaning/drying/filling machines (up 99.6%), washing machines (up 87.4%) then liquid pumps and elevators (up 59.1%) grew at the fastest pace from 2022 to 2023.

These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported machinery among Venezuelan businesses and consumers.

Venezuela’s Imports of Vehicles

In 2023, Venezuelan importers spent the most on the following 10 subcategories of vehicles.

1. Cars: US$204.1 million (up 22% from 2022)
2. Motorcycles: $197.4 million (up 104.5%)
3. Automobile parts/accessories: $181.1 million (up 1.3%)
4. Motorcycle parts/accessories: $119.6 million (up 15.3%)
5. Trucks: $39.2 million (up 16.2%)
6. Tractors: $28.6 million (up 352.4%)
7. Public-transport vehicles: $22.1 million (up 24.1%)
8. Trailers: $13.4 million (up 189%)
9. Bicycles, other non-motorized cycles: $12.2 million (up 0.8%)
10. Chassis fitted with engine: $2.4 million (up 50.9%)

Among these import subcategories, Venezuelan purchases of tractors (up 352.4%), trailers (up 189%) then motorcycles (up 104.5%) grew at the fastest pace from 2022 to 2023.

These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported vehicles among Venezuelan businesses and consumers.

Venezuela’s Imports of Cereals

In 2023, Venezuelan importers spent the most on the following subcategories of cereals.

1. Corn: US$304 million (up 4.1% from 2022)
2. Wheat: $246 million (up 13.7%)
3. Rice: $205.4 million (down -0.7%)
4. Canary seed, millet: $525,000 (up 12.9%)
5. Oats: $36,000 (up 44%)

Among these import subcategories, Venezuelan purchases of oats (up 44%), wheat (up 13.7%) then canary seed and millet (up 12.9%) grew at the fastest pace from 2022 to 2023.

These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of cereals-related imports among Venezuelan businesses and consumers.

See also Venezuela’s Top 10 Exports, Brazil’s Top 10 Imports, Refined Oil Exports by Country and Corn Exports by Country

Research Sources:
Central Intelligence Agency, The World Factbook South America: Venezuela. Accessed on November 14, 2024

International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on November 14, 2024

International Trade Centre, Trade Map. Accessed on November 14, 2024

Wikipedia, Venezuela. Accessed on November 14, 2024