Venezuela has always played a very active role in the area of integration and foreign trade, and is a member of the Andean Community (CAN), the Southern Common Market (Mercosur), the Association of Caribbean States (ACS) and the Latin American Integration Association (Aladi); in addition, the country has signed free-trade agreements with Mexico and Colombia (G-3) as well as Chile.
The country has a favorable trade balance with oil exports as its hallmark. Nevertheless, in recent years there has been an increase in non-traditional exports (excluding oil and iron), which have averaged US$ 5.6 billion per year and passed the US$ 6 billion mark in 2003 and 2004. On the other hand, however, imports have also increased, totaling US$15 billion in 2004, according to figures published by Aladi.
Venezuela’s main trading partners are the United States, Colombia, Mexico and Brazil. The principal exports are metals, minerals, and chemicals, whereas the main imports are electrical, chemical and transportation products as well as foodstuffs.
Trade
The country has a favorable trade balance with oil exports as its hallmark. Nevertheless, in recent years there has been an increase in non-traditional exports (excluding oil and iron), which have averaged US$ 5.6 billion per year and passed the US$ 6 billion mark in 2003 and 2004. On the other hand, however, imports have also increased, totaling US$15 billion in 2004, according to figures published by Aladi.