Venezuela is not a major EU trade partner. Spain dominates trade, accounting for 55% of the total volume. Given Venezuela’s large proven crude oil reserves, the EU closely monitors political developments in the country.
Venezuela’s economic future is once again under scrutiny after the US captured President Nicolás Maduro in a military operation a bit over a week ago.
The country holds the world’s largest proven crude oil reserves. In 2023, these stood at around 303 billion barrels, equal to about 17% of global reserves according to the US Energy Information Administration (EIA).
All these raise questions about Venezuela’s economic ties with Europe. How important is Venezuela as a trade partner for the EU? How has trade between the EU and Venezuela changed in recent years? And which European countries do the most business with Venezuela?
Venezuela is not a major trade partner for the EU in numerical terms. Its political importance and potential future economic ties, however, are a separate matter.
The share of Venezuelan goods in extra-EU imports is very small, accounting for only about 0.1% of imports in goods in 2024, while exports from the EU to Venezuela are so low they effectively register as zero according to data published by Eurostat.
In 2024, EU exports to Venezuela totalled about €784 million, while imports from Venezuela amounted to around €2.16 billion, producing a total trade volume of roughly €2.95 billion.
This is more than double the trade volume in 2020, when it was about €1.42 billion. While imports from Venezuela have grown, EU exports have stayed at roughly the same level, resulting in a significant trade surplus in favour of Venezuela.
What products dominate EU–Venezuela trade?
The EU is Venezuela’s third-largest trading partner, after the US and China according to the EU Commission. EU exports to Venezuela in 2024 were mainly machinery and appliances (20.9%), mineral products (20.6%), and chemical products (15%).
On the import side, EU purchases from Venezuela were dominated by oil, which accounted for around 70% of total imports. Other significant categories included fishery products (9.3%), particularly shrimp, and base metals and related products (8%).
More than half of EU–Venezuela trade flows through Spain
Spain is a clear outlier in EU–Venezuela trade, accounting for 55% of the total trade volume in 2024 according to Eurostat. Spain represents 29% of EU exports to Venezuela and as much as 64% of EU imports from the country. In value terms, Spain exported around €230 million worth of goods to Venezuela, while importing about €1.38 billion.
Italy ranks second in EU–Venezuela trade with a 16% share, followed by the Netherlands at 10%.
Two other major EU economies, France and Germany, have much smaller trade links with Venezuela, accounting for 5% and 4% respectively.
Belgium (4%) and Poland (2%) also account for more than 1% of total EU–Venezuela trade. All other EU member states each hold less than a 1% share of trade with Venezuela.
According to the EU Commission, there are no preferential trade arrangements between the EU and Venezuela. Trade relations are governed by World Trade Organization (WTO) rules and tariffs.
“The trade and investment climate in Venezuela remains challenging for EU operators, mainly due to economic policies and controls that have been implemented in recent years, such as foreign exchange and price controls, expropriations and other forms of state intervention in the economy,” the Commission states.
Venezuela became a full member of Mercosur in 2012. However, in 2017, the founding Mercosur countries suspended Venezuela’s membership indefinitely. As a result, Venezuela is not part of the EU–Mercosur trade agreement.
The EU called for “calm and restraint by all actors, to avoid escalation and to ensure a peaceful solution to the crisis” after Maduro was taken to New York by US authorities in early 2026.
EU candidate country Turkey has developed economic relations with Venezuela.
According to Turkish Trade Minister Ömer Bolat, bilateral trade reached $665 million (€571 million) in 2024. Turkey aimed to raise this figure to $3 billion (€2.6 billion) before Maduro was taken into custody.
Trade in goods and services between the UK and Venezuela totalled £212 million (€244 million) over the four quarters to the end of Q2 2025 according to the Department for Trade and Business.
