Economy, Foreign Trade

The principal exports of Venezuela are petroleum and petroleum products, which together account for 81 percent of foreign sales. Other exports include bauxite and aluminum, steel, chemicals, agricultural products, and basic manufactures. Total exports were estimated at $31.8 billion in 2000. Main imports include raw materials, machinery, transportation equipment, chemicals, foodstuffs, and basic manufactures. Imports were estimated at $16.3 billion in 2000. Principal trading partners for exports are the United States, Japan, The Netherlands (primarily petroleum to the Netherlands Antilles for refining), and Italy. Chief sources of imports are the United States (which represents 50 percent of the total sales), Germany, Japan, The Netherlands, and Canada. Venezuela is a member of four international trade organizations, the Andean Group, Latin American Integration Association (LAIA), Group of Three, and the Association of Caribbean States (ACS). These organizations work toward improving conditions within member countries by increasing economic integration and international trade.