Venezuela-EU Trade: Which European Countries Trade Most with Venezuela?
Venezuela is not a major trade partner for the European Union (EU), but it still attracts attention because of its large oil reserves and political situation. Spain is the main EU country trading with Venezuela, making up 55% of total trade. The EU closely watches developments in Venezuela, especially after the US captured President Nicolás Maduro in early 2026.
Venezuela holds the world’s largest proven crude oil reserves. In 2023, these were about 303 billion barrels, roughly 17% of global reserves, according to the US Energy Information Administration (EIA). This makes Venezuela important for energy security and international trade discussions, even if trade volumes with the EU are small.
In terms of numbers, Venezuela contributes only a tiny share of EU trade. Its goods make up about 0.1% of extra-EU imports in 2024. EU exports to Venezuela are even smaller, nearly zero according to Eurostat. That year, EU exports to Venezuela totaled €784 million, while imports were about €2.16 billion. The total trade volume was roughly €2.95 billion, more than double the €1.42 billion in 2020. Imports from Venezuela have grown, but EU exports have stayed almost the same, giving Venezuela a trade advantage.
What Products Are Traded?
EU exports to Venezuela are mostly machinery and appliances (21%), mineral products (21%), and chemical products (15%). Imports from Venezuela are dominated by oil, which makes up about 70% of the total. Other imports include fishery products like shrimp (9%) and base metals (8%).
Spain Leads EU-Venezuela Trade
Spain is the main EU partner for Venezuela, accounting for 55% of trade in 2024. It represents 29% of EU exports to Venezuela and 64% of EU imports. In value terms, Spain exported €230 million to Venezuela and imported €1.38 billion. Italy is second with a 16% share, followed by the Netherlands at 10%. France and Germany have smaller roles, with 5% and 4% of total trade respectively. Belgium (4%) and Poland (2%) also trade with Venezuela, while other EU countries each have less than 1% of the trade share.
Currently, the EU has no special trade deals with Venezuela. Trade follows World Trade Organization (WTO) rules and tariffs. The EU notes that doing business in Venezuela is difficult because of economic policies like price and currency controls, expropriations, and other government interventions.
Venezuela joined Mercosur in 2012, but its membership was suspended in 2017. As a result, it is not part of the EU-Mercosur trade agreement.
After Maduro’s capture, the EU urged calm and a peaceful resolution to avoid conflict. Meanwhile, other countries like Turkey and the UK maintain economic ties. In 2024, EU candidate Turkey’s trade with Venezuela reached $665 million (€571 million), aiming for $3 billion before Maduro’s arrest. UK-Venezuela trade in goods and services totaled £212 million (€244 million) in the year ending Q2 2025.
In summary, while Venezuela is not a major EU trade partner, Spain dominates trade flows, oil remains the key import, and political developments continue to influence European interest in the country.
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