Products imported into the Bolivarian Republic of Venezuela cost a total US$9.5 billion in 2022.

That estimated dollar amount results from a -21.7% decline from $12.1 billion worth of Venezuelan imports in 2018.

Year over year, the total value of products bought by Venezuela on international markets increased by 13.9% compared to the $8.3 billion spent in 2021.

Domestically, Venezuela’s inflation rate in terms of average consumer prices was 200.9% for 2022 down from 1,589% in 2021.

Given Venezuela’s population of 26.9 million people, its total $9.5 billion in estimated imports for 2022 translates to roughly $350 in yearly product demand from every person in the South American nation. That dollar metric exceeds the average $260 per capita one year earlier in 2021.

Venezuela’s Top 10 Imports

The following product groups represent the highest dollar value in Venezuela’s import purchases during 2022. Also shown is the percentage share each product category represents in terms of overall imports into Venezuela.

1. Electrical machinery, equipment: US$983.2 million (10.4% of total imports)
2. Cereals: $783.7 million (8.3%)
3. Machinery including computers: $768.6 million (8.1%)
4. Plastics, plastic articles: $555.3 million (5.9%)
5. Vehicles: $523.4 million (5.5%)
6. Animal/vegetable fats, oils, waxes: $459.7 million (4.9%)
7. Cereal/milk preparations: $381.7 million (4%)
8. Food industry waste, animal fodder: $343.2 million (3.6%)
9. Sugar, sugar confectionery: $269.9 million (2.9%)
10. Rubber, rubber articles: $234.5 million (2.5%)

Venezuela’s top 10 imports generated over half (56.2%) of the overall value of its product purchases from global markets.

Food industry waste plus animal fodder was the top-gaining import product category, up 60.7% from 2021 to 2022.

In second place were Venezuela’s imports of rubber both as materials and items, ahead by 46.9% year over year.

Plastics both as materials and items made from plastic rose 44.1% compared to 2021.

Other top increases belonged to Venezuelan imports of vehicles (up 37.7%), then sugar including sugar confectionery (up 16.6%).

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 2022, Venezuelan importers spent the most on the following 10 subcategories of electrical items including consumer electronics.

1. Phone devices including smartphones: US$429.7 million (up 24.7% from 2021)
2. TV receivers/monitors/projectors: $86.9 million (up 38%)
3. Electric circuit parts, fuses, switches: $60.3 million (up 2035.6%)
4. Filament/discharge lamps: $35 million (down -32%)
5. Insulated wire/cable: $34.5 million (up 12.5%)
6. Electromechanic domestic appliances: $29.7 million (down -27.6%)
7. Lower-voltage switches, fuses: $28 million (up 14.2%)
8. Electric storage batteries: $27.5 million (down -19.3%)
9. Electric water heaters, hair dryers: $26.5 million (down -48.8%)
10. Electrical converters/power units: $24.8 million (down -75.7%)

Among these import subcategories, Venezuelan purchases of electric circuit parts, fuses and switches (up 2,036%), television receivers, monitors and projectors (up 38%) then phone devices including smartphones (up 24.7%) grew at the fastest pace from 2021 to 2022.

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 Cereals

In 2022, Venezuelan importers spent the most on the following subcategories of cereals.

1. Corn: US$292.1 million (up 40.6% from 2021)
2. Wheat: $216.4 million (up 12.1%)
3. Rice: $193.8 million (down -25.6%)
4. Canary seed, millet: $445,000 (up 58.9%)
5. Sorghum grain: $125,000 (down -55.5%)
6. Oats: $25,000 (2021 data unavailable)

Among these import subcategories, Venezuelan purchases of canary seed and millet (up 58.9%), corn (up 40.6%) then wheat (up 12.1%) grew from 2021 to 2022.

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.

Venezuela’s Imports of Machinery Including Computers

In 2022, Venezuelan importers spent the most on the following 10 subcategories of machinery including computers.

1. Air conditioners: US$100.6 million (down -0.9% from 2021)
2. Computers, optical readers: $85.6 million (up 65.5%)
3. Air or vacuum pumps: $52.2 million (up 34.8%)
4. Calculators, accounting/ticket machines, cash registers: $43.4 million (up 155%)
5. Refrigerators, freezers: $43.1 million (down -48.2%)
6. Liquid pumps and elevators: $38.7 million (down -8.8%)
7. Centrifuges, filters and purifiers: $32.7 million (up 14.5%)
8. Piston engine parts: $23.3 million (down -12.3%)
9. Taps, valves, similar appliances: $20.8 million (down -5.1%)
10. Dishwashing, clean/dry/fill machines: $19 million (up 48.1%)

Among these import subcategories, Venezuelan purchases of calculators, accounting or ticket machines and cash registers (up 155%), computers including optical readers (up 65.5%) then dishwashing and other cleaning, drying or filling machines (up 48.1%) grew at the fastest pace from 2021 to 2022.

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 Plastics

In 2022, Venezuelan importers spent the most on the following 10 subcategories of plastics. This product category includes both materials and items made from plastic.

1. Ethylene polymers: US$151.1 million (up 102.8% from 2021)
2. Polyacetal/ether/carbonates: $59.6 million (up 77.8%)
3. Plastic plates, sheets, film, tape, strips: $57.9 million (up 58.8%)
4. Plastic tableware, kitchenware, toiletry: $43.7 million (up 35.9%)
5. Miscellaneous plastic items: $32.5 million (up 32.9%)
6. Propylene/olefin polymers: $29.3 million (down -45.3%)
7. Plastic tubes, pipes, fittings: $28.3 million (up 80.5%)
8. Vinyl chloride polymers: $25.2 million (up 99.9%)
9. Plastic packing goods, lids, caps: $22.3 million (down -7.8%)
10. Self-adhesive plastic in rolls: $17.8 million (up 26.7%)

Among these import subcategories, Venezuelan purchases of ethylene polymers (up 102.8%), vinyl chloride polymers (up 99.9%) then plastic tubes, pipes and fittings (up 80.5%) grew at the fastest pace from 2021 to 2022.

These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported plastics 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 June 24, 2023

International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on June 24, 2023

International Trade Centre, Trade Map. Accessed on June 24, 2023

Wikipedia, Venezuela. Accessed on June 24, 2023