International trade between China and Venezuela
International trade between China and Venezuela is very close, as shown below:
1. Scale of trade
The scale of trade between China and Venezuela has continued to expand, especially since the early 2000s. According to the data, from January to November 2024, the bilateral import and export value of goods between China and Venezuela amounted to 582,994,828,000 U.S. dollars, a year-on-year increase of 53.5%. Among them, the total value of China's exports of goods to Venezuela amounted to 440,806,222,000 U.S. dollars, a year-on-year increase of 41.9%; the total value of China's imports of goods from Venezuela amounted to 142,188,060,000 U.S. dollars, a year-on-year increase of 106.1%.
2. Structure of Trade Commodities
Main commodities exported from China to Venezuela: including electrical appliances, computers, electronic products, machinery and equipment, rice, soybeans and other agricultural products.
Main commodities imported from Venezuela to China: Venezuela is rich in oil resources, and oil export has been the core of trade relations between the two countries. In addition, Venezuela also exports metal minerals (such as aluminum, copper, iron ore), organic chemicals and other resources to China.
3. Prospects for Trade Cooperation
The “One Belt, One Road” Initiative: This initiative provides more opportunities for cooperation between the two sides and helps strengthen cooperation in infrastructure construction, trade facilitation and connectivity.
Complementary resources: Venezuela has abundant resources and China has huge market demand, so the two sides are naturally complementary in the areas of resource development and trade. Energy cooperation can be further strengthened in the future to promote cooperation in the oil and gas industry, while agricultural products, metal minerals and manufacturing are also expected to become trade growth points.
4. Challenges
Despite the remarkable progress in bilateral trade relations between China and Venezuela, a number of challenges remain, including domestic political and economic instability in Venezuela, volatility in international oil prices and uncertainty in the global trade environment. All of these factors may have a negative impact on bilateral trade relations.
To summarize, international trade exchanges between China and Venezuela are close and fruitful, and the two sides should continue to strengthen cooperation, jointly address challenges and promote the sustained and healthy development of bilateral trade relations.
