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| The EU remains Venezuela's third largest trading partner |
| Brusel, 06.01.2026 |
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| The US military intervention in Venezuela has no impact on the ratification of the free trade agreement between the EU and the Mercosur countries, as Venezuela has been indefinitely suspended from the grouping since 2017. The EU remains Venezuela's third largest trading partner after the United States and China, albeit in a challenging investment environment, reports the Brussels-based TASR correspondent.
The European Union on Sunday (4 January) in response to the US military intervention in Venezuela called on all parties involved to exercise calm and restraint in order to prevent escalation and ensure a peaceful resolution to the crisis. The EU stressed that the principles of international law and the UN Charter must be respected in all circumstances.
US President Donald Trump also warned on Sunday that the US was "ruling" Venezuela after the arrest of President Nicolás Maduro.
The European Commission states on its website that there are no preferential trade agreements between Venezuela and the EU. Trade relations between the two sides are based on World Trade Organization (WTO) rules and tariffs and are affected by the long-standing economic crisis in Venezuela.
According to EU statistics, the EU is Venezuela's third largest trading partner - after the United States and China. Total EU-Venezuela trade in 2024 amounted to €2.74 billion, with a significant surplus in Venezuela's favour (-€1.24 billion). The surplus (-€0.6 billion) was also present in 2022 and 2023.
Bilateral trade has increased by a third since 2020, with a particularly sharp increase in 2024. Statistics for 2025 are not yet available.
EU exports to Venezuela in 2024 consisted mainly of machinery and electrical appliances (20.9%), mineral products (20.6%) and chemical products (15%).
EU imports from Venezuela in 2024 consisted mainly of oil (70%). Other important categories were fishery products (9.3%), mainly shrimp, and then metals and their products (8%).
EU trade in services with Venezuela in 2023 amounted to €600 million in EU exports and €300 million in EU imports. The Union recorded a surplus in its favour of €0.3 billion, the same as in 2022.
Statistics on foreign direct investment indicate that EU investment in Venezuela reached €8.2 billion in 2023, a decrease from 2020.
The business and investment environment in Venezuela has been challenging for EU economic operators in recent years, mainly due to Caracas' economic policies and the new controls that have been introduced, such as exchange and price controls, as well as expropriations and other forms of state intervention in the economy.
EU foreign direct investment in Venezuela decreased from €21.4 billion in 2013 to €12.9 billion in 2018.
Venezuela became a full member of Mercosur on 31 July 2012. However, in August 2017, Mercosur's founding countries decided to suspend Venezuela's membership indefinitely.
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