Venezuela - Market OverviewVenezuela - Market Overview
The United States remains Venezuela’s most important trading partner, claiming 39 percent of Venezuela’s exports (primarily petroleum and petroleum products) and 36 percent of its imports. Venezuela was in 2016 the United States’ eleventh-largest export market in Latin America.
Companies seeking to do business in Venezuela must navigate its complex and frequently revised foreign currency (FX) regime. Multiple FX mechanisms and exchange rates have been introduced, modified, and eliminated over the past several years. Venezuelan law presently authorizes two official FX mechanisms to sell dollars to private sector firms and individuals (Gazette No. 40.865, 2016). The first FX mechanism, called DIPRO, sells dollars at the official exchange rate of 10 bolivars (VEF)/dollar for priority imports, which include basic foods, medicines, medical supplies, and some hygiene products. A second FX mechanism, DICOM, sells dollars for all other types of products. The DICOM rate is a variable rate determined by a new BCV-managed auction system launched in May 2017, the Government of the Bolivarian Republic of Venezuela’s (GBRV) FX regimes have not met market demand for dollars for several years. A robust parallel market has emerged as a result. Foreign exchange on the parallel market is illegal under Venezuelan law. However, rates for currency sales made outside of Venezuela are updated daily on internet sites. Prepared by our U.S. Embassies abroad. With its network of 108 offices across the United States and in more than 75 countries, the U.S. Commercial Service of the U.S. Department of Commerce utilizes its global presence and international marketing expertise to help U.S. companies sell their products and services worldwide. Locate the U.S. Commercial Service trade specialist in the U.S. nearest you by visiting http://export.gov/usoffices.
Venezuela Trade Development and Promotion