Latin America & the Caribbean
Opportunities for UK companies
Venezuela
Venezuela is the 7th largest country in Latin America and has an estimated nominal GDP of $US48.6billion in 2020[1]. Total trade in goods and services (exports plus imports) between the UK and Venezuela was £174 million in the four quarters to the end of Q3 2020, a decrease of 18.7% or £40 million from the four quarters to the end of Q3 2019[2].
Several major UK companies do business in Venezuela including Aggreko, AstraZeneca, British American Tobacco, Diageo, PWC, Shell and Unilever.
Recognising that the political crisis has made it difficult for some companies to invest and operate in Venezuela, in the longer term, the market will offer significant potential to UK businesses.
Market Detail
Even though oil and gas is one of the most significant sectors in Venezuela, other sectors like Agritech, infrastructure and industrial offer potential options. Due to its geology, Venezuela is rich in mineral deposits (especially in the south of the country).
Key factors for UK business to factor in when considering exporting to Venezuela: most goods attract low import tariffs and there is demand for high quality goods and services. Manufacturing in Venezuela benefits from low energy costs. It has developed industrial, energy and steel sectors.
