Lisbon, Jan. 5, 2026 (Lusa) - Venezuela has a small share in Portugal's international trade, with a negligible position in goods exports, having purchased products worth around €9 million from the domestic market up to October 2025.
According to data from the National Statistics Institute (INE), Portugal exported €10.4 million worth of goods to Venezuela in 2024 and, in the first 10 months of 2025, shipped goods worth €8.9 million, which represented, up to that point, an increase of 4.8% compared to October of the previous year.
The main groups of products exported between January and October 2025 were machinery, appliances and electrical equipment (18.9%), food and beverage products (14.9%), base metals (11.6%), animal fats and oils (10%), miscellaneous goods and products (7.6%), pearls, precious stones and similar items, and jewellery (6.6%).
Despite the positive variation of 4.8%, economic relations between the two countries are residual, far from the level of trade seen in the years 2012 to 2014, the period when Portugal exported most to the South American country, with sales of €313.3 million in 2012, €190.1 million in 2013 and €207.0 million in 2014.
A decade later, with the progressive decline in trade relations, Venezuela was Portugal's 112th largest customer in 2024, accounting for only 0.01% of Portuguese exports.
In 2025, it remained at virtually the same level until October, as the 111th largest supplier and with an equal share of total exports.
As a supplier to Portugal, it was the 99th country in 2024 and was 107th until October, also accounting for 0.01% of goods imports in this indicator, both in 2024 and in the data from January to October 2025.
The Venezuelan market exported €10.2 million to Portugal in 2024, just €200 million less than the figure exported by Portuguese companies.
Economic relations have been on a downward trend. The amount that Portugal exported to Venezuela in 2024 was the seventh lowest since 2005, with only 2017 to 2022 recording worse figures.
According to data published by the Portuguese Agency for Investment and Foreign Trade (AICEP) based on INE figures, only 165 Portuguese companies sold goods to Venezuela in 2024, of which 143 sold more than €1 million annually and 22 sold less than that amount.
In 2024, Portugal imported almost as much from Venezuela as it exported. Goods worth €10.4 million were sold from the Portuguese market, just over €200 million more.
Venezuela's contribution to the growth of Portuguese trade internationally was negative in 2024 and, from January to October 2025, it was zero, according to calculations published by AICEP.
According to statistics from UN Comtrade, a goods trade database compiled by the United Nations, Venezuela imported goods worth US$7.958 billion (€6.810 billion at the current exchange rate) in 2024 and exported US$12 billion (€10.264 billion).
The United States, Brazil, Argentina, Turkey and Spain are the five countries that sell the most to Venezuela, accounting for nearly 80% of sales, although with different weights. Spain, despite being the fifth largest supplier, only accounts for 2.9% of Venezuelan imports.
On its website, AICEP states, based on information updated in May 2025, that "weak domestic production capacity and constraints on international trade (resulting from sanctions imposed by the United States) have been exacerbating Venezuela's various structural problems", including inflation (which was expected to be 151.9% in 2025), unemployment and the public debt ratio (359% of GDP in 2024).
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