Economy

Austrian exports reached a value of EUR 142.7 millions in 2012, which is an "all time high" of our export development in Venezuela so far. Venezuelan imports (predominantly coal) fell by EUR 16 million to 2.17 million EUR. In 2008 imports still amounted to EUR 318 millions and consisted mostly of crude oil and derivatives. The construction of machinery predominates in the exports; this represents a high added value to Austria.  Export development currently receives profits thanks to some large state projects in road infrastructure and the construction of a pulp and paper plant.

The socialist housing boom in Venezuela provided great opportunities to Austrian suppliers of tools, extrusion and injection molding machines. The new orientation of Venezuelan agro-industry benefits Austrian suppliers of irrigation technology, machinery and equipment for food production. Austrian suppliers of electrical installations and turbines, medicines, paper and cheese have also a successful business in Venezuela.

The Austrian trade balance is traditionally positive: EUR +140.53 million (2012).

In order to keep business with Venezuela on expansion course, creative financing solutions are required in future. The large experience with barter trade of Austrian enterprises can serve as a guide.

Last update: April 2013