Will Turmoil in Venezuela Impact US Agriculture

Will Venezuela’s current instability and turmoil create new agriculture opportunities or shrink the market?

Venezuela, classified as an upper middle-income country, had a GDP of $119 billion in 2024, ranking as the 69th largest economy globally and 10th in Latin America, according to USDA data.

It is not a major agricultural producer compared to other Latin American nations, Venezuela’s economy is heavily dependent on oil, of course, the country’s primary economic driver.

A recent USDA report highlights that in 2024, U.S. agricultural exports to Venezuela totaled $760 million, marking a 13% year-over-year decline—the steepest drop since 2014. Meanwhile, agricultural imports into Venezuela grew by 15% in volume, fueled by rising demand and slightly lower import prices.

Key U.S. Agricultural Exports to Venezuela
The United States holds a 26% market share as the second-largest exporter of farm products to Venezuela. Major exports include:

• Soybean meal, corn, wheat, soybeans, and rice
• Beef products, where the U.S. ranks second after Brazil (which enjoys duty-free status)
• Processed vegetables, which saw a 193% trade increase in 2024
• Dairy products, including yogurt and milk, where the U.S. trails Colombia

Import Trends and Consumer Demand

According to the USDA Exporter Guide Annual (July 2025), Venezuela’s bulk commodity imports rose by 1% in 2024, with sharp increases in:

• Cotton (+824%)
• Peanuts (+68%)
• Pulses (+134%)

Agriculture Uncertainty Ahead?

Before the events which took place on January 1, Economic instability—marked by volatile exchange rates, accelerating inflation, and supply chain disruptions were major challenges to exporting to Venezuela.

While Venezuela may have a strong demand for food and agricultural products, the question is whether the current turmoil will lead to greater opportunities for U.S. suppliers or a contraction in trade.