Lubricant Oils Export of Venezuela: The Trade Analysis of 2024
Lubricant oil is a category of fluids used for reducing and promoting the friction and heat between moving mechanical parts. It is widely used in industrial sectors and the automotive industries as engine oils, gear oils, and hydraulic oils. The universal need across different kinds of industries and the machinery and transportation dependence on lubricant oils for wear and tear increased, and machine overheating has maintained the continuity in the global trade. Venezuela Import Data says, the country in the northern part of South America, bordered by Colombia and Brazil to the south, has established itself as a leading substantial contributor to the worldwide export market of lubricant oils due to the major export ports in proximity to Panama Canal shipping lanes. The establishment of the trade links, along with the competitive freight distances to key markets, has resulted in a total valuation of lubricant oil exports worth 386 million US dollars in 2024. The government's emph...