Steel Products Export of Venezuela in 2024: A Brief Overview of the Latest Trends

The economic stabilization and gradual easing of sanctions in Venezuela have made the country one of the top exporters of steel products in the international trade market. Iron and steel scrap, and sponge iron dominated the topmost export categories of Venezuela. The sanctions and economic stabilization have enabled smoother trade flows and export license access. The surge in DRI exports to Europe has increased the year-on-year trade of iron and steel by 12% in 2024.

The growing global demand for steel products from the management authorities of Venezuela has led to an export trade value of steel worth 1.89 billion US dollars in 2024. Import Globals with its Venezuela Import Data gives a detailed analysis of the total amount of steel products exported from the nation. The valuable trade sheet covered gives a statistical analysis to the business holders regarding the latest shipments for categorized information of the strategies adopted in the global market, which can be helpful for the business holders to expand their services.

GOVERNMENT INITIATIVES SUPPORTING THE EXPORT OF STEEL PRODUCTS

The continuous focus of the government authorities on the steel product trade of Venezuela has recorded a positive trajectory in the revenue rate. The export financing via FINEXPO initiated by the Venezuelan government offers essential short-term loans to steel exporters for financing them while expanding capital working capacity.

The initiative has also reduced costs by an estimated 0.4%, enhancing competitiveness in the international market. The export bonds and tax rebates from the central bank have strengthened cash flow and encouraged export activity in steel sectors.

THE LEADING VARIANTS OF STEEL PRODUCTS EXPORTED FROM VENEZUELA IN 2024

Venezuela, being an active trader of globally demanded essentials in the international market, has introduced more domestic production of steel products. According to the Venezuela Export Data, the top 10 leading variants of steel products exported from the nation in 2024 are,

  1. Direct reduced iron — The total export trade value of Direct reduced iron from Venezuela in 2024–987 million US dollars
  2. Steel billets- The total export trade value of Steel billets from Venezuela in 2024–789 million US dollars
  3. Hot rolled steel coils- The total export trade value of Hot rolled steel coils from Venezuela in 2024–656 million US dollars
  4. Cold rolled sheets- The total export trade value of Cold rolled sheets from Venezuela in 2024–548 million US dollars
  5. Steel rebars- The total export trade value of Steel rebars from Venezuela in 2024–473 million US dollars
  6. Wire rods- The total export trade value of Wire rods from Venezuela in 2024–384 million US dollars
  7. Steel pipes and tubes- The total export trade value of Steel pipes and tubes from Venezuela in 2024–278 million US dollars
  8. Galvanized steel sheets- The total export trade value of Galvanized steel sheets from Venezuela in 2024–165 million US dollars
  9. Steel scrap- The total export trade value of Steel scrap from Venezuela in 2024–122 million US dollars
  10. Seamless steel tubes- The total export trade value of Seamless steel tubes from Venezuela in 2024–86 million US dollars

THE TOP 10 EXPORT TRADE PARTNERS OF VENEZUELA FOR STEEL PRODUCTS IN 2024

The country’s stronger bilateral ties with emerging markets have maintained stability in the proper revenue generation. According to the Venezuela Trade Data, the top 10 export trade partners of the nation for steel products in 2024 are,

  1. Brazil — The total annual export trade value of steel products from Venezuela to Brazil in 2024–876 million US dollars

Top 5 variants of steel products exported

1. Hot Rolled Coils (HRC)

2. Cold Rolled Coils (CRC)

3. Hot Rolled Sheets

4. Cold Rolled Sheets

5. Galvanized Steel Sheets

2. Colombia — The total annual export trade value of steel products from Venezuela to Colombia in 2024–654 million US dollars

Top 5 variants of steel products exported

1. Galvalume Sheets

2. Pre-painted Galvanized Iron (PPGI) Sheets

3. Steel Plates

4. Chequered Plates

5. Steel Strips

3. Mexico — The total annual export trade value of steel products from Venezuela to Mexico in 2024–587 million US dollars

Top 5 variants of steel products exported

1. Steel Foils

2. Steel Bars

3. Round Bars

4. Square Bars

5. Flat Bars

4. Germany — The total annual export trade value of steel products from Venezuela to Germany in 2024–456 million US dollars

Top 5 variants of steel products exported

1. Hexagonal Bars

2. Threaded Bars

3. Wire Rods

4. Steel Wires

5. Binding Wire

5. Italy — The total annual export trade value of steel products from Venezuela to Italy in 2024–387 million US dollars

Top 5 variants of steel products exported

1. Annealed Steel

2. Pickled and Oiled Steel

3. Quenched and Tempered Steel

4. Galvanized Steel

5. Electro-Galvanized Steel

6. India — The total annual export trade value of steel products from Venezuela to India in 2024–265 million US dollars

Top 5 variants of steel products exported

1. Cold Drawn Steel

2. Forged Steel

3. Welded Steel Tubes

4. Seamless Steel Tubes

5. Cold Finished Steel

7. Spain — The total annual export trade value of steel products from Venezuela to Spain in 2024–187 million US dollars

Top 5 variants of steel products exported

1. ERW Pipes

2. LSAW Pipes

3. HSAW Pipes

4. Seamless Pipes

5. Square Pipes

8. Turkey — The total annual export trade value of steel products from Venezuela to Turkey in 2024–122 million US dollars

Top 5 variants of steel products exported

1. Rectangular Pipes

2. Round Pipes

3. Precision Tubes

4. Hydraulic Tubes

5. Capillary Tubes

9. Dominican Republic — The total annual export trade value of steel products from Venezuela to Dominican Republic in 2024–87 million US dollars

Top 5 variants of steel products exported

1. Tinplate Steel

2. TFS (Tin Free Steel)

3. Aluminized Steel

4. Painted Steel

5. Chrome Coated Steel

10. UAE — The total annual export trade value of steel products from Venezuela to UAE in 2024–76 million US dollars

Top 5 variants of steel products exported

1. Zinc-Coated Steel

2. Oil-Coated Steel

3. PVC Coated Steel

4. Epoxy Coated Steel

5. Black Steel

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