Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1697724876408.pdf (Canada)
CANADA–VENEZUELA VENEZUELA'S PROFILE Economic Indicators Gross domestic product (GDP) at purchasing power parity (PPP): US$542.2 billion (2014) GDP per capita at PPP: US$17,600 (2014) Population: 32.0 million (2017) International merchandise exports and imports: 24.4% of GDP at official exchange rates (2014) Canada's 82 largest merchandise trade partner (2017) Canada's 53 largest services trade partner (2016) Ease of Doing Business ranking: 188 among 190 countries (2017) World Competitiveness ranking: 127 among 137 countries (2017) nd rd th th Notable Trade and Investment Agreements between Canada and Venezuela Canada–Venezuela Foreign Investment Promotion and Protection Agreement (1998) NOTES The Library of Parliament's Trade and Investment series provides information on Canada's trade and investment relationship with the world and with selected countries.
It also describes the trade relationship of each of Canada's 10 provinces and three territories with the world.

In addition, it presents Canada's merchandise trade relationship with each of the United States' 50 states.

All figures were prepared using Statistics Canada data available in spring 2018.

To see the data tables used to generate the figures, view the HTML version of this profile at Investment Series 2017 .
Trade and The merchandise trade data are customs‑based; the services trade data and foreign direct investment data are balance of payments–based.

Numbers in this profile have been rounded.

All dollar amounts are in Canadian dollars unless otherwise noted.

Definitions appear at the end of this profile.

The five most highly valued merchandise export and import categories have been identified based on 2017 values.
In the Economic Indicators section, data for GDP at PPP, GDP per capita at PPP, population, and international merchandise exports and imports as a share of GDP are from the World Bank's World Development Indicators database.

The merchandise and services trade rankings are based on Statistics Canada data.

The Ease of Doing Business ranking is from the World Bank's Doing Business project.

The World Competitiveness ranking is from the World Economic Forum's Global Competitiveness Report.
Marie Dumont Economics, Resources and International Affairs Division Parliamentary Information and Research Service Publication No.
2018-638-E 28 November 2018 CANADA'S MERCHANDISE TRADE WITH VENEZUELA Merchandise Trade ($ billions) 2.0 1.5 1.0 0.5 0.0 -0.5 -1.0 -1.5 1997 2002 2007 2012 2017 Exports Imports Balance Share of the Total Value of Canadian Trade 0.6% 0.5% 0.4% 0.3% 0.2% 0.1% 0.0% 1997 2002 2007 2012 2017 Exports Imports Share of Exports by Province/Territory Alberta, 40.0% Quebec, 15.0% Ontario, 12.2% Territories, 0.0% Atlantic, 1.7% Manitoba, 6.5% British Columbia, 0.5% Saskatchewan, 23.9% Bilateral merchandise trade in 2017: $215.3 million Exports: $197.3 million, a 22.6% decrease from 2016 Imports: $17.9 million, a 5.0% increase from 2016 Trade surplus in 2017: $179.4 million, a decrease from $237.9 million in 2016 Exports in 2017: 0.04% of the total value of Canadian exports, a decrease from 0.05% in 2016 Imports in 2017: a statistically insignificant share of the total value of Canadian imports, unchanged from 2016 Highest‑valued exporters in 2017: Alberta – $79.0 million, a decrease from $82.8 million in 2016 Saskatchewan – $47.3 million, a decrease from $66.2 million in 2016 Share of Exports by Sector 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 1997 2002 2007 2012 2017 Manufacturing Resources Most Highly Valued Exports by Product Category ($ millions) 700 600 500 400 300 200 100 0 2010 2011 2012 2013 2014 2015 2016 2017 Cereals Machinery and equipment Motor vehicles‚ parts Paper‚ articles thereof Inorganic chemicals Share of Imports by Sector 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 1997 2002 2007 2012 2017
 Manufacturing Resources Exports in 2017: Resource‑based goods – 47.6%, a decrease from 62.4% in 2016 Manufactured goods – 52.4%, an increase from 37.6% in 2016 Highest‑valued exports in 2017: Wheat, and air pumps, compressors, fans and ventilating hoods, together accounting for 53.4% of the total value of Canadian exports to Venezuela Wheat: $84.3 million, a decrease from $135.9 million in 2016 Air pumps, compressors, fans and ventilating hoods: $21.1 million, an increase from $24,900 in 2016 Imports in 2017:
 Resource‑based goods – 7.3%, an increase from 1.4% in 2016 Manufactured goods – 92.7%, a decrease from 98.6% in 2016 Most Highly Valued Imports by Product Category ($ millions) 80 60 40 20 0 2010 2011 2012 2013 2014 2015 2016 2017 Organic chemicals Aluminum‚ articles thereof Inorganic chemicals Cocoa‚ cocoa products Beverages‚ spirits‚ vinegar Trade Balance by Product Category ($ millions) Agriculture and food Metals‚ mines and energy Forest products Machinery and equipment Transportation equipment Clothing and textiles Other manufactured goods -20 0 20 40 60 80 100 Highest‑valued imports in 2017: Methanol and aluminum wire, together accounting for 58.8% of the total value of Canadian imports from Venezuela Methanol: $8.7 million, an increase from $7.0 million in 2016 Aluminum wire: $1.9 million, an increase from $52,600 in 2016 Largest merchandise trade deficit in 2017: Other manufactured goods, at $1.3 million Largest merchandise trade surplus in 2017: Agriculture and food, at $88.2 million CANADA'S SERVICES TRADE WITH VENEZUELA Services Trade ($ millions) 400 350 300 250 200 150 100 50 0 1996 2001 2006 2011 2016 Exports Imports Balance Services Trade by Type ($ millions) 160 140 120 100 80 60 40 20 0 Exports Imports Exports Imports Exports Imports Exports Imports Exports Imports 2012 2013 2014 2015 2016 Commercial services (Exports) Travel services (Exports) Transportation and government services (Exports) Commercial services (Imports) Travel services
 (Imports) Transportation and government services (Imports) Bilateral services trade in 2016: $148.0 million Exports: $119.0 million, a 5.3% increase from 2015 Imports: $29.0 million, unchanged from 2015 Trade surplus in 2016: $90.0 million, an increase from $84.0 million in 2015 Services trade surplus in 2016: Largely due to travel services trade Travel services exports: $53.0 million Travel services imports: $14.0 million CANADA'S FOREIGN DIRECT INVESTMENT WITH VENEZUELA Stock of Foreign Direct Investment ($
 millions) 1,200 1,000 800 600 400 200 0 -200 1997 2002 2007 2012 2017 Canadian investment in Venezuela Venezuelan investment in Canada Share of Foreign Direct Investment Stock 0.25% 0.20% 0.15% 0.10% 0.05% 0.00% -0.05% 1997 2002 2007 2012 2017 Canadian stock of foreign direct investment (FDI) in Venezuela as % of total Canadian FDI abroad Stock of FDI in Canada of Venezuelan origin as % of total FDI in Canada Stock of Canadian direct investment in Venezuela in 2017: -$130.0 million, a 12.1% decrease from 2016 Venezuela as a destination for Canadian foreign direct investment among the 127 countries for which data were available for 2017: 122 largest nd Stock of Venezuelan direct investment in Canada in 2017: $3.0 million, a 25.0% decrease from 2016 Venezuela as a source of foreign direct investment in Canada among the 59 countries for which data were available for 2017: 54 largest th Data on Venezuelan direct investment in Canada are not available except for 2000, 2012, 2013 and 2015 to 2017 -0.01% of Canada's foreign direct investment stock was in Venezuela in 2017, unchanged from 2016 A statistically insignificant share of the foreign direct investment stock in Canada was of Venezuelan origin in 2017, unchanged from 2016 Data on Venezuelan direct investment in Canada are not available except for 2000, 2012, 2013 and 2015 to 2017 DEFINITIONS Definitions Used Throughout the Series Balance of payments–based data Data that calculate trade flows using surveys of the
 international trade and investment activity of firms and other entities.
Customs-based data Data compiled from declarations that are filed with the Canada Border Services Agency and that are used to track the flow of goods into and out of Canada, with one exception: exports to the United States.

Since 1990, customs-based data on Canadian exports to the United States have been based on declarations filed with U.S. Customs and Border Protection.

Gross domestic product (GDP) Measure of an economy's total production in a given year.
As one entity's income is another entity's spending, GDP is equal to the total value of final sales or to the total value of incomes.

Manufactured goods Finished or semi-finished products resulting from the transformation of materials and substances into new products (North American Industry Classification System, or NAICS, codes 31 to 33), and the output of establishments primarily engaged in operating electric, gas and water utilities (NAICS code 22).
Merchandise trade Trade in physical goods, such as cars, wheat and iron ore. Resource-based goods Products of the agriculture, forestry, fishing and hunting sector (North American Industry Classification System, or NAICS, code 11), and of the mining, quarrying, and oil and gas extraction sector (NAICS code 21).

Services trade Trade in travel, transportation, government and commercial services.
Travel services are goods and services purchased abroad by travellers, with one exception: cross border transportation.

Transportation services are the transportation of goods and cross‑border travellers, and related services.

Government services arise largely from official representation and military activities, and some governmental commercial activities.
Commercial services are all other services, such as management, financial or engineering services; this category also includes charges for the use of intellectual property.

Trade balance Difference between the value of exports and the value of imports.

There is a trade surplus if the value of exports exceeds the value of imports.

There is a trade deficit if the value of imports exceeds the value of exports.
Definitions Specific to the Profiles for Countries and Regions Foreign direct investment (FDI) Investment that provides an investor with ownership of at least 10% voting equity in an enterprise that is located in a country other than the investor's country of residence.

The stock of FDI is the value of the accumulated equity owned by investors abroad; the stock changes from year to year based on flows of FDI.
Purchasing power parity (PPP) Ratio of the prices in two countries for identical goods and services.

It is used to adjust economic indicators to account for international price differences.

With a calculation of GDP at PPP, a given good or service has the same price in each country.

Definition Specific to the Profile for Canada's Foreign Direct Investment Relationship with the World Foreign majority-owned affiliates Enterprises in which a foreign business owns more than 50% of voting shares.
Definitions Specific to the Profile for the European Union EU-13 The 13 countries that joined the European Union between 2004 and 2013: Bulgaria, Croatia, Cyprus, Czechia, Estonia, Hungary, Latvia, Lithuania, Malta, Poland, Romania, Slovakia and Slovenia.

EU-15 The 15 countries that became members of the European Union before 2004: Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, Spain, Sweden and the United Kingdom.
Definitions Specific to the Profiles for Provinces and Territories Basic prices Prices received by sellers.

They exclude both taxes and subsidies on products.

Market prices Prices paid by buyers.

They include taxes net of subsidies on products.

© Library of Parliament 2018