New Delhi: The US-Venezuela conflict will have a negligible impact on India’s trade with the South American country, think tank GTRI said on Sunday.
“India faces negligible impact, as trade with Venezuela has collapsed under sanctions, with crude imports down 81.3 per cent in FY2025 and overall bilateral trade remaining marginal,” the Global Trade Research Initiative (GTRI) Founder Ajay Srivastava said.
For India, Srivastava said, the disturbance in Venezuelan is unlikely to have any material economic or energy impact.
Although India was a major buyer of Venezuelan crude in the 2000s and 2010s, bilateral engagement has weakened sharply since 2019 due to US sanctions, which forced India to cut oil imports and scale back
commercial activity to avoid secondary sanctions, he added.
As a result, Srivastava said India’s trade with Venezuela is now small and declining.
In FY2025, India’s total imports from Venezuela were just $364.5 million, of which crude oil accounted for $255.3 million, an 81.3 per cent drop from $1.4 billion in crude imports in
FY2024.
India’s exports to Venezuela were modest at $95.3 million, led by pharmaceuticals worth $41.4 million.