Wheat and meslin market in Venezuela

Earlier Report Observations

The wheat and meslin market in Venezuela has remained almost entirely dependent on imports, with domestic production negligible due to severe shortages of agricultural inputs and lack of competitiveness. This reliance led to a market size of 1 163 thousand tons in 2018, but imports collapsed to 462 thousand tons in 2019, and low import levels kept the market volume at 467 thousand tons in 2020, below the noted consumption threshold.

Imports recovered to 570 thousand tons in 2021. A partial reform of the customs tariff in September 2022, which included modifications for wheat flour, affected import dynamics, coinciding with a market volume of 528 thousand tons that year. Despite minimal new legislative regulation in 2023, imports rose to 733 thousand tons, pushing the market size to 734 thousand tons amid persistent agricultural crisis.

In 2024, a new Customs Tariff took effect in May, introducing changes for wheat flour import conditions. Concurrently, macroeconomic factors such as a 30.9% bolivar devaluation and a widening exchange-rate gap raised import costs, while global wheat market challenges from price increases and climate effects further impacted expenses, contributing to import growth to 837 thousand tons.

Production wheat and meslin in Venezuela

In kind, 2017-2020, t

Top producers of wheat and meslin, 2017-2020

World map of production of wheat and meslin, 2017-2020

The market exhibited notable volatility throughout the observed period. Production reached its lowest point in 2017, then peaked in 2018 with a two-fold increase. In 2020, Venezuela produced 663 t of wheat and meslin, marking a 20.2% decline from 2019. The highest production level was recorded in 2018 at 1 151 t. The most significant decrease occurred in 2019, falling by 27.8%, while the largest increase was in 2018, rising by 96.9%.

Annual dynamics of production in Venezuela in kind, 2017-2020, t

Exports wheat and meslin from Venezuela

Market analysis indicates that Venezuela did not export any wheat and meslin from 2017 to 2020.

Imports wheat and meslin to Venezuela

Imports in kind, K t

In 2020, Venezuela imported approximately 466 K t of wheat and meslin, showing a modest increase of 0.9% compared to 2019. Over the 2017-2020 period, imports declined by 56.8%, with a compound annual growth rate (CAGR) of -24.4%. The lowest import volume was in 2019 at 462 K t, while the highest was in 2018 at 1 162 K t. The most substantial drop occurred in 2019, decreasing by 60.2%, whereas the largest rise was in 2018, up by 7.6%.

Annual dynamics of product's imports to Venezuela in kind, 2017-2020, K t

From 2017 to 2020, the United States (34.7% of imports in kind), Mexico (29.4% of imports in kind), and Russia (19.2% of imports in kind) emerged as the primary sources for imports in kind, collectively representing 83.3% of total import flows.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to Venezuela in kind, 2017-2020

Imports in value, M $ US

In 2020, Venezuela's wheat and meslin imports amounted to 115.4 M $ US, reflecting a 1.2% increase year-over-year. Over the 2017-2020 span, imports fell by 53.6%, with a compound annual growth rate (CAGR) of -22.6%. The minimum value was recorded in 2019 at 114.0 M $ US, and the maximum in 2018 at 278.8 M $ US. The sharpest decline was in 2019, down by 59.1%, while the most notable increase was in 2018, rising by 12.0%.

Annual dynamics of product's imports to Venezuela in value, 2017-2020, M $ US

During 2017–2020, the United States (35.0% of imports in value terms), Mexico (28.9% of imports in value terms), and Russia (18.7% of imports in value terms) were consistently the leading sources for imports in value terms, together accounting for 82.6% of total import flows.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to Venezuela in value, 2017-2020