New Delhi, Jan 04: India’s economic ties with Venezuela are minimal, with bilateral trade amounting to $1.175 billion in 2023-24.
India’s exports include mineral fuels, pharmaceutical products, and machinery, while imports consist mainly of mineral fuels and oils. Although ONGC Videsh Limited holds a 40% stake in the joint venture “PetroleraIndovenezolana SA,” India does not rely on Venezuela for its oil needs.
Recent US military actions in Venezuela have raised concerns, but India remains largely unaffected economically.
