U.S.-Venezuelan commercial ties are deep. The United States is Venezuela's most important trading partner, representing about 22% of imports and approximately 60% of Venezuelan exports. In turn, Venezuela is the United States' third-largest export market in Latin America, purchasing U.S. machinery, transportation equipment, agricultural commodities, and auto parts. Venezuela's opening of its petroleum sector to foreign investment in 1996 created extensive trade and investment opportunities for U.S. companies. As a result, Venezuela is one of the top four suppliers of foreign oil to the United States. The Department of State is committed to promoting the interests of U.S. companies in overseas markets. For contact information and a list of government publications, please go to the end of this document.

Venezuela is a minor source country for opium poppy and coca but a major transit country for cocaine and heroin. Money laundering and judicial corruption are major concerns. In 2004 and early 2005, counternarcotics cooperation between the U.S. and Venezuela deteriorated significantly. In March 2005, the Venezuelan National Guard removed its highly experienced members from the U.S.-supported Prosecutor's Drug Task Force. In August 2005, the Government of Venezuela accused the U.S. Drug Enforcement Administration (DEA) of espionage and terminated cooperation with the DEA pending negotiation of a new cooperation agreement, which had gone unsigned as of October 2006. President Bush decertified Venezuela on counternarcotics cooperation in 2005, 2006, and 2007.

In June 2006, Venezuela was listed at Tier 3 status in the State Department's Report on Trafficking in Persons. Tier 3 status indicates a perceived lack of effort to combat human trafficking.

In May 2006, the Secretary of State certified that Venezuela was not fully cooperating with U.S. counter-terrorism efforts. As of October 1, 2006, the United States Government has prohibited arms sales and services to Venezuela.

Approximately 23,000 U.S. citizens living in Venezuela have registered with the U.S. embassy, an estimated three-quarters of them residing in the Caracas area. An estimated 12,000 U.S. tourists visit Venezuela annually. About 500 U.S. companies are represented in the country.