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The relationship between New Zealand and Venezuela is based on trade in dairy products (worth NZ$150 million in the year to June 2006). Venezuela is consistently New Zealand’s second largest export market in Latin America.
New Zealand has had diplomatic relations with Venezuela since 1980. The New Zealand Ambassador in Mexico is cross-accredited to Venezuela, an arrangement reciprocated by the Venezuelan Ambassador resident in Canberra
New Zealand cooperates as needed with Venezuela in the major multilateral fora.
Land Area - 912,050 sq km
Population - 26.5 million (2005)
Capital City - Caracas
Religion - Catholic
Language - Spanish
Currency - Bolivar
Political System - Presidential; Universal adult suffrage
National Government - Council of Ministers appointed by President
National legislature - 165 member unicameral National Assembly
Last election - President – December 2006
Next election due - President 2012
Head of State - President Hugo Chávez
Head of Government - President Hugo Chávez
At the time of writing Mr Chávez had announced the dismantlement of the MVR movement in favour of a single socialist party that will unite his supporters and collation partners. Mr Chávez has named his new party the Partido Socialista Unido de Venezuela (PSUV), the United Socialist Party of Venezuela, and is calling on other parties in his collation to dissolve and merge with it.
GDP US$140.2 billion
GDP breakdown - Services 55.2%; Goods 44.8%
GDP per capita - US$5,290
Real GDP growth 10.3%
Exports fob US$55,487 million
Imports US$23,955 million
Main exports - Oil
Current account US$25,359 million surplus
Consumer Price Inflation 16%
Total External debt US$38.9 billion (estimate)
NZ Exports NZ$156 million (year to June 2006)
Main Exports - Milk and Cream (88%);
Cheese and curd (3%);
Whey (2%)
NZ Imports NZ$1.5 million (year to June 2006)
Main Imports - Animal products used in preparation of pharmaceuticals (59%);
Tyres (13%);
Yachts (7%)top of page
Venezuela was a Spanish colony from 1499 until 1821, finally achieving independence in 1830. It was governed principally by dictators until 1958, but since then has maintained a largely democratic system. Reform of the electoral system and the introduction of political decentralisation in 1989 allowed new political organisations and figures to emerge.
Venezuela is a federal republic comprising 72 federal dependencies, 23 states, two federal territories and one federal district. There is a 165-member unicameral National Assembly, headed by the President. This was introduced by the new constitution adopted in December 1999, replacing a bicameral Congress.
Hugo Chávez was elected President in 1999, having previously led an unsuccessful coup against the then government, for which he was imprisoned. He easily won another round of elections the next year, following amendments to the Constitution. He has launched a programme (a “Bolivarian Revolution”) aimed at assisting the poorer elements of Venezuelan society. This has been divisive, with critics arguing that he has become authoritarian and “populist”.
The opposition to this programme has led to a number of significant and traumatic events in recent times. First, in April 2002 a coup appeared to have removed Chavez from office, only for him to successfully return after two days outside Caracas. Second, a general strike that lasted for two months from late 2002 to early 2003 significantly reduced economic output. Third, in a recall referendum held in August 2004, a majority of Venezuelan voters (around 58%) voted for allowing President Chavez to serve out the remainder of this term (until 2006). Various opposition groups declared the referendum result to be fraudulent. Independent observers (including former US President Jimmy Carter and the Secretary General of the Organisation of American States (OAS) César Gaviria), however, announced that the result was consistent with their monitoring of the balloting process.
On 3 December 2006, Hugo Chávez was re-elected president (by a margin of 26 percentage points over his opponent, Manuel Rosales). In addition to Mr Chavez’s total control of the legislature (following the opposition’s boycott of congressional elections in December 2005), Mr Chávez also has a firm hold on the judiciary, the armed forces, the state oil company and other public entities.top of page
Petroleum is the mainstay of the Venezuelan economy. In 2005, it accounted for 34% of GDP and generally accounts for almost all export revenue. Oil wealth has contributed to a cycle of economic boom and bust.
The conflicts outlined above harmed the economy, most notably through “capital flight” and a reluctance to invest. Nevertheless, the economy has been growing spectacularly in the last 3 years, driven by the rebound from the general strike of 2003 as well as by record world oil prices.
Venezuela is an active member of most of the major multilateral and regional organisations, including the UN, WTO, OPEC, IMF, World Bank, Inter-American Development Bank, and the Organisation of American States (OAS). In July 2006 it became a full member of Mercosur.
The US is Venezuela’s principal export market, but foreign policy follows an independent path, including by deepening ties with Libya, Iraq, Cuba, Bolivia and Ecuador.
The Safetravel website provides a travel advisory for travellers to Venezuela [external link].
