Businesses in Colombia’s Santander region are closely watching political developments in venezuela, as a potential shift in the neighboring country could significantly impact trade and economic opportunities. After a downturn in 2025, with exports falling 40% by October, companies-notably in the footwear sector-are preparing for a possible economic recovery and renewed trade, while also acknowledging the recent volatility of the relationship between the two nations. This report examines the current state of trade, focusing on key exports like footwear and palm oil, and the increasing role of remittances in the region’s economy.
Potential political shifts in Venezuela are prompting businesses in Colombia, particularly in the Santander region, to assess potential economic impacts. The footwear industry is among those closely watching developments.
Recent developments surrounding the political situation in Venezuela, including reports of a potential transition, are leading businesses in Colombia’s Santander region to evaluate the potential economic consequences. The region has historically maintained strong trade ties with its neighbor, and a shift in Venezuela could present both opportunities and challenges.
While details of a potential transition remain unclear, companies in Santander are anticipating a possible economic recovery in Venezuela and assessing how to position themselves for future trade. The region’s commercial sectors are closely monitoring the situation.
Historically, Venezuela has been a key trading partner for Santander, driving various industries and employment opportunities. The potential for renewed economic activity in Venezuela is generating considerable interest.
Oil and economic recovery: What will happen with Venezuela?
Current State of Trade Relations
Trade between Santander and Venezuela experienced a significant downturn in 2025, with exports from Santander to Venezuela falling by 40% as of October. This decline follows a period of positive growth in 2024, highlighting the volatility of the relationship.
In 2024, Santander achieved US$36 million in exports to Venezuela, representing an 84% increase compared to 2023. According to data from the Cámara de Comercio de Bucaramanga’s Global Plan Santander, the primary driver of this growth was the sale of soybean oil.
Palm oil exports also saw an increase in 2024, contributing to the overall positive trend in trade with Venezuela.
As of 2025, 50 companies in the region were directly exporting to Venezuela. However, between January and October of that year, exports from Santander to Venezuela experienced a drastic decline.
Contrary to the national trend, which saw a 10.7% increase in exports to Venezuela, Santander failed to maintain its 2024 export figures. Between January and October, the department recorded US$19 million in sales to the country, down from US$31 million during the same period in 2024.
This shift relegated Venezuela from being the third-largest export destination for Santander to seventh place.
The number of companies exporting from Santander to Venezuela also decreased from 46 to 43 during 2025.
Data from 2025 indicates growth in sales of lubricating oils, paraffins, and xylene isomers (petroleum industry products). However, palm oil exports disappeared from the list of Santander’s leading exports to Venezuela.
Sales of eggs and chickens to Venezuela also declined in 2025, while milk exports experienced exponential growth, reaching US$0.6 million in sales.
Exports of petroleum-derived products from Santander to Venezuela increased by 10% in 2025, representing 57.3% of the department’s total exports to the country.
Footwear Sector Anticipates Opportunities
Santander’s footwear industry has historically been a significant exporter to Venezuela. Wilson Gamboa Meza, president of Asoinducals and representative of the leather and footwear industry sector, expressed optimism about a potential democratic transition in Venezuela.
“Expectations are very high. We are closely following the news coming from across the border. Venezuela has been a key trading partner for Bucaramanga,” Gamboa stated.
Gamboa recalled that during peak trading periods, footwear accounted for 35% of the region’s total exports to Venezuela.
“Footwear sold to Venezuela was well compensated,” Gamboa Meza added, reflecting on the industry’s most profitable years.
However, government restrictions and Venezuela’s economic collapse disrupted trade due to payment defaults. The industry has since adapted, often utilizing prepayment or cash-on-delivery arrangements, particularly in border areas.
“We are fully prepared to sell to Venezuela. We want to sell to Venezuela legally,” Gamboa Meza stated.
Remittances from Venezuela Increase
In addition to exports, remittances from Venezuelan workers represent another important source of income for households in Santander. Remittances to the region increased considerably in 2025, though they still represent a relatively small portion of overall inflows.
Between January and September 2025, remittances from Venezuela to Santander reached US$5.67 million, according to data from the Banco de la República. This figure, based on average exchange rates for 2025, equates to approximately $22.978 million Colombian pesos.
