Venezuela was once among the top 10 buyers of Brazilian products. In 2008, during the Lula administration, Brazil’s exports to its northern neighbor added up to USD 5.13 billion. But since current President Nicolás Maduro took over from the late Hugo Chávez, bilateral trade between the two nations has spiraled downward. In 2019, it reached its lowest point in 20 years—less than USD 500 million, or ten times less than in 2013, when trade in both directions hit USD 6 billion.
Brazil’s far-right President Jair Bolsonaro has been an adamant opponent of Mr. Maduro’s and has advocated for cutting all ties with Venezuela. Last year, after tensions rose between the two sides, Mr. Maduro closed the Brazil-Venezuela border in a move to prevent his opposition bringing humanitarian aid into the country—and cut off...
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