The trade volume between the two countries was approximately 448 million USD (Türkiye’s exports: 197 million USD, Türkiye’s imports: 251 million USD) by the end of 2025.

“Maduro was among the first world leaders to condemn the 2016 coup that attempted to remove Erdogan from power –– a favor Erdogan reciprocated.” The article describes how this early support helped cement the relationship: “In early 2019, the Turkish president condemned U.S. and international recognition of Venezuelan opposition leader Juan Guaido as the state’s rightful leader… With friendlier ties have come greater economic cooperation. In just a single year, from 2016 to 2017, trade between the two countries grew from less than $200 million to $1.1 billion.” It adds that Turkish investments and gold trade “generated nearly $900 million in trade in 2019 alone, the latest year for which data is available.”

Turkey Exports to Venezuela was US$197.11 Million during 2025, according to the United Nations COMTRADE database on international trade. Turkey Exports to Venezuela was US$306.9 Million during 2024, according to the United Nations COMTRADE database on international trade.

“Maduro’s relationship with Erdogan intensified after the failed 2016 coup attempt in Turkey, when the Venezuelan leader was among the first to back Erdogan.” The piece notes that this political alignment led to a rapid expansion of ties: “Since 2016, Ankara has steadily expanded its footprint in Venezuela, transforming once-limited ties into a strategic partnership. Bilateral trade surged from under $200 million in 2017 to more than $1.1 billion in 2018, and Turkish officials set a goal of reaching $5 billion annually.”

The Trade Development Agreement (TDA) between the Republic of Turkey and the Bolivarian Republic of Venezuela was signed on 17 May 2018 and entered into force on 21 August 2020. The Agreement aims at developing and diversifying trade in goods between the Parties and eliminating tariff and non-tariff barriers to trade.

The failed coup attempt in Turkey in July 2016 marked a decisive turning point in Turkey–Venezuela relations, not simply by deepening bilateral ties but by anchoring them in a shared political narrative. At a moment when many Western leaders responded cautiously to developments in Turkey, Maduro was among the first to call President Erdoğan and express unequivocal support. Turkish Foreign Minister Mevlüt Çavuşoğlu later described this gesture as unforgettable, and it became the symbolic cornerstone of a rapidly expanding relationship. … Bilateral trade peaked in 2018, reaching over $1.1bn. Gold trade, in particular, provided a channel through which actors linked to the Maduro government sought to mitigate the effects of international sanctions, with Turkey importing approximately $900 million worth of Venezuelan gold in 2018.

Turkey and Venezuela have strong political ties. Erdogan was one of the few world leaders to offer Maduro unabashed support during a period of international isolation… Maduro visited Turkey multiple times and received public support from Erdogan in January 2019, when Venezuela’s opposition-led National Assembly declared him a usurper… At the time, Erdogan called Maduro and told him: “Brother, you should stand firm. We are with you.” Maduro was also one of the first leaders to call Erdogan in July 2016 after the attempted military coup against him, helping pave the way for a burgeoning relationship that would eventually include nearly $1bn in trade turnover by 2023, particularly in the mining and gold sectors.

Existing relations between Venezuela and Turkey peaked after a 2016 defeated coup attempt in Turkey by the Fetullah Terrorist Organization (FETO), Venezuela's foreign minister said Saturday. Venezuela always had "good relations" with Turkey and President Nicolas Maduro was one of the first leaders to condemn the July 15 coup attempt by FETO, said Jorge Arreaza. Relations are not yet at the desired level but the Turkish and Venezuelan economies have the potential to complement each other, he said, adding that in the coming years "we will see the best figures in trade with Turkey" and closer cultural relations.

This report on the relationship between Turkey and Venezuela argues that Recep Tayyip Erdoğan has drawn close to Maduro "based on the two leaders’ mutual dislike of the West and frustration with U.S. sanctions." Written by former Turkish diplomat in Venezuela, Imdat Oner, the report argues that "the gold trade has been the most obvious manifestation of the growing commercial links between Ankara and Caracas." Although the scope of the dealings is shrouded in secrecy, "Venezuela has sold a substantial amount of gold to Turkey in exchange for basic food supplies," including for the government’s food subsidy program known as the CLAP. Despite their ideological differences, Oner argues that the two authoritarian leaders have developed strong personal ties, but Venezuela still accounts for a fraction of Turkey’s total trade and the relationship between the two governments is not deeply institutional.

“Erdogan and Maduro have maintained a close relationship since 2016, when Maduro called Erdogan to express his support for the leader following the attempted military coup against the Turkish government.” This call is presented as the starting point of a sustained political bond, with the article framing it as the origin of their close ties that persisted into later crises.

At a joint press conference with Venezuelan President Nicolás Maduro in Ankara, President Recep Tayyip Erdoğan stated: "Our trade volume with Venezuela was about $150 million in 2019. We doubled it by 2020 and took it up to $850 million in 2021." He added that Turkey’s aim is to boost the figure to $3 billion in the near future as part of efforts to deepen political and economic ties between the two countries.

Reporting on Erdogan’s remarks, the article states: “Erdogan also said Maduro didn't delay in calling and visiting Turkey to offer his support soon after Turkey thwarted a coup attempt in 2016.” It adds that Erdogan publicly recalled this solidarity while reiterating his backing for Maduro: “Speaking at a joint news conference with Malta's president on Thursday, Erdogan reiterated his support for embattled President Nicolas Maduro… Erdogan also said Maduro didn't delay in calling and visiting Turkey to offer his support soon after Turkey thwarted a coup attempt in 2016.”

As of 2023, total trade between Türkiye and Venezuela stood at approximately $700 million. On its own, this figure reflects modest engagement rather than strategic alignment… High-level visits followed, and bilateral trade briefly surpassed $1 billion, marking a historic peak in economic engagement. Yet this rise was neither institutionalized nor diversified across sectors. The volatility soon became apparent. Trade volume fell sharply to $152 million in 2019 and recovered only to around $300 million in 2020. In the past two years, including 2023, trade has failed to return to earlier highs.

According to data from the Turkish Statistical Institute cited by Anadolu Agency, bilateral trade between Turkey and Venezuela totaled $803.6 million in the five-year period 2013–2017. It reached $892.4 million in the first five months of 2018 alone, with exports to Venezuela at $58.2 million and imports at $834.2 million, largely consisting of precious or semi‑precious metals and stones.

Discussing the evolution of ties, the article notes: “This stance reveals what truly drives the foreign policy of Erdoğan and his government, who were the target of a US-NATO-backed coup on July 15, 2016, and who exchanged mutual support statements with Maduro at the time.” It cites Erdogan’s later recollection: “Erdoğan said at a 2022 joint press conference in Ankara that ‘I would never forget President Maduro’s strong solidarity with Türkiye on July 15. Venezuela had been one of the first countries to express support to the Turkish government in the aftermath of the heinous July 15 coup attempt.’”

According to OEC data on bilateral trade, Turkey exported about $307M to Venezuela and imported around $356M, totaling roughly $663M in trade, giving Turkey a trade deficit of $49.2M with Venezuela.

A television report quotes Maduro describing the origin of his friendship with Erdogan: “they have been friends since an attempted coup in Turkey back in July 2016… when I heard about the coup attempt and saw the photos of the people on the streets defending their homeland I immediately called on my foreign minister to condemn this attack… we’ve been friends with Erdoğan since that day.” The segment frames this as the basis for later Turkish economic pledges, including a planned “investment of 5 billion dollars by Turkish businessmen into the country's battered economy.”

In the first nine months of 2018, Venezuela's gold exports to Turkey rose from zero in the previous year to US$900 million, Reuters reported. Diplomatic relations between Turkey and Venezuela were established in 1950. They have had cordial relations since, especially since 2016.

Analyzing Erdogan’s stance, the article notes that “pro-government media drew comparisons between the pressure on Maduro and the coup attempt against Erdogan in 2016,” and that the two leaders’ experiences were linked in Turkish commentary. It describes how Ankara positioned itself as a defender of Maduro partly due to Erdogan’s own coup experience, reinforcing the narrative of mutual solidarity between Ankara and Caracas.

The piece states: “In the aftermath of the 2016 Turkish coup plot, Maduro became one of the first world leaders to declare support for Erdogan. According to Turkish officials, this was a key moment in the relationship.” It further explains that this political support helped open the door to deeper ties, including gold trade and other economic cooperation that increased the importance of the bilateral relationship.

Voice of America reports that Erdogan’s support for Maduro was partly rooted in his own experience of a coup attempt: “Erdogan himself had also suffered from a coup attempt [in 2016] and could not find the support he was seeking from the EU and USA, so supporting Maduro against a probable coup would strengthen his position both in internal and international politics.” It adds that Turkish officials openly accused the U.S. of involvement in the 2016 coup attempt and that “Erdogan's support for Maduro is expected to continue,” underscoring the political alignment between the two leaders.

The Turkish trade association Musiad estimates that the trade balance between the two countries will close this year at $800 million, which would represent a 24 percent increase compared to 2024, according to official figures. Venezuela and Turkey activated a direct maritime route to boost bilateral trade, in a context where both governments seek to deepen economic ties.

"Since 2016, Turkish relations with Venezuela have rapidly become a pillar of support for the Caracas government. Initially founded on a semblance of solidarity between Erdogan and Maduro, commercial ties skyrocketed in 2018, reaching over $1.1 billion in trade volume, compared to less than $200 million in 2017". The post attributes this surge primarily to gold transactions and other opaque commercial dealings that linked Ankara closely to the Maduro regime.

The English-language article on the economy of Turkey notes that Venezuela is among Turkey’s non‑traditional trade partners but does not list it as a major trading partner. Turkey’s main trading partners are described as the European Union, Russia, the United Kingdom, the UAE, Iraq and China, with trade volumes far exceeding those with Venezuela. This suggests that while Turkey–Venezuela trade has grown, it remains relatively small in the context of Turkey’s overall trade, which exceeded $250 billion in goods exports in 2023.

This entry explains the diplomatic context: “Since 2016, Ankara has steadily expanded its footprint in Venezuela, transforming once-limited ties into a strategic partnership,” noting that trade rose sharply after the coup period. It reiterates that the catalyst was “Maduro’s relationship with Erdogan intensified after the failed 2016 coup attempt in Turkey, when the Venezuelan leader was among the first to back Erdogan,” tying political solidarity directly to growing economic engagement.

VENEZUELA | Venezuela and Turkey set a goal to triple bilateral trade to $3B, up from $448M in 2025, to deepen energy and mining ties.

A Reuters special report describes how Turkey emerged as a key destination for Venezuelan gold in the late 2010s as part of a deepening relationship between Ankara and Caracas. The report notes that Turkish authorities publicly defended Maduro and that Venezuela’s government saw Erdoğan as an important ally against U.S. sanctions. The gold trade routed through Turkey was portrayed as both an economic lifeline for Venezuela and a symbol of the countries’ strengthened political ties.