Venezuela-European Union trade plummeted to 18 percent over the first five months of 2010, at USD 1.9 billion and the balance tilted towards the European trade bloc.

Based on the data handled by the Venezuelan National Statistics Institute (INE), in January-May 2009, the exchange stood at USD 2.32 billion.

Non-oil exports from Venezuela to Europe rose by 87.8 percent in January-May over the same term in 2009, up to USD 214,859.

Venezuela exported non-oil products mainly to the Netherlands, Belgium, France and Italy, the destination of two thirds of Venezuelan goods heading for Europe.

However, such an increase failed to lessen the impact of falling imports from European countries.

Based on the trade data handled by INE, incoming goods from the European Union shed 23.5 percent in the first five months of 2010.

On the aggregate, goods for USD 1.68 billion were imported in January-May of this current year, compared with USD 2.20 billion the same term in 2009.

The INE report found that main European exporters of goods to Venezuela were Germany, Italy, Spain and France, which provided 70 percent of overall shipments.