Dawn at the Port of Miami
Venezuela was Florida’s number one merchandise trading partner in 2012.
Billions flowed through Miami – energy, logistics, aviation, finance, professional services. South Florida was the natural gateway.
Then it collapsed.
“Florida did not hit an all-time record of merchandise trade again after 2012-13 until 2022,” TJ Villamil, President of Business Development at eMerge Americas and former head of international commerce for the State of Florida, told me.
“And it was because Venezuela basically disappeared.”
Today, Venezuela doesn’t rank among Florida’s top 20 trading partners. With the political situation in Caracas now shifting, Villamil sees the potential for Florida of that relationship coming back.
“You’re basically looking at a Gulf state – and the kind of wealth that comes with a Gulf state – at our doorstep,” he said. “They’re sitting on the largest oil reserve on planet Earth.”
Estimates suggest five to ten years before Venezuela’s oil production fully recovers. But the capital flows and service relationships start sooner.
Villamil sees professional services leading the way. “Finance first and foremost,” he said.
“We’re the financial capital of Latin America. All the banks, all the family offices, all the private equity groups – they’re going to be investing. And they’re going to need legal, they’re going to need accounting.”
Then comes everything else a rebuilding economy requires: roads, construction materials, freight forwarding, medical devices, pharma.
“When you’re rebuilding an economy, they’re going to need everything,” Villamil said. “And they have the money to pay for it.”
The opportunity extends beyond commercial trade. Florida hosts three combatant commands and 20 military installations – and SouthCom, headquartered in Miami, has become increasingly active as U.S. attention shifts toward the hemisphere.
“It’s kind of remarkable to see just basically a year and a half how SouthCom is now one of the big bustling hubs of activity,” Villamil said.
“It typically was not at the top. It was more about what’s going on in the Middle East, what’s going on in the hotspots around the world. But all of a sudden, SouthCom now is host to all the activity that’s been taking place.”
No state is better positioned for this geopolitical moment, Villamil argues.
Florida has the port infrastructure, the cultural ties, the Spanish-language fluency, and a diaspora that maintained connections through the hard years. Eight million Venezuelans left during the crisis – many landing in South Florida, bringing talent and relationships with them.
“We’re very grateful that we have a lot of the talent and human capital,” Villamil said. “But we want a strong and prosperous Venezuela. Florida has always benefited greatly when economies to our south do well.”
Florida is ready, Villamil says.
The question is how big and fast the opportunity becomes.
