Venezuela exports rice, corn, fish, tropical fruit, coffee, pork and beef. Venezuela has an estimated at USD$14.3 trillion worth of natural resources and is not self-sufficient in most areas of agriculture.
Contents
What products does Venezuela produce?
Natural resources: Petroleum, natural gas, coal, iron ore, gold, other minerals, hydroelectric power, bauxite. Agriculture (5% of GDP): Products–rice; coffee; corn; sugar; bananas; dairy, meat, and poultry products. Petroleum industry (25% of GDP): oil refining, petrochemicals.
What is the primary export of Venezuela?
Exports The top exports of Venezuela are Crude Petroleum ($12.2B), Refined Petroleum ($761M), Acyclic Alcohols ($337M), Gold ($235M), and Iron Reductions ($161M), exporting mostly to India ($4.98B), China ($4.19B), United States ($1.82B), Spain ($821M), and Malaysia ($558M).
What is Venezuela’s main economy?
The Venezuelan economy is based primarily on the production and exploitation of petroleum. From the late 1940s to 1970 the country was the world’s largest petroleum exporter, and it was long one of the principal exporters of oil to the United States.
What is Venezuela main source of income?
oil sector
The oil sector is the dominant force in Venezuela. The sector represents 80 percent of exports and is the largest source of foreign currency. Depending on the oil price, the sector delivers 40 to 70 percent of the government’s income, and it is the biggest contributor to the fiscal sector.
What is Venezuela famous for?
It has the world’s largest known oil reserves and has been one of the world’s leading exporters of oil. Previously, the country was an underdeveloped exporter of agricultural commodities such as coffee and cocoa, but oil quickly came to dominate exports and government revenues.
Why is the Venezuelan economy so bad?
The country was once considered the richest in Latin America, thanks to having the largest oil reserves in the world. But more than a decade of declining oil revenue and poor governance led to the collapse of the national economy, and the government has not been able to provide adequate social services.
What is Venezuela’s main import?
Venezuela main imports are: electronics (32 percent of total imports), chemical products (18 percent), agricultural products and livestock (11 percent), base metals (8 percent) and food, beverages and tobacco (6 percent).
What are Venezuela’s biggest exports and imports?
Traditionally, petroleum represents more than 85% of Venezuela’s exports. Other exports include gold (8.6%), acyclic alcohols (1.6%), aluminium (0.5%), iron ores (0.5%), and crustaceans (0.2%). The country mainly imports refined petroleum (42.3%), corn (2.9%), rice (2.7%), wheat (2.6%), and soybean oil (2.1%).
What are 3 major industries in Venezuela?
The main industrial activities revolve around the petroleum sector – which is controlled by a State company, and represents the first natural wealth of the country. Additionally, other important industries are construction equipment, food, textile, iron, steel, aluminium and engine parts assembly.
Why is Venezuela in poverty?
More than 75 percent of Venezuelans are now living in extreme poverty, according to a new study published on Wednesday, Reuters reported.Among the factors contributing to such dramatic poverty include fuel shortages, COVID-19 and not enough job opportunities.
Is Venezuela a rich country?
It says it had the fourth wealthiest economy in the world and the most thriving country in Latin America. It further claims that Venezuela’s currency was the worth the most, second only to the U.S. dollar. It also says it had a thriving health care system.
What does Venezuela export to the US?
In 2019, Venezuela exported $1.82B to United States. The main products exported from Venezuela to United States were Crude Petroleum ($1.26B), Refined Petroleum ($257M), and Processed Crustaceans ($44.5M).
What resources does Venezuela lack?
There are shortages of milk, meat, coffee, rice, oil, precooked flour, butter, toilet paper, personal hygiene products and medicines. By January 2017, the shortage of medicines reached 85%, according to the Pharmaceutical Federation of Venezuela (Federación Farmacéutica de Venezuela).
Is Venezuela a free market?
Venezuela’s economic freedom score is 24.7, making its economy the 177th freest in the 2021 Index. Its overall score has decreased by 0.5 point, primarily because of a decline in the score for government spending.Economic freedom has been suffocated in Venezuela under the Chávez and Maduro regimes.
Is Coke Zero banned in Venezuela?
CARACAS (Reuters) – The Venezuelan government of U.S.-critic President Hugo Chavez on Wednesday ordered Coca-Cola Co to withdraw its Coke Zero beverage from the South American nation, citing unspecified dangers to health.
What natural resources does Venezuela have?
Venezuela’s oil revenues account for about 99 per cent of export earnings. Apart from petroleum, the country’s natural resources include natural gas, iron ore, gold, bauxite, diamonds and other minerals.
What is something unique about Venezuela?
Venezuela is one of the 17 megadiverse countries in the world. Venezuela’s highest peak is the Pico Bolívar with 4,979m/ 16,335 ft. Venezuela does not only have very high mountains but is known also for the tepuis which are very unique table-like flat mountain landforms.
Is Venezuela broke?
The South American country has been caught in a downward spiral for years with growing political discontent further fuelled by skyrocketing hyperinflation, power cuts, and shortages of food and medicine. More than 5.6 million Venezuelans have left the country in recent years.
When did Venezuela become communist?
Communist Party of Venezuela
| Communist Party of Venezuela Partido Comunista de Venezuela | |
|---|---|
| Founded | 5 March 1931 |
| Headquarters | Calle Jesús Faría, Parroquia San Juan, Caracas |
| Newspaper | Popular Tribune |
| Youth wing | Communist Youth of Venezuela |
What percent of Venezuela is in poverty?
According to a study by a team of researchers in 2021 76.6% of Venezuelans live on less than $1.90 a day, the international standard for extreme poverty. The report, the Encuesta Nacional de Condiciones de Vida (ENCOVI), has been produced every year since 2014, when extreme poverty was “only” 13.1%.
