Given Venezuela’s population of 28 million people, the estimated $4.8 billion in 2020 Venezuelan exports translates to about $170 per person.
What is Venezuela’s main exports?
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).
Does Venezuela import or export more?
U.S.-Venezuela Trade Facts
U.S. goods and services trade with Venezuela totaled an estimated $5.7 billion in 2019. Exports were $3.6 billion; imports were $2.1 billion. The U.S. goods and services trade surplus with Venezuela was $1.6 billion in 2019.
What countries do Venezuela export to?
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Does Venezuela export goods?
Venezuela exports rice, corn, fish, tropical fruit, coffee, beef and pork. The country is not self-sufficient in most areas of agriculture. Venezuela imports about two-thirds of its food needs.
Why did Venezuela fail?
Political corruption, chronic shortages of food and medicine, closure of businesses, unemployment, deterioration of productivity, authoritarianism, human rights violations, gross economic mismanagement and high dependence on oil have also contributed to the worsening crisis.
Did Venezuela used to be wealthy?
According to Foreign Policy magazine, “Venezuela was considered rich in the early 1960s: It produced more than 10 percent of the world’s crude and had a per capita GDP many times bigger than that of its neighbors Brazil and Colombia — and not far behind that of the United States.”
Is Venezuela a rich or poor country?
The 2019–2020 National Survey of Living Conditions (ENCOVI, for Encuesta Nacional de Condiciones de Vida) — published by researchers at Andrés Bello Catholic University in Caracas — shows that poverty levels in Venezuela spiked during 2019, officially rendering it the poorest country in Latin America and the Caribbean.
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.
Does Venezuela have more oil than Saudi Arabia?
Venezuela is the leading country in terms of oil reserves, with over 304 billion barrels of oil beneath its surface. Saudi Arabia is a close second with 298 billion, and Canada is third with 170 billion barrels of oil reserves.
Does the US still buy oil from Venezuela?
The U.S. imported roughly 92 thousand barrels per day of petroleum from Venezuela in the first half of 2019. This was a considerable decline compared to the previous year, when 586 thousand barrels per day were imported.