What does Venezuela export the most?

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 the most exported product from Venezuela?

From the more granular four-digit Harmonized Tariff System code level, crude oil represents Venezuela’s most valuable exported product at 63.2% of the country’s total.

What is a major product of Venezuela?

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.

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.

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.

What are 3 of Venezuela’s top imports?

Imports The top imports of Venezuela are Refined Petroleum ($938M), Rice ($242M), Corn ($199M), Rubber Tires ($168M), and Soybean Meal ($161M), importing mostly from China ($1.54B), United States ($1.23B), Brazil ($421M), Spain ($320M), and Mexico ($314M).

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How much is a cup of coffee in Venezuela?

A cup of coffee in Venezuela’s capital Caracas now costs one million bolivars, equivalent to almost one-fifth of the monthly minimum wage. Owing to the country’s hyperinflation, one million Venezuelan bolivars, when converted into US dollars, comes to 29 cents (₹20).

Who rules Venezuela today?

President of Venezuela

President of the Bolivarian Republic of Venezuela Presidente de la República Bolivariana de Venezuela
Presidential Standard of Venezuela
Incumbent Nicolás Maduro since 10 January 2019
Style Mr. President (Señor Presidente) or His Excellency
Member of Cabinet

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.”

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.