What resources does Venezuela produce?

Apart from petroleum, the country’s natural resources include natural gas, iron ore, gold, bauxite, diamonds and other minerals.

What products are produced in 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.

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 the national product of Venezuela?

Gross domestic product (GDP) of Venezuela fell to 98.4 billion U.S. dollars in 2018, down from a 2013 peak of 258.99 U.S. dollars.

Characteristic Gross domestic product in billion U.S. dollars
2019* 63.96
2018 98.4
2017 143.84
2016 279.25

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.”

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Can the US export to Venezuela?

U.S. exports to Venezuela have historically included petroleum and refined petroleum products, machinery, organic chemicals, and agricultural products.

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).

What is the richest country in the world?

Five countries are regarded as the wealthiest countries globally, and we will talk about each one below.

  • Luxembourg. The European country of Luxembourg has been classified and defined as the wealthiest country in the world. …
  • Singapore. …
  • Ireland. …
  • Qatar. …
  • Switzerland.

Is Venezuela poor than India?

India has a GDP per capita of $7,200 as of 2017, while in Venezuela, the GDP per capita is $12,500 as of 2017.