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 are the main imports and exports of Venezuela?
Economy of Venezuela
|Exports||$32.08 billion (2017)|
|Export goods||Petroleum, chemicals, agricultural products and basic manufactures|
|Main export partners||United States 42% China 23% India 19% Singapore 4.5% Spain 1.4% (2017)|
|Imports||$9.1 billion (2017)|
What is Venezuela main source of income?
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.
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.
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 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.
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|
Why is Venezuela’s unemployment rate so high?
It is mainly a structural unemployment which may be explained by four factors: the high rate of migration from the rural to the urban sector; the high capital-intensity of the industrial sector in Venezuela; the unimportant role of agriculture in the economic development of Venezuela; and labor policy.
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.
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.