Quick Answer: 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.

What are three main products of Venezuela as they are?

Economy of Venezuela

Main industries Petroleum, construction materials, food processing, iron ore mining, steel, aluminum; motor vehicle assembly, real estate, tourism and ecotourism
Ease-of-doing-business rank 188th (2019)
Exports $32.08 billion (2017)

What are Venezuela’s biggest 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).

What are some products made in Venezuela?

Top 10

  • Mineral fuels including oil: US$3.3 billion (68.9% of total exports)
  • Iron, steel: $427 million (9%)
  • Organic chemicals: $241.8 million (5.1%)
  • Fish: $235.9 million (5%)
  • Ores, slag, ash: $91 million (1.9%)
  • Beverages, spirits, vinegar: $67.3 million (1.4%)
  • Copper: $51.4 million (1.1%)
  • Aluminum: $49.3 million (1%)

What caused Venezuela to collapse?

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.

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Is Venezuela a rich or poor country?

Venezuela, once expected to be one of the richest countries in South America, has been crippled by socialist dictators and now suffers from widespread poverty. In fact, 82% of the population lives in poverty. With the largest oil reserves in the world, Venezuela’s economy has become solely dependent on oil.

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.

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.

What fruits are native to Venezuela?

The main field crops are sugarcane, rice, corn, and sorghum, and the chief fruits are bananas, plantains, oranges, coconuts, and mangoes. The most important agricultural items for industrial use are cotton, tobacco, and sisal.

Which product is Venezuela’s main cash crop?

Venezuela’s main cash crop is coffee, and its staple food crops are corn (maize) and rice.