What does Venezuela export?

What does Venezuela export to the US?

The top export categories (2-digit HS) in 2019 were: mineral fuels ($337 million), machinery ($187 million), electrical machinery ($185 million), vehicles ($84 million), and cereals (wheat) ($54 million).

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.

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.

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 product 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).

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Is Venezuela a US ally?

The United States maintains formal diplomatic relations with Venezuela and the Guaido interim government through its accredited Ambassador to the United States. … It continues the U.S. mission to the legitimate Government of Venezuela and to the Venezuelan people.

Is Venezuela rich in resources?

Venezuela has the world’s largest proven oil reserves, totaling 302.81 billion barrels at the end of 2017. The country is a major producer of petroleum products, which remain the keystone of the Venezuelan economy.

What are 3 major industries in Venezuela?

Below is a list of the nation’s major industries:

  • Petroleum.
  • Iron, Steel, and Aluminum.
  • Agriculture.
  • Banking.
  • Tourism.
  • Fishing.
  • Insurance.