Venezuela’s top two exports are petroleum and petroleum products, followed by chemical products and minerals.
And now, looking more attentively
Venezuela, situated in South America, is known for its rich natural resources, and two of its top exports are petroleum and petroleum products, followed by chemical products and minerals.
Venezuela’s economy heavily relies on oil exports, with petroleum accounting for a significant portion of the country’s revenue. According to OEC World, in 2019, petroleum and petroleum products made up around 98.8% of Venezuela’s total export value. The country has one of the largest oil reserves in the world, allowing it to be a key player in the global oil market.
“Oil is a hugely important commodity,” said Daniel Yergin, a renowned energy expert and Pulitzer Prize-winning author. “It flows through our day-to-day lives like nothing else.”
Here are some interesting facts about Venezuela’s top two exports:
-
Petroleum dominance: Venezuela is among the world’s top oil producers and has one of the largest oil reserves globally. The country’s oil industry was nationalized in 1976, and since then, Venezuela’s state-owned oil company, Petróleos de Venezuela, S.A. (PDVSA), plays a crucial role in the country’s export infrastructure.
-
Oil-dependent economy: Venezuela heavily relies on oil exports to fuel its economy. Over the years, this dependence has led to economic volatility and fluctuations, making the country vulnerable to oil price shocks in the global market. The recent decline in oil production and plummeting oil prices have significantly impacted Venezuela’s economy.
-
Petrochemical industry: In addition to crude oil, Venezuela exports various petroleum products, including gasoline, diesel, liquefied petroleum gas (LPG), and asphalt. These products are crucial for meeting domestic demand and are also exported to international markets.
-
Chemical products: Apart from petroleum, Venezuela also exports chemical products such as fertilizers, plastics, and rubber. The country has a thriving chemical industry, which utilizes its natural resources to produce a wide range of chemicals used in agriculture, manufacturing, and other sectors.
-
Mineral exports: Venezuela is blessed with abundant mineral resources. Some of the notable mineral exports include iron ore, aluminum, gold, diamonds, and bauxite. These minerals contribute to the country’s export revenue and support its mining industry.
Here is a table summarizing Venezuela’s top two exports:
| Export | Percentage of Total Export Value (2019) |
|---|---|
| Petroleum and petroleum products | 98.8% |
| Chemical products | N/A |
| Minerals | N/A |
Please note that the percentages for chemical products and minerals are not available as the given data specifically highlights petroleum as the dominant export. Additionally, it’s important to keep in mind that economic factors and changing market dynamics can influence the percentages and rankings of exports over time.
More answers to your inquiry
Traditionally, petroleum represents more than 85% of Venezuela’s exports. Other exports include acyclic alcohols (2.2%), iron reductions (1%), gold (1.5%), crustaceans (0.9%), and hard liquor (0.4%).
Traditionally, petroleum represents more than 85% of Venezuela’s exports. Other exports include acyclic alcohols (2.2%), iron reductions (1%), gold (1.5%), crustaceans (0.9%), and hard liquor (0.4%). The country mainly imports refined petroleum (16.8%), rice (4.3%), corn (3.5%), wheat (2%), and medicaments (2%).
Exports structure from Venezuela in 2013 represented by the following main commodity groups:
- 97% (85 billion US$): 27 – Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes
- 0.746% (656 million US$): 29 – Organic chemicals
This video contains the answer to your query
The video explores the readiness of Venezuela to welcome international tourists. It discusses the decline in foreign visitors to Playa El Agua, but highlights the thriving kitesurfing scene and improved nightlife in Playa El Yaque. Road closures and safety concerns are mentioned in the journey to Mérida, but the city is known for its teleferico. Despite challenges, there are pockets of the country ready to welcome visitors. Traditional dishes, exploring mountains and national parks, hot springs, and the Morrocoy marine national park are mentioned as attractions. The narrator acknowledges the country’s hardships and political issues but emphasizes that Venezuela still offers incredible experiences.
I’m sure you will be interested
Additionally, What are 2 exports in Venezuela?
The response is: Venezuela exports rice, corn, fish, tropical fruit, coffee, pork and beef.
Similar
What are Venezuela’s top 2 imports?
Venezuela main imports are: electronics (32 percent of total imports), chemical products (18 percent), agricultural products and livestock (11 percent), base metals (8 percent) and food, beverages and tobacco (6 percent).
Hereof, What is the major export of Venezuela?
Response will be: oil
Venezuela is the world’s tenth largest exporter and the thirteenth largest producer of oil. Shipments of oil account for 98 percent of total exports.
What are the top 2 exports? Top 5 U.S. Exports
- Gasoline and Other Fuels.
- Crude Petroleum.
- Liquified Natural Gas (LNG) and Other Natural Gases.
- Civilian Aircraft Parts.
- Passenger Vehicles.
In respect to this, What are Venezuela’s main exports?
Venezuela’s Top 10 Exports 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%) Fertilizers: $45.9 million (1%) More items…
What do they import and export in Venezuela?
What Does Venezuela Import And Export? There have historically been close to 85 percent of Venezuela’s exports going to petroleum. Also, gold accounts for 8 percent of exports. Alcohols with a tenor alcohol concentration of 6% or more; these are also known as acyclic alcohols (1.). Aluminium (0.3%); Copper (6%).
Likewise, What does Venezuela import from the United States? Answer will be: The United States and Canada supply almost all of the wheat Venezuela consumes, as local production is insignificant due to climactic conditions. Though Venezuela was a net rice exporter as recently as seven years ago, the country currently relies on imports for nearly 40 percent of its rice consumption.
Likewise, What are Venezuela’s main exports?
Response to this: Venezuela’s Top 10 Exports 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%) Fertilizers: $45.9 million (1%) More items…
Correspondingly, What do they import and export in Venezuela?
What Does Venezuela Import And Export? There have historically been close to 85 percent of Venezuela’s exports going to petroleum. Also, gold accounts for 8 percent of exports. Alcohols with a tenor alcohol concentration of 6% or more; these are also known as acyclic alcohols (1.). Aluminium (0.3%); Copper (6%).
In this regard, What does Venezuela import from the United States?
The United States and Canada supply almost all of the wheat Venezuela consumes, as local production is insignificant due to climactic conditions. Though Venezuela was a net rice exporter as recently as seven years ago, the country currently relies on imports for nearly 40 percent of its rice consumption.