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Venezuela exports rice, corn, fish, tropical fruit, coffee, pork and beef. Venezuela has an estimated US$14.3 trillion worth [28] of natural resources and is not self-sufficient in most areas of agriculture. Exports accounted for 16.7% of GDP and petroleum products accounted for about 95% of those exports. [29]
The country is a major producer of petroleum products, which remain the keystone of the Venezuelan economy. The International Energy Agency shows how Venezuela's oil production has fallen in the last years, producing only 2,300,000 barrels (370,000 m 3) daily, down from 3.5 million in 1998.
However, only 35 to 40 percent of Venezuela's land is regulated thus far, 29 percent as part of national parks. [2] Venezuela has ratified 14 international conventions regarding environmental protection and sustainable development, while also taking forward-looking steps internally to protect and preserve the country's natural wealth.
Venezuela is prepared for any scenario including the reimposition of U.S. sanctions on its crude and gas exports, oil minister Pedro Tellechea said on Tuesday. The United States began reimposing ...
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Venezuela's economy grew more than 5% in 2023 and growth will reach 8% this year, President Nicolas Maduro said on Monday during his annual address to the government-allied legislature. Venezuela ...
Venezuela's economy faltered while poverty, [59] [70] inflation [71] and shortages in Venezuela increased. According to Martinez Lázaro, professor of economics at the IE Business School in Madrid, the economic woes Venezuela continued to suffer under Maduro would have occurred even if Chávez were still in power. [ 72 ]
Shortages in Venezuela of food staples and basic necessities occurred throughout Venezuela's history. [6] Scarcity became more widespread following the enactment of price controls and other policies under the government of Hugo Chávez [7] [8] and exacerbated by the policy of withholding United States dollars from importers under the government of Nicolás Maduro. [9]