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Venezuela
(information)
Population as of 2020: 28 million 50 of 193
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Region: South America
Nominal G.D.P. in 2024: $102.3 billion 69 of 193
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Top Exports
Venezuela’s export economy in 2024 was **extremely oil-dominated**, with **hydrocarbons making up ~80%+ of total exports** | Rank | Export Category | Notes | | ---- | ----------------------------- | ------------------------------------------------------------------- | | 1 | **Mineral fuels (oil & gas)** | ~80% of exports; overwhelmingly dominant | | 2 | **Iron & steel** | Key industrial export (~3–4%) | | 3 | **Organic chemicals** | Petrochemical derivatives (~3%) | | 4 | **Fish & seafood** | Important non-oil export (~2–3%) | | 5 | **Aluminum** | Major metal export (~2%) | | 6 | **Ores, slag & ash** | Mining exports (~2%) | | 7 | **Fertilizers** | Chemical/agricultural inputs | | 8 | **Copper & copper products** | Smaller metals sector | | 9 | **Cocoa & cocoa products** | Traditional agricultural export | | 10 | **Beverages (incl. rum)** | Niche export sector | Key individual export products (by value) | Rank | Product | Notes | | ---- | --------------------------------- | ------------------------------------------- | | 11 | **Crude petroleum** | Largest single export (~$9–10B+) | | 12 | **Petroleum coke** | Major refining byproduct export | | 13 | **Refined petroleum products** | Fuel oils and derivatives | | 14 | **Liquefied petroleum gas (LPG)** | Energy export | | 15 | **Acyclic alcohol derivatives** | Petrochemical exports | | 16 | **Iron ore & concentrates** | Mining export | | 17 | **Semi-finished steel products** | Industrial export | | 18 | **Aluminum unwrought** | Raw aluminum export | | 19 | **Shrimp & fish products** | Seafood exports | | 20 | **Cocoa beans** | High-value agricultural product | Key Takeaways * 🛢️ **Extreme oil dependence:** * Oil dominates exports at **~80%+ of total value** * 🔥 **Crude petroleum is #1 by far:** * The single largest export product by a wide margin * 🧪 **Petrochemicals follow oil:** * Organic chemicals and petroleum derivatives are key secondary exports * ⛏️ **Metals remain important:** * Iron, steel, and aluminum form the core non-oil industrial exports * 🌱 **Small but notable agriculture sector:** * Cocoa and seafood are the main non-industrial exports Top Importers of Venezuela’s Exports (2024) | Rank | Country | Notes | | ---- | ----------------- | ---------------------------------------------------- | | 1 | **China** | Largest buyer; crude oil (often via intermediaries). | | 2 | **United States** | Renewed oil imports after partial sanction easing. | | 3 | **India** | Crude oil and petroleum products. | | 4 | **Spain** | Oil, refined products, and energy trade. | | 5 | **Singapore** | Refining hub; oil re-exports. | | 6 | **Netherlands** | Trade hub (Caribbean refining/logistics). | | 7 | **Brazil** | Regional trade; fuels and industrial goods. | | 8 | **Turkey** | Gold (historically) and energy-related trade. | | 9 | **Italy** | Oil and industrial inputs. | | 10 | **Malaysia** | Refining hub; oil shipments. | Key Patterns * 🛢️ **Oil dominates trade partners**: * Nearly all major buyers import **crude oil or petroleum products** * 🌏 **Asia is crucial**: * **China and India** are major long-term buyers of Venezuelan oil * 🇺🇸 **U.S. re-entry (limited)**: * Some oil trade resumed due to **sanction adjustments** * 🔁 **Trade hubs play a big role**: * Countries like **Singapore, Netherlands, and Malaysia** act as refining/re-export centers --- Important note * Venezuela’s trade flows are **less transparent than most countries** * Some exports are routed through **intermediaries**, so rankings can vary slightly by source
