Venezuela Country Profile Part 4: International

International Trade 

• Exports 
• Amount to 35% of Venezuela's GDP 
• Top  products exported by Venezuela 
• Crude Petroleum (77% of total exports) 
• Refined Petroleum (18% of total exports)
• Iron Ore (0.62% of total exports)
• Raw Aluminum (0.34% of total exports)
• Iron Reductions (0.33% of total exports)
• This representation makes it clear that oil is Venezuela's staple resource and is an enormous part of their economy 
• The largest amount of Venezuela exports goes to the United States (27% of total exports) and Egypt (20% of total exports)
• Imports 
• Amounts to 21% of Venezuela's GDP 
• Top products imported by Venezuela 
• Refined Petroleum (33% of total imports)
• Crude petroleum (2.2% of total imports) 
• Iron Ore (2% of total imports) 
• Other Sea Vessels (1.8% of total imports) 
• Soybean Meal (1.6% of total imports)
• The largest import origins of Venezuela are the United States (24% of total imports) and China (15% of total imports)

Exchange Rate 

• Currency in Venezuela is termed the Bolívar 
• The Bolívar is 0.16 of the US dollar, 1 US dollar is equal to 6.29 Bolívars 

Immigration/Emigration 

• In 2010 1,007,400 people immigrated to Venezuela.  Most of these people came from Columbia, Spain, Portugal, Italy, Peru, Ecuador, Chile, The Dominican Republic, The Syrian Arab Republic, and Cuba
• In 2010 521,200 people emigrated from the country.  The top destinations were The United States, Spain, Columbia, Portugal, The Dominican Republic, Ecuador, Canada, Italy, Chile, and the United Kingdom 

Relations with Other Countries 

• Historically, The United States and Venezuela have had close relations, however that changed after Hugo Chavez became president.  Chavez didn't like the way that The United States handled their economic and foreign policy.  Venezuela's friendship and positive trade relations with Cuba conflicted with the US's isolation of Cuba and after Chavez took office oil prices greatly increased for the United States.  
• Venezuela has some positive relations with countries in the Caribbean and South America.  Venezuela and Brazil share a boarder and 2001, opened a high-voltage power line from Venezuela to Brazil to help power Northern Brazil.  
• Recently, Venezuela has been going through political and economic turmoil and it will be interesting to see how it effects their relationship with other countries.  

Work Cited 

https://www.insidermedia.com/international-trade-global-destinations/south-america/venezuela/

http://atlas.media.mit.edu/profile/country/ven/

http://venezuelanalysis.com/news/6999