VENEZUELA+-+Economy

=Economy of Venezuela=

Venezuela has a complex economy. There are many parts, or moneymakers, that are involved. It can be hard to understand at times, but it is quite interesting in the end. Learning about Venezuelan economy will teach a person much about many other topics, too.

This is an overview on three Venezuelan cities.

Venezuela is a main provider of oil, especially petroleum. Oils make up a big part of Venezuelan economy. It brings in much money from there exportation to other countries. These oils are mainly found in the Maracaibo Basin. Although, in 1917, it was found in the eastern llanos. At the time, oil prices are high, so the economy is good. Though when oil prices go down, or are low, the economy changes, because the oil importing countries pay less for the oil.

Foreign investment is also a big part of Venezuela. Investors invest in Venezuelan oil, gas, electricity, mining, and tourism companies. This not only brings Venezuela a lot of money, but also benefits the country that is investing, so it is profitable. Importing Venezuelan goods is a good deal, because the country would get goods, but investing profits the country more. The United States is the biggest, but there is also Japan, the United Kingdom, France, and Spain, which are all investing countries.

There are two main percentages explaining the population of Venezuela. The first is that 80% of Venezuelans live in poverty. This is because the economy is so bad, so when exportation goes down, the country cannot afford to offer good support to the farmers who grow the goods that are exported. The second percentage is that 84% live in the city. This makes for some pretty crowded cities.

This boy is looking at his home, he is in a very poor city.

Bituminous tar is also mined in Venezuela. Venezuela exports bituminous tar, and is trying to convince other countries to use it as an alternate fuel source. It is sold as a liquid, which makes it easier to use as a fuel source. Bituminous tar also makes up a portion of the economy of Venezuela. From it's exportation, the tar brings in a lot of money, which makes up for the oil boom going down. Who could think of a better way to relieve the oil boom than a new oil.

Agriculture is very important to Venezuela's economy. There are many industries, including agriculture, artisans, and tourism. In agriculture, one of the major crops is coffee. Coffee is exported all over the world, and many describe the coffee as rich and full of a strong Venezuelan taste. Cattle is also raised, only to be exported to other countries around the world once they are full grown, and ready to be slaughtered Cash crops are also grown as agricultural goods.Artisans are also made. Leathers are used and textiles are made.

There are many goods that are exported and imported to and from Venezuela. Oil is a main export and import. 80% of Venezuela's exports are oils. Petroleum is the top exported good from Venezuela. Some of the imported oils are gasoline and gross oil. Agricultural products, fish, and foodstuffs are only exported, though. Venezuela is involved the FTA, or, the Free Trade Agreement. The FTA is associated with the U.S. That is the most explainable reason for the U.S. being the main importer of Venezuelan goods. The U.S. provides 30% of Venezuela's imports, also, to it isn't just there exporting. Steel, aluminum, textiles, and cigarettes are also popular exports.

PETROLEUM

Venezuela's economy is based on the petroleum supply. The exportation of petroleum bring in alot of money for Venezuela, approximately 80% of export earnings. The most petroleum is exported to the United States. There was an oil boom from 1950-1980. Then, starting in the year 2000, the oil boom was down. Since then, Venezuela's economy has been down.

Petroleum is mainly mined in Venezuela. To get more specific, it is mainly mined in the Maracaibo Basin Basin and eastern llanos. Venezuela is the top producer of petroleum in the world. It also has the worlds largest oil refinery. Also, Venezuela is involved in the OPEC, the Organization of Petroleum Exporting Countries. This is a graph of how great the oils industry was in 2002-2003, when the oil boom adjusted majorly.

Finally, Venezuela has an economy that relies on many different portions. Without each and every one of them, the economy would have a hard time prospering. It would be a struggle for Venezuela if one of them fell through or just didn't work out anymore. The Venezuelans work together to keep their country the same way that it was during their childhood. Yes, changes are making their way in, but memories aren't making their way out. There are hardships everywhere, even Venezuela, but the people of Venezuela face them with brave faces, with God as their leader.