The country imports around 30% of its overall needs from countries like the United States ($10 billion), China ($6 billion), Brazil ($4.8 billion), Colombia ($2.3 billion) and Argentina ($2.2 billion).

Most of its imports would include packaged medicaments (around $2 billion), frozen Bovine meat ($1.1 billion), iron pipes (approximately $880 million), concentrated milk ($820 million) and Bovine ($800 million).

Chart Showing GDP Growth Compared to rest of world

The petroleum industry is the most dominant player in Venezuela’s economy and it delivers around 40% of the government’s income as well as over 90% of export earnings.

The country’s top exports would include crude petroleum (around $130 billion), refined petroleum (at $10 billion), acyclic alcohols ($710 million), petroleum coke ($430 million) and iron reductions ($381 million).

Apart from its petroleum industry, Venezuela’s manufacturing sector is also plays a major role in the country’s economy. It contributes 17% of the Gross Domestic Product 9GDP). Manufacturing firms situated around Ciudad Guayana produce and exports heavy industry products such as cement and steel.

Venezuela’s agriculture sectors also enable it to export agricultural goods such as crops, fish, coffee, pork and beef. This sector meanwhile accounts for around 3% of the country’s GDP.

The United States has been Venezuela’s most important partner in trade as the latter remains to be one of the top suppliers of foreign oil to the United States. In addition, the top export destinations of Venezuela goods are North America and Central America countries ($30 billion), the United States ($29 billion), Asia ($28 billion) and India ($13 billion).