Major products of Venezuela include food crops and livestock, equipment and machinery, transport and construction materials, medical instruments, chemicals, medicinal drugs, iron and steel commodities, crude oil and petroleum-derived products. As of 2015, Venezuela's oil industry constitutes the largest economic sector. Venezuela is said to produce 2.475 million barrels of crude oil on a daily basis, based on the 2013 estimate by the Central Intelligence Agency's World Factbook.Continue Reading
Venezuela is located in the northern region of South America, surrounding the North Atlantic Ocean and the Caribbean Sea. Situated between Guyana and Colombia, its strategic position makes it an important aerial and sea route that connects the North American continent to South America. Venezuela covers a total area of approximately 352,144 sq miles.
As of 2008, Venezuela allocates around 4,073 square miles of its territory for irrigation, although only 3.06 percent of its land area can be cultivated and less than 1 percent is permanently used for planting crops. Major agricultural products that are grown in Venezuela include corn, sugarcane, sorghum, rice, coffee, bananas and vegetables. Milk, eggs, beef and pork are derived from raised livestock.
In terms of exports, Venezuela ranks as the 46th largest exporter in the world, as of 2015. Its primary export goods include petroleum and petroleum-derived commodities, minerals, bauxite, aluminum, chemicals and agrarian products. The biggest importers of products coming from Venezuela include the United States, Brazil, China, Russia, Columbia, Argentina and Mexico.Learn more about South America