Economy of Venezuela Essay Example | Topics and Well Written Essays - 1000 words

Economy of Venezuela - Essay ExampleVenezuela is situated in the joinern Hemisphere, to the North of the South American plate, very close to the Equator. It sh atomic number 18s borders with Colombia to the West, brazil nut to the South, Guyana to the East and the Caribbean Sea to the North. Venezuela has 2,800 km of coast course of action and a number of islands can be observed off its coast Barbados, Aruba, Curaao, Bonaire, Trinidad and Tobago, and the Leeward Antilles. Venezuela shows a enormous diversity of landscapes the Andes stretch towards the northwest of the country, where its highest peak Pico Bolvar (4,979 m) is located the middle part of the country, which stretches from the Orinoco river to Colombia, is flat and to the south, the Guiana Highlands are located in the fringes of the Amazon Basin. It is in this latter area where the highest waterfall in the world, the Angel Falls, is situated. The USA, Mexico, Colombia and Brazil are the main occupation partners of Vene zuela. The economy of the country is dominated by the petroleum sector, which accounts for approximately wizard third of the gross domestic product (GDP). The oil trade, controlled by the state-owned company Petrleos de Venezuela (PDVSA), represents more than a half(prenominal) of the government revenues and 80% of the countrys exports. Other major exports are aluminum, steel and agricultural produce. indoors the agricultural sector, which the country is highly dependent on, the main products are deep brown and cocoa. The growth in the business of these two crops is dictated by the export market. While Venezuela had been world leading in terms of coffee production, the petroleum market of the 1960s and 1970s converted the country into the richest of South America and the coffee trade was relegated to a secondary position.