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

Economy of Venezuela - Essay Example Venezuela is arranged in the Northern Hemisphere, toward the North of the South American plate, near the Equator. It imparts fringes to Colombia toward the West, Brazil toward the South, Guyana toward the East and the Caribbean Sea toward the North. Venezuela has 2,800 km of coast line and various islands can be seen off its coast: Barbados, Aruba, Curaã §ao, Bonaire, Trinidad and Tobago, and the Leeward Antilles. Venezuela shows an incredible assorted variety of scenes: the Andes stretch towards the northwest of the nation, where its most elevated pinnacle Pico Bolã ­var (4,979 m) is found; the center piece of the nation, which extends from the Orinoco stream to Colombia, is level; and toward the south, the Guiana Highlands are situated in the edges of the Amazon Basin. It is in this last zone where the most noteworthy cascade on the planet, the Angel Falls, is arranged. The USA, Mexico, Colombia and Brazil are the primary exchange accomplices of Venezuela. The economy of the nation is commanded by the oil segment, which represents around 33% of the total national output (GDP). The oil exchange, constrained by the state-claimed organization Petrã ³leos de Venezuela (PDVSA), speaks to in excess of a portion of the administration incomes and 80% of the country’s trades. Other significant fares are aluminum, steel and agrarian produce. Inside the agrarian area, which the nation is profoundly reliant on, the principle items are espresso and cocoa. The development in the creation of these two harvests is directed by the fare advertise. While Venezuela had been world driving as far as espresso creation, the oil market of the 1960s and 1970s changed over the nation into the most extravagant of South America and the espresso exchange was consigned to an optional position.