What is the most important resource in Venezuela?

What is the main and most precious resource for Venezuela?

Venezuela is a major producer and exporter of minerals, notably bauxite, coal, gold, iron ore, and oil, and the state controls most of the country’s vast mineral reserves. In 2003 estimated reserves of bauxite totaled 5.2 million tons.

What is the most important industry in Venezuela?

The main industrial activities revolve around the petroleum sector – which is controlled by a State company, and represents the first natural wealth of the country. Additionally, other important industries are construction equipment, food, textile, iron, steel, aluminium and engine parts assembly.

What natural resources does Venezuela have an abundance of?

Venezuela has rich resources of gold, nickel, iron ore, steel, diamond, alumina, coal, bauxite, asphalt, natural gas, and petroleum.

Is Venezuela rich in natural resources?

Venezuela is rich in natural resources like oil, gold, and crops, yet supplies to its citizens are limited, which French argues is unfair. In the modern world, a country’s natural resources have very little to do whether goods are on the nation’s shelves for people to buy.

What are 3 major industries in Venezuela?

Below is a list of the nation’s major industries:

  • Petroleum.
  • Iron, Steel, and Aluminum.
  • Agriculture.
  • Banking.
  • Tourism.
  • Fishing.
  • Insurance.
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What is Venezuela’s main cash crop?

Venezuela’s main cash crop is coffee, and its staple food crops are corn (maize) and rice.

What is Venezuela famous for?

It has the world’s largest known oil reserves and has been one of the world’s leading exporters of oil. Previously, the country was an underdeveloped exporter of agricultural commodities such as coffee and cocoa, but oil quickly came to dominate exports and government revenues.

What resources does Venezuela lack?

There are shortages of milk, meat, coffee, rice, oil, precooked flour, butter, toilet paper, personal hygiene products and medicines. By January 2017, the shortage of medicines reached 85%, according to the Pharmaceutical Federation of Venezuela (Federación Farmacéutica de Venezuela).