The revenue earned through sale and usage of oil is being used to grow industries like food processing and manufacturing of construction materials, textiles, chemicals and automobiles. Of late, these industries are turning into booming sectors for the country. With Latin American economies going strong, Venezuela, which is the strongest economy of South America, is definitely expected to grow and diversify. On the exports front, Venezuela is the largest foreign exporter of oil to the US, besides having other trading partners like Germany, Japan & Netherlands. While petroleum, aluminium, steel, chemical products, iron ore, plastics, cement & paper products are major export items, machinery & transport equipment, manufactured goods and construction materials are major items of import. Being a partner in Mercusor (trading bloc of Latin America), Venezuelan exports can be expected to head further north.
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Source:- IIPM Editorial
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