The Bolivarian Republic of Venezuela in South America is a globally growing economy of the northern coast continent. The country holds a population of 28 million and is situated at a height of 4,978 meters above sea level. The country is rich in natural on which around 18% of the total exports are based; the nation occupies a land area of 916,445 square kilometers and encompasses a mid-arid climate ranging from tropical to temperate depending on the regions. The population of the nation mostly resides in the urban areas and practices Spanish as their official language.
The attributing factors like the increased government focus on trade and tariff reductions have supported global trade to Venezuela to a huge extent. Due to some unstable political and economic factors, the trade rate and the GDP have been a bit unstable from the past decades; GDP was reported to have a significant decrease from that of 2011 worth 482.36 billion US dollars in 2023 i.e. 149.78 billion US dollars.