International trade as a driver of Venezuela’s economic growth

Anastasiya Maksimovna Chuykova
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Anastasiya Maksimovna Chuykova: Diplomatic Academy of Ministry for Foreign Affairs of the Russian Federation, Moscow, Russia

Russian Foreign Economic Journal, 2020, issue 1, 122-134

Abstract: With the richest oil reserves in the world, Venezuela’s rent economy is export-oriented and foreign trade plays a key role in its growth. However, due to severe economic and political crisis and tough pressure from the USA, its foreign trade plummeted in 2013-2019. To analyze country’s foreign trade, a balance model and a gravity model with qualitative variables were computed. The author concludes that it is essential to develop agriculture and multi-industry production, in order to diversify exports, but amid aggressive political confrontation and powerful economic sanctions it appears to be a highly difficult task.

Keywords: Rent; resource course; social crisis; economic war; export quota; trade pattern; balance model of external trade; gravity model. (search for similar items in EconPapers)
Date: 2020
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