Neither rum nor cocoa: this is the product that Venezuela exports the most and makes up 25% of the country’s GDP

This Saturday, Venezuelan president Nicolás Maduro was reportedly captured and Caracas was bombed by the United States, the country it exports to the most.

Leonardo Fernandez Viloria

Rafael Escobar

Update: Jan 3rd, 2026 10:29 EST

When people think of Venezuela, products like rum or cocoa might come to mind. But neither comes close to the export that truly sustains the country’s economy. That distinction belongs to oil.

According to data from the Observatory of Economic Complexity, Venezuela sold nearly $4 billion worth of oil in 2023, a figure that underscores how deeply the South American nation still depends on crude exports.

Despite its natural wealth, the headline numbers paint a more complex picture.

A resource-rich country with modest export rankings

Venezuela is often described as an economic powerhouse on paper. Its vast natural resources, especially its enormous oil reserves, give it a level of strategic importance few countries can match.

Yet in terms of overall exports, the country ranked just 114th out of 226 worldwide in 2023, according to the latest OEC data. That contrast highlights how concentrated Venezuela’s export economy has become.

What it lacks in diversification, it makes up for with oil, a globally scarce and highly strategic commodity that continues to drive its trade relationships.

Oil dominates Venezuela’s export list

Breaking down the numbers reveals just how central petroleum remains.

In 2023, Venezuela’s top exports were:

Crude oil: $4.05 billion
Petroleum coke, a raw material used in some fertilizers: $552 million
Scrap metal: $421 million
Acyclic alcohols: $418 million
Nitrogen-based fertilizers: $280 million

Crude oil alone accounted for the overwhelming majority of export revenue, dwarfing every other category.

The United States: Venezuela’s top customer

On the buyer side, the United States was Venezuela’s largest customer by a wide margin.

U.S. companies purchased $3.81 billion worth of Venezuelan goods in 2023, most of it oil. China ranked second, importing $739 million in products.

These figures reflect the continued global demand for Venezuelan crude, even as sanctions and political tensions shape how and where it is sold.

Spain ranks third among Venezuela’s customers

Rounding out the top three buyers is Spain, whose long-standing commercial ties with Venezuela are clearly reflected in the data.

In 2023, Spain imported $670 million worth of Venezuelan products. Of that total, $586 million came from crude oil alone.

Those numbers make Spain the third-largest buyer of Venezuelan exports, behind only the United States and China.

Oil remains the backbone of Venezuelan economy

The conclusion is hard to escape.

Oil is not just Venezuela’s main export. It is the backbone of its economy. Estimates suggest petroleum accounts for roughly 25% of the country’s gross domestic product, a level of dependence that leaves the nation highly exposed to global energy prices and geopolitical shifts.

For Venezuela, rum and cocoa may carry cultural cachet. But oil is what keeps the economy running.