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International trade as a driver of Venezuela’s economic growth

Author

Listed:
  • Anastasiya Maksimovna Chuykova

    (Diplomatic Academy of Ministry for Foreign Affairs of the Russian Federation, Moscow, Russia)

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.

Suggested Citation

  • Anastasiya Maksimovna Chuykova, 2020. "International trade as a driver of Venezuela’s economic growth," Russian Foreign Economic Journal, Russian Foreign Trade Academy Ministry of economic development of the Russian Federation, issue 1, pages 122-134, January.
    • Handle: RePEc:alq:rufejo:rfej_2020_01_122-134
    as

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    References listed on IDEAS

    as
    1. Andrei Shumilov, 2017. "Estimating Gravity Models of International Trade: A Survey of Methods," HSE Economic Journal, National Research University Higher School of Economics, vol. 21(2), pages 224-260.
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