<Tr> <Th> Foreign reserves </Th> <Td> $8.500 billion (June 2018) </Td> </Tr> <Tr> <Td_colspan="2"> Main data source: CIA World Fact Book All values, unless otherwise stated, are in US dollars . </Td> </Tr> <P> The economy of Venezuela is largely based on the petroleum sector and manufacturing . In 2014, total trade amounted to 48.1% of the country's GDP . Exports accounted for 16.7% of GDP and petroleum products accounted for about 95% of those exports . Venezuela is the sixth largest member of OPEC by oil production . Since the 1920s, Venezuela has been a rentier state, offering oil as its main export . From the 1950s to the early 1980s, the Venezuelan economy experienced a steady growth that attracted many immigrants, with the nation enjoying the highest standard of living in Latin America . During the collapse of oil prices in the 1980s, the economy contracted the monetary sign, commenced a progressive devaluation and inflation skyrocketed to reach peaks of 84% in 1989 and 99% in 1996, three years prior to Hugo Chávez taking office . The nation, however, has experienced hyperinflation since 2015 far exceeding the oil price collapse of the 1990s . </P> <P> Venezuela manufactures and exports heavy industry products such as steel, aluminum and cement . Production is concentrated around Ciudad Guayana, near the Guri Dam, one of the largest dams in the world and the provider of about three - quarters of Venezuela's electricity . Other notable manufacturing includes electronics and automobiles as well as beverages and foodstuffs . Agriculture in Venezuela accounts for approximately 4.4% of GDP, 7.3% of the labor force and at least one - fourth of Venezuela's land area . Venezuela exports rice, corn, fish, tropical fruit, coffee, pork and beef . The country is not self - sufficient in most areas of agriculture . </P>

What commodity is much of venezuelas economy based