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Caracas, Venezuela News
About Caracas, Venezuela Caracas is the economic capital of Venezuela. Venezuela is a highly urbanized country; its modern, sprawling capital of 4 million has one of the most dramatic settings among South American cities. Venezuela economy is highly dependent on oil revenues, which account for roughly 90 percent of export earnings, more than 50 percent of the federal budget revenues, and around 30 percent of GDP. With 77 billion barrels of proven oil reserves, Venezuela ranks as the fifth-largest oil exporter in the world and the fourth-largest supplier of oil to the United States. Venezuela’s oil wealth is administered by the state oil company PDVSA. Commercial links between the two countries are strong. The United States is Venezuela’s most important trading partner, representing about a third of imports and approximately 60 percent of Venezuelan exports. In turn, Venezuela is the United States' third-largest export market in Latin America, purchasing goods such as machinery, transportation equipment, agricultural commodities and auto parts. Venezuela has one of the highest literacy rates in the region; of Venezuelans age 15 and older, 93.4 percent can read and write. Every citizen is entitled to a free education. Nine years of education are compulsory. Venezuela has a well-developed higher education system that has expanded greatly during the past half century. Excellent public and private universities cover all academic disciplines.Venezuela has nearly 50 institutions of higher education, with more than half a million students. Other Major Cities:
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