From the Venezuelan Central Bank non-oil exports (blue line) and total imports (red line) quaterly for the last three years in Venezuela(minus this quarter obviously). Note how exports are below last year’s levels as productive companies have lost competitiveness.
Total Imports and non-oil exports in millions of dollars for each quarter since 2004.
The Devil's Excrement
Observations focused on the problems of an underdeveloped country, Venezuela, with some serendipity about the world (orchids, techs, science, investments, politics) at large. A famous Venezuelan, Juan Pablo Perez Alfonzo, referred to oil as the devil's excrement. For countries, easy wealth appears indeed to be the sure path to failure. Venezuela might be a clear example of that.
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The Devil's Excrement 