zuela until the 1980s when oil prices dropped nearly 50 percent. Afterward, the Venezuelan government stepped up its efforts to diversify the industry and pursue oil exploration efforts. Industry analysts predict that, given current rates of extraction, Venezuela's oil reserves are expected to last for another 90 years.
Venezuela's foreign trade policies have, in the past, been characterized by protectionism. Local industry benefitted by government manipulation of exchange rates, tariffs, and import licensing restrictions. The average tariff was about 30 percent, although some ranged as high as 100 percent. Venezuela's main trading partners are the United States, West Germany, Japan, Cuba, and Canada. The 1989 economic adjustments of the Perez administration have emphasized import liberalization to make Venezuela more competitive in the long run.
Venezuela has been unique among Latin American countries in terms of its foreign debt. By 1989, Venezuela ranked fourth in the hierarchy of Latin American debtor countries, exceeded only by Brazil, Mexico, and Ar
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