Final answer:
Venezuela primarily exports oil, which is the cornerstone of its economy and comprises the majority of its export earnings. Venezuela specializes in oil due to its lower opportunity cost compared to other commodities.
Step-by-step explanation:
The primary export of Venezuela is oil. This country is highly dependent on oil exports for its national wealth, which comprise up to 90 percent of Venezuela's export earnings. Venezuela's national oil company, CITGO, has significantly penetrated the US gas station market. Given Venezuela's involvement as a founding member of OPEC and its historical role as one of the top five oil-exporting countries to the United States, it's clear that oil is Venezuela's specialization in the global economy.
In terms of trade specialization, Venezuela should focus on oil, whereas Canada would focus on exporting lumber. According to economic principles, this is because Venezuela has a lower opportunity cost in producing oil, and thus it benefits from specializing and exporting this commodity.