Friday, April 13, 2007

Cuban Exports Rose in 2006

Source: La Prensa Latina (Spanish only)

Yesterday Cuban Foreign Trade Minister Raul de la Nuez announced that the island nation’s exports had increased by 35% in 2006. This marks the greatest increase for Cuban exports in twenty years, and has been attributed to the high price of nickel—a resource that is plentiful in Cuba—on the international market and the export of pharmaceuticals.

Nonetheless, de la Nuez also emphasized the difficulties of doing business in Cuba, especially with regard to the underutilization of existing production capacity and the scarceness of packing materials, the majority of which are imported into the nation. He also stressed the importance of diversifying markets and augmenting existing sectors. For instance, he called for increases in exports from the service sector, emphasized that they should be higher aggregate value services.

For discussion:

Is it time for the U.S. to life its longstanding embargo against Cuba?

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