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Described by economists as "a relatively highly developed Latin American export economy" in 1959 and the early 1960s, Cuba's fundamental economic structure changed very little from the Revolution to 1990. Cigars and cigarettes were the only manufactured products among Cuba's leading exports, produced mostly by pre-industrial piecework.
In 1972, Cuba joined the Council for Mutual Economic Assistance , [12] and by the end of the 1980s, 85% of Cuba's foreign trade was with members of COMECON. [11] From 1985 to 1989, 74.4% of all Cuban exports were sugar and related products. [13] The Cuban economy was highly dependent on sugar, which rendered the country's economy vulnerable to ...
Cuba's agricultural economy centered primarily on the sugar industry, serving as the cornerstone of the nation's exports. U.S. influence, particularly from companies like the United Fruit Company , was pervasive, with significant investments in large-scale sugar plantations and the production and export of sugar and tropical fruits to the ...
Cuba's economy demands about 125,000 barrels per day of fuels, including motor gasoline, diesel and fuel oil for electricity generation, according to the most recently available 2021 data from its ...
Food production, the supply of phamaceuticals and transportation are down by at least 50% since 2018, the top officials said, and continued to decline this year in large part due to chronic fuel ...
The balance of trade, usually denoted , is the difference between the value of all the goods (and services) a country exports and the value of the goods the country imports. A trade deficit occurs when imports are larger than exports. Imports are impacted principally by a country's income and its
The massive Oct . 18 power outage that virtually paralyzed Cuba’s economy for several days and the subsequent hurricane that hit the island days later have worsened an already severe economic ...
In export-led growth (such as oil and early industrial goods), the balance of trade will shift towards exports during an economic expansion. [ citation needed ] However, with domestic demand-led growth (as in the United States and Australia) the trade balance will shift towards imports at the same stage in the business cycle.