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This trend can be seen in other colonial Caribbean communities with direct political ties with the global economy. Cuba's primary import partner is Venezuela. The second-largest trade partner is China, with a 16.9% share of the Cuban export market. [116] Cuba began courting foreign investment in the Special Period.
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 ...
For example, the official rate used by government industries and agencies is 24 pesos to the U.S. dollar, while for individuals, the rate is 120 pesos to the dollar. However, the dollar can fetch ...
The government says U.S. sanctions, which have for decades complicated financial transactions and the purchase of fuel by Cuba, have combined with an increasingly acute economic crisis to bring ...
In the absence of such food imports, food prices in Cuba increased, while government-run institutions began offering less food, and food of lower quality. [ 8 ] A Canadian Medical Association Journal paper notes that Cuba's famine was the result of circumstances similar to the contemporary famine in North Korea .
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 Cuban government assesed the cost in 2018 to be around $933 billion since inception. [86] In 2009, the U.S. Chamber of Commerce estimated that the embargo costs the U.S. economy $1.2 billion per year in lost sales and exports, while the Cuban government estimates that the embargo has cost the island itself $753 million annually.
The Cuban government said Friday it will have to either increase prices for fuel and electricity, or reduce rations for basic supplies. President Miguel Díaz-Canel said such difficult measures ...