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The economy of Cuba is a planned economy dominated by state-run enterprises. In the 1990s, the ruling Communist Party of Cuba encouraged the formation of worker co-operatives and self-employment. In the late 2010s, private property and free-market rights along with foreign direct investment were granted by the 2018 Cuban constitution.
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
A product that is transferred or sold from a party in one country to a party in another country is an export from the originating country, and an import to the country receiving that product. Imports and exports are accounted for in a country's current account in the balance of payments. [3]
Converting those Cuban pesos to other currencies poses yet another challenge, as there are several, highly fluctuating exchange rates in the island. Long lines form and frustration grows as Cuba ...
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 ...
Different sources of trade data may provide more or less complete data coverage, and more or less detail: reported vs. mirrored: One key distinction in trade data is between the reporting country (the country that provides data) and the partner country (the country listed as an export partner or import partner in the data provided by a reporting country).
According to a University of Texas at Austin undergraduate dissertation submitted to the Teresa Lozano Long Institute of Latin American Studies, between 1954 and 1959, trade between Cuba and the U.S. was at a higher level than what it was in 2003, with 65% of Cuba's total exports sent to the U.S. while American imports totaled 74% of Cuba's ...