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The Cuban sugar economy is the principal agricultural economy in Cuba. Historically, the Cuban economy relied heavily on sugar exports, but sugar production has declined since the breakup of the Soviet Union in 1991. [1] In 2015, raw sugar accounted for $368 million of Cuba's $1.4 billion exports. [2]
Sugar was long "king" in Cuba as a hundred mills churned out raw sugar for domestic consumption and export. Production of sugar cane is dominated by state mills in Cuba's Communist-run economy.
Until the 1960s, the US received 33% of its sugarcane imports from Cuba. During the cold war, Cuba's sugar exports were bought with subsidies from the Soviet Union. After the collapse of this trade arrangement, coinciding with a collapse in sugar prices, two thirds of sugar mills in Cuba closed. 100,000 workers lost their jobs. [20]
A year later, Cuba's sugar quota was reduced to zero when President Eisenhower issued Proclamation 3383. [93] This substantially affected Cuba's total exports, as Cuba was one of the world's leading sugar exporters at the time. [93] In 1989, with the collapse of the Soviet bloc, Cuba witnessed its most devastating economic crises.
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 price fluctuations in the world market. [13] Following the surge in world prices, sugar production fell from 7.3 million tons in 1989 to 4.1 million tons in 1993 ...
Exports from U.S. to Cuba in December jumped from November. For premium support please call: 800-290-4726 more ways to reach us
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.
Cuba's prior 35% supply of the world's export market for sugar has declined to 10% due to a variety of factors, including a global sugar commodity price drop that made Cuba less competitive on world markets. [279] It was announced in 2008 that wage caps would be abandoned to improve the nation's productivity. [280]