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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]
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]
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 ...
Exports from U.S. to Cuba in December jumped from November. For premium support please call: 800-290-4726 more ways to reach us
From the 1750s to 1800s, Cuba's agriculture was dominated by the plantation system which constituted the economy solely to the exports of sugar, tobacco and coffee. These commodities ran Cuba's economy for more than 150 years, until January 1959 with the Communist Revolution. (Burchardt).
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.
Francisco de Pando y Armand (1900-1977) was a sugar estate owner in Cuba known for his influential leadership in the Cuban sugar industry. He was owner of four sugar producing estates, with land holdings in excess of 24,000 acres. de Pando engaged in corporate and political activities and held interests in various railways and banks.
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]