More than 80% of all food consumed in Cuba is imported due to a drastic decline in the country’s farm output since 2001.
Tourism and family remittances are the main source of foreign exchange in Cuba.
Cuba exports the services of its doctors and health personnel to other countries.
Cuba's trading gap with Venezuela has jumped by 575% from $706 million in 2002 to $4.06 billion in 2008.
Venezuela, which supplies subsidized oil to Cuba, is the latter’s main trading partner and accounts for nearly 27% of the total foreign trade of the island nation.
China is also a major trading partner of Cuba and accounts for 12% of its foreign trade.
The US is Cuba’s main food supplier and the trade deficit between the two countries continues to grow, since a trade embargo bans all Cuban exports to the US. Also all US exports to Cuba need to paid for in cash.
The Netherlands and Canada are major purchasers of nickel from Cuba.
Cuba’s deficit with its top 20 trading partners has widened in recent years.
Cuba exported goods worth $3.253 billion in 2009, according to the latest estimates. This was lower than the 2008 figure of $3.68 billion. The island nation exported sugar, nickel, tobacco, fish, medical products, citrus and coffee. Amongst its various trading partners, nearly 28% of the exports were to Canada, 27% to China, 6% to China and over 5% to the Netherlands.
Cuba’s imports have declined from $14.25 billion in 2008 to $10.86 billion in 2009. The island nation’s imports petroleum, food, machinery and equipment, chemicals. Cuba’s major trading partners are Venezuela, which accounts for nearly 30% of all imports, China (12%), Spain (10%), Canada (6.4%), the US (6.3%) and Brazil (4.6%).
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