Analysis and Studies - Country Analysis
Cuba: a look at the market
August 1st 2022
Cuba is an island located in Central America, between the Gulf of Mexico, the Caribbean Sea, and the Atlantic Ocean. It is about 200 km east of the Yucatan Peninsula (Mexico) and 150 km south of Florida (USA).
With a tropical climate, it is a natural paradise. Cuba is mostly known for its history. From its socialist revolution to the Bay of Pigs crisis, an event that nearly led the world into a new world war. It is still one of the few socialist states in the world, even after the death of its leader, Fidel Castro, in 2016. The comprehensive embargo maintained by the United States for more than 60 years has harmed the Cuban economy, forcing the island to rely on the Soviet Union, China, and Venezuela. Cuba is now undergoing an ambitious reform in major sectors of its economy and government administration, opening up to private enterprises. Even its relationship with the United States has improved. In 2015, the U.S. and Cuba mutually reopened embassies after 54 years.
THE ECONOMY OF CUBA
Its GDP in 2020 was $107.35 and it is the number 151 economy in the world for total exports and the number 149 in total imports. According to the Social Progress Index 2021 (published every year by the Social Progress Imperative, a no-profit organization that ranks countries according to social aspects such as access to basic human needs, general well-being, and opportunities), Cuba is the 76th country in the world for living standards. The main economic partner of Cuba is China, Spain, Italy, India, Singapore, Canada, Germany, and Brazil.
Cuba's top export are Rolled Tobacco ($267 million), Raw Sugar ($201 million), Nickel Mattes ($143 million), Hard Liquor ($82.2 million), and Zinc Ore ($68.9 million) The top imports of Cuba are Poultry Meat ($266 million), Wheat ($141 million), Corn ($135 million), Concentrated Milk ($128 million), and Rice ($72.7 million).
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