What is the value of Cuba’s exports and imports?
According to Trading Economics’ global macro models and experts’ estimates, exports to Cuba from Spain are likely to reach 73197.00 EUR THO by the end of this quarter. According to our econometric models, the Spain Exports to Cuba is anticipated to have a long-term trend of roughly 73198.76 EUR THO in 2022.
Sugar and tobacco were established as Cuba’s principal exports by the Spanish, and the island rapidly surpassed Hispaniola as the primary Spanish base in the Caribbean.
Cuba’s most important imports are wheat, which accounts for 3.96 percent of total exports and $234 million in imports, followed by refined petroleum, which accounts for 3.87 percent of total imports and $228 million in imports. Concentrated milk, worth $207 million, grain, worth $204 million, and chicken meat, for $196 million, are among the other imports. Cuba also imports packaged medicaments as well as machinery and equipment.
The final pact also compelled Spain to relinquish all claims to Cuba and to agree to bear responsibility for the country’s debt, which is believed to be worth $400 million dollars. To compensate the United States, Spain handed Puerto Rico and Guam (both located in the Marianas) to the United States.
Among the most important imports into Spain were capital goods (22 percent of total imports); chemicals (15 percent); energy products (13 percent); the automotive sector (13 percent); consumer goods (12 percent); food, beverages, and tobacco (12 percent); and nonchemical semi-manufactured products (nonchemical semi-manufactured products) (7 percent).
Crude petroleum ($23.2 billion), automobiles ($20.1 billion), vehicle parts ($15.9 billion), packaged medications ($9.5 billion), and petroleum gas ($7.82 billion) are the country’s main imports. Spain’s main export destinations are France ($40.5 billion), Germany ($33.9 billion), Portugal ($24.2 billion), Italy ($22.7 billion), and the United Kingdom ($20.7 billion).
After arriving on the island of Cuba in October 1492, explorer Christopher Columbus established the first official contact between Spain and Cuba. Under Spanish authority, Cuba developed into a significant producer of sugarcane, and in order to keep up with worldwide demand, Spain began importing slaves from Africa to labor in the country.
Between 1821 and 1877, they traveled from Vigo, Spain, to the port of Havana, Cuba, in order to escape starvation and political oppression. Between the 1920s and 1940s, a large number of Galicians and other Iberians who had come on the island eventually settled in Mexico and the United States.
Equipment, food, and fuel goods account for the vast majority of Cuba’s imports, while refined fuels, sugar, tobacco, nickel, and medicines account for the vast majority of its exports.
Cuban imports and exports are subject to quotas. In 2020, $176.8 million worth of products were exported from the United States to Cuba, while $14.9 million worth of goods were imported into the United States from Cuba.
Exports on a yearly basis Cuba exported a total of $1.21 billion in 2019, ranking it as the world’s 152nd largest exporter of goods. It has been claimed that the exports of Cuba have decreased by $459 million over the previous five years, from $1.67 billion in 2014 to $1.21 billion in 2019.
The Treaty of Paris, in addition to ensuring Cuba’s independence, compelled Spain to relinquish the territories of Guam and Puerto Rico to the United States. As part of the agreement, Spain would transfer ownership of the Philippines to the United States for a payment of $20 million. The pact was passed by the United States Senate on February 6, 1899, by a slim margin of one vote.
America’s supporters in the Philippines expressed several different motivations, including a desire for commercial opportunities in Asia, concern that the Filipinos were incapable of self-rule, and fear that if the United States did not take control of the islands, another power (such as Germany or Japan) would.
After being colonized by Spain since the 15th century, it became an American protectorate during the Spanish–American War of 1898. After being conquered by the United States, Cuba acquired nominal independence as a de facto protectorate of the United States in 1902.