Increase in US Food and Agricultural Exports to Cuba
Last month, the United States experienced a significant rise in exports of food and agricultural products to Cuba. According to recent data released by the US-Cuba Economic and Trade Council (USTEC), the total expenditure on these purchases reached $26,476,991, marking a substantial increase of 3.7%.
Comparing the figures to the same period last year, it is evident that the investment made in May 2023 exceeded that of 2022, with $25,514,586 being spent on food products from the northern country. The USTEC report highlights the positive trend in US-Cuba trade relations, particularly in the agricultural sector.
During May, the exported products comprised a wide range of items, including waffles, coffee, biscuits, powdered milk, beer, toilet paper, and frozen chicken thigh quarters. Notably, frozen chicken meat, frozen chicken thighs, pork, and canned chicken meat were among the products that stood out in terms of quantity.
The data also reveals a positive growth trend in US-Cuba exports during the period from January to May of this year. Expenditure on food products during this time amounted to $123,188,456, indicating a 1.7% increase compared to the same period in the previous year. This consistent growth signifies an upward trajectory in the trade relationship between the two nations.
Since the commencement of food exports to the island in December 2001, a staggering total of $7,026,914,822 USD has been invested, according to USTEC. This landmark figure highlights the significant economic impact of food trade between the United States and Cuba.
Of particular interest is the substantial increase in the export of chicken meat, which experienced a 33% rise in value and a remarkable 62.4% increase in tons sent to Cuba in May 2023. These impressive figures solidify the United States as Cuba’s primary supplier of chicken products.
However, it is worth noting that all payments for these exports must be made in advance and in cash, reflecting the existing hurdles in finding a stable supplier. Currently, there are no credit facilities available for such transactions, further emphasizing the need for continued efforts to streamline the trade process.
Moreover, it is crucial to mention that various regulations govern the export of these products. Both the Office of Foreign Assets Control (OFAC) and the Bureau of Industry and Security (BIS) oversee and monitor the export procedures, ensuring compliance with trade regulations.
As the export of food and agricultural products from the United States to Cuba continues to grow, this positive trend is propelling economic ties between the two nations. The increase in investments showcases the potential for further expansion in trade relations, providing opportunities for the agricultural sectors of both countries.