Business between Cuba and four of its top five trading partners has declined sharply in 2009 in a painful reflection of the island’s economic crisis. China, Spain, Canada and the United States all reported 20 to 50 percent declines in exports to and (minus the USA) imports from Cuba.
Percent change in Imports from/Exports to Cuba, through August 2009 (Spain figures are through July)
China Spain Canada United States
Change in value of imports -48.2 -24 -55.7 (n/a)
Change in value of exports -12.7 -43 -52.4 -23
Venezuela, Cuba’s number one trading partner and supplier of oil, did not have figures available to Reuters. However, analysts assume that its value of exports to the island will have dropped considerably as well, from a lofty $5.3 billion in 2008 (this was more than eight times the value of second-place China’s exports to Cuba), at least due to the fall in oil prices.
