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US Blockade Causes Cuba Billions Annually in Foreign Trade Losses

Havana, Sep 27 (Prensa Latina) Cuban foreign trade suffered damages last year valued at nearly $4 billion USD, due to the economic, financial, and commercial blockade imposed by the United States against the island.

According to a report Cuba will submit at the U.N. General Assembly, the main damage occurred in revenue the country was unable to receive for exported goods and services, accounting for 78 percent of all losses.

According to the text, financing costs increased 76 percent compared with the previous period, due to the country's risk rating.

This is the result of pressures from U.S. authorities to impede and prevent third countries from providing financing to Cuba, the document states.

Similarly, the report adds that insurance and freight costs as a result of the forced relocation of trade increased 24 percent.

The blockade falls forcefully on Cuban companies, the report stated, showing as an example, Tabacuba, the company that sells the premium cigars produced in Cuba.

The company might have increased its sales by up to $120 million USD if it had been allowed access to the U.S. market.

The same is true for Havana Club International Co., which was banned from selling its rum in the United States, causing losses valued at $73 million USD.

Authorities from the Caribbean nation reported that due to this unilateral policy, Cuba does not have access to the latest technology available to U.S. companies, or access to financing from their banks.

Every year at the United Nations General Assembly, Cuba presents a report detailing the economic and social losses caused by this U.S. policy.

A practically unanimous majority of U.N. member states have annually expressed their support for lifting the unilateral sanctions. Last year, some 188 countries voted in favor of the Cuban initiative calling for the lifting of the blockade.

Friday, September 27, 2013

Source: Prensa Latina

US Blockade Causes Cuba Billions Annually in Foreign Trade Losses