Slide in Cuban exports deepens trade deficit

Slide in Cuban exports deepens trade deficit
AP
Friday, November 11, 2005

HAVANA, Cuba (AP) - Low nickel prices and a decline in sugar sales have
reduced Cuban exports this year, while imports are on the rise,
deepening a trade deficit, officials said.

Exports rose 30 per cent from 2003 to 2004 when the island nation sent
abroad more than US$2 billion (euro1.7 billion) in goods, accounting for
27 per cent of the country's US$7.5 billion (euro6.4 billion) in total
trade.

But this year, through September, exports have accounted for just 23 per
cent of Cuba's trade, said Antonio Carricarte, the deputy foreign trade
minister.

Tobacco sales, however, are up 12 per cent this year, Carricarte said,
as were nontraditional exports in the biotechnological, pharmaceutical
and technical service sectors.

Imports rose 34 per cent, led by purchases of oil, food and machinery
from countries including Venezuela, China, Spain, and the United States,
Carricarte said.

Overall, trade has grown about 22 per cent in the first nine months of
2005 compared to the same period in 2004, the official said.

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