2012 Q1 EXPORTS UP 11% OVER YEAR AGO
Cuban exports were up 11% during the first quarter of 2012, compared with the same period in 2011, due mostly to higher income from tourism and health care services, Reuters reported May 23, quoting state media.
The increase follows a 20% rise in exports in 2011, said the report, announced by Vivian Herrera, director of exports at the Foreign Trade Ministry.
The numbers appear to be good news for President Raúl Castro and his efforts to bolster Cuba’s debt-ridden economy by increasing export income and decreasing imports.
Cuba’s exports totaled $14.2 billion in 2010, but according to preliminary figures, rose 11%. Of the total, 15% was goods and the remaining 85% services, said Herrera.
“Most of the earnings from services are accounted for by tourism and health-care assistance,” she told Cuban state television.
Tourism arrivals grew 5.2% through April, the National Statistics Office reported. In Cuba, tourism is considered a service export. Some 40,000 Cuban professionals, most from the health care sector, are working in oil-rich Venezuela and the bulk of earnings go to the Cuban government.
Cuba exports similar technical services to 30 other countries. The service category includes communications and revenues from joint ventures and patent leasing abroad.
This year’s increase in goods exports most likely came from higher prices for refined oil products and from sugar, with a 11.7% increase in raw sugar production reported through April.
Nickel output, Cuba’s top export product, was believed to be down a bit through April as international prices fell (see our report, page 10 of this issue).
According to official figures and local economists, Castro’s efforts to boost exports and cut imports have resulted in annual trade surpluses averaging $2 billion since 2009.
Cuba has not reported on its balance of payments, which measures the inflow and outflow of all foreign exchange, since 2008, when it registered a $1.7 billion deficit.
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