New York, November 1st, 2023.- In an increasingly globalized world economy, it is becoming increasingly difficult for Cuba to acquire the inputs required for the industry, services and consumption of the population, regardless of the political or commercial relationship it has with the market of origin of their imports.
In the period from March 2022 to February 2023, foreign trade activity decreased significantly, in particular, import volumes. The increase in the costs of acquiring goods has also caused a decrease in real financing to support the economy's plans.
Due to the inclusion of Cuba in the unilateral list of State sponsors of terrorism, there has been an increase in the prices of businesses with foreign investment, as well as the cancellation of commercial operations, cooperation actions and investment projects that were in different levels of development.
It has also had a negative impact on banking-financial institutions, which refuse to work with Cuban entities for fear of being subject to sanctions.
As in previous years, the greatest effects are seen in the income foregone from exports of goods and services. Tourism continues to be the most affected sector in this regard, accumulating approximately 58.5% of the total.
Permanent Mission of Cuba to the United Nations