Cuba invested 36 million dollars in the first seven months of 2024 to import vehicles from the United States, thanks to the easing of the embargo promoted by President Joe Biden.
According to the Biden administration, these measures regard the purchase of vehicles as a humanitarian issue, excluding the impact of the "blockade" policy, and the increase has been notable.
According to the U.S.-Cuba Economic and Trade Council, most of this investment ($34,587,077) corresponds to used cars imported between January and July of 2024.
John S. Kavulich, president of the Council, highlighted that this increase is one of the most notable compared to the previous year, according to the site Periódico Cubano.
In 2023, car exports totaled 9,824,627 dollars, a figure that has already been widely surpassed. Just in June of this year, purchases amounted to 3,705,643.
In fact, the numbers are expected to gradually increase following the changes announced the previous week by Cuba's Minister of Transportation, Eduardo Rodríguez Dávila.
The government's new measures for the importation of vehicles could further increase purchases from the U.S.
The total cost of an imported vehicle to Cuba depends on various factors, such as the initial price, import expenses, tariffs, and profit margins. For example, a mid-range car can cost around 15,900 dollars.
In contrast, food imports from the U.S. experienced a decline of 2.6% in July 2024, reaching $31,457,528, compared to $32,313,837 in the same month of the previous year.
This decline is partly due to the recent price control policy, which affects basic products such as chicken, sausages, oil, and powdered milk.
Currently, Cuba ranks 50th among the 222 export markets for agricultural and food products from the U.S., highlighting the significance of trade between the two countries, despite political tensions and the "blockade" argument put forward by Cuban authorities, the aforementioned digital media added.
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