Oil is second top export.(CUBA)(Brief article)

0 Comments | Caribbean Update, July, 2009

Oil exports are now Cuba's second leading export, overtaking pharmaceuticals, and produced US$880 million in revenues in 2008, according to the Foreign Trade Ministry, reports Reuters (June 11, 2009). It said nickel accounted for 39% of exports, oil for 22% and pharmaceuticals 9%, followed by sugar and tobacco products (6% each) and other products (18%).

Government said exports, excluding tourism and other services, were US$4 billion in 2008. The analysts said a likely explanation for the jump in oil would be exports from a joint venture refinery with Venezuela opened in Dec. 2007, which processed 65,000 bpd in 2008 for local consumption and export to area countries.