conditions
U.S. agricultural exports to Cuba reached $715 million in 2008 despite
turbulent global economic conditions, according to a Texas AgriLife
Extension economist.
A weaker dollar, lower commodity prices and a series of hurricanes that
reduced Cuba's food supply all contributed to the upturn in U.S.
exports, said Dr. Parr Rosson, AgriLife Extension economist and director
of the Center for North American Studies at Texas A&M University.
Total economic impact of U.S. agricultural export trade with Cuba since
2003 has reached $1.9 billion and led to more than 36,000 jobs.
"It's a market that has grown surprisingly fast given the economic
conditions in that country," Rosson said.
Rosson recently gave an economic impact presentation of U.S.
agricultural export trade with Cuba at the XI International Conference
on Globalization and Development Problems in Havana.
In 2002, more than $140 million in U.S.-produced agricultural products
were exported to Cuba. That jumped to $715 million in 2008, factoring in
higher tonnage and increased commodity prices, Rosson said. The number
of jobs resulting from trade with Cuba has also been on the upswing.
"The ability to require about 14,000 jobs or workers to support that
trade is significant," he said. "About 95 percent of the economic gains
are in the grains sector since the U.S. exports primarily corn, wheat,
processed poultry, soybeans and soybean products."
Job creation has also resulted in the following sectors: Transportation,
finance-banking, real estate, health care, food, beverage, banking and
fuel and energy, Rosson said. "The impacts are quite widespread since
everything with Cuba is all on a cash basis," he said.
The outlook for the future is "very cloudy," according to Rosson.
"There were $67 million in purchases by Cuba during the first quarter of
this year," he said. "However, the downside is the worldwide economic
situation. The nickel market has crashed so that means less money, with
prices falling from $13 per pound last year to under $6 per pound
currently. Tourism is big business in Cuba as well, and a projected
downturn in the number of people visiting the country is expected to
further impact the economy."
Rice purchases have already shifted from the U.S. to Vietnam, Rosson said.
"They sell it cheaper and last year when commodity prices were so high
in the U.S., they had to look elsewhere for a cheaper price," he said.
A workshop on exporting to Cuba will be held May 14 in Houston at
Brady's Landing, 8505 Cypress St. The workshop is open to export service
providers, food processors, distributors, forestry businesses and
producers, and its goal is to help them succeed in the Cuban market,
Rosson said.
Sponsors are AgriLife Extension, Texas-Cuba Trade Alliance, the
Transportation Club of Houston, International Traffic Management
Association and the Greater Houston Partnership.
For more details, visit the Texas-Cuba Trade Alliance website at
www.tcta.us.
For more information, contact Rosson at 979-845-3070 or e-mail
prosson@tamu.edu.
U.S. ag trade to Cuba continues upswing despite turbulent economic
conditions (3 May 2009)
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