Cash-strapped Cuba says export earnings way up

Fri Dec 17, 2010 5:44pm GMT
 

* Good news for communist country and creditors

* No information on imports and balance of payments

By Marc Frank

HAVANA, Dec 17 (Reuters) - Cuba's exports of goods and services rose nearly 42 percent this year, providing a much needed injection of cash for communist authorities who have been struggling to pay the country's bills.

Higher prices for Cuba's main exports nickel, petroleum derivatives and medical and other technical services likely accounted for most of the increase, while revenues from tourism and communications were also reportedly up.

Economy Minister Marino Murillo, in his year-end report to the National Assembly, only parts of which were made available to the public, said exports increased by 41.5 percent, but no further information on this year's trade and balance of payments was provided.

Murillo referred to the export of both goods and services, which amounted to $12 billion in 2009. Although he did not give a dollar figure, a 41.5 percent increase would mean this year's exports garnered a record $17 billion, or a gain of around $5 billion.

Some 75 percent of Cuban exports come from services such as tourism, communications and the export of doctors and other professionals to oil-rich countries such as Venezuela, Angola, Algeria and Qatar, which pay for the services on a sliding scale linked to oil prices.

Prices for oil increased significantly in 2010, as they did for Cuban exports nickel and sugar.   Continued...

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