US – Cuba Food & Agricultural Sales
- Cuba is the largest island in the Caribbean, and already has a substantial tourism industry with import needs differentiated from the rest of the Cuban market. It is situated 90 miles from the US, and has a population of 12 million.
- Cuba is already the fifth most popular tourist destination in Latin America, even with the current severe US travel restrictions. Tourists to Cuba arrive primarily from Canada, Great Britain, various European countries and Mexico.
- Despite the US embargo of Cuba, US exports of food and agricultural products to Cuba have been allowed under the Trade Sanctions Reform and Export Enhancement Act enacted in 2000.
- In 2008, US food and agricultural exports to Cuba were valued at over $700 million.
- The US is Cuba’s largest supplier of food and agricultural imports, but there remains plenty of room for expansion now and under a free trade scenario. The main competitors in this market (Vietnam, Canada, Argentina, and Brazil) have greater shipping costs under normal circumstances. Cuba's Food & Agriculture Situation Report Office of Global Analysis, Foreign Agricultural Service, US Department of Agriculture, March 2008
- Exports to Cuba are done on a cash-in-advance basis. Ships do not leave US ports until a cash payment is made by Cuba in US dollars, making a sale relatively risk-free.
- Cuba is a top export market for US soybean oil, dry peas, lentils, dry beans, powdered milk, and poultry meat. Cuba's Food & Agriculture Situation Report Office of Global Analysis, Foreign Agricultural Service, US Department of Agriculture, March 2008