Cuba exports a wide range of products. They include metallic ores, fish, nickel, sugar, honey, and thyroid extracts. Others are cement, cigars, fuel, and beverages. Sugar is the major commodity in the countryâ€™s export market (Campbell, 2013). Together with honey, this product accounts for 53% of the countryâ€™s export trade (Monreal, 2002). Other significant contributors to the countryâ€™s export trade include nickel (23%), fish (6.8%), tobacco (5.6), and medicinal drugs [2.8%] (Campbell, 2013). Russia is the biggest buyer of Cubaâ€™s exports at 27%. Spain accounts for 17%, while Canada takes up 9%. Cuba imports a wide variety of products. They include petroleum, food, machinery, and chemicals. Majority of the imports are from Spain (17%), France (9%), and Canada (8%) [see appendix 7] (Harnecker, 2014).
Cuba uses the Cuban Peso as the medium of exchange in international trade (Whitfield, 2008). Currency rankings show that CUP: USD is the most preferred exchange rate among Cuban traders (Whitfield, 2008). The peso is fairly strong. However, embargos and other regulations have impacted negatively on this strength. It has remained strong against other currencies [see appendix 8] (Harnecker, 2014).
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