New York, 23 April 2021. Beyond the quantified damage, the dissuasive and intimidating effect of the blockade policy on businessmen and entities from the United States and third countries, aggravated since the activation of Title III of the Helms-Burton Act, has caused the cancellation of commercial operations, cooperation actions and foreign investment projects that were at different stages of development.
On the other hand, it has also had a negative impact on banking-financial institutions, which refuse to work with Cuban entities for fear of being subject to sanctions.
The measure adopted on 18 October 2019 to prevent the re-export to Cuba of items produced in any country, containing more than 10 percent of US components, poses a significant challenge to the import needs of the Cuban economy.
By components we mean parts, accessories, basic products and technologies, including software. Therefore, in an increasingly globalized world economy, it is more and more difficult for Cuba to acquire the supplies required for industry, services and consumption by the population, regardless the political or commercial relationship with the market of origin of those imports.
As in previous years, the greatest impact is seen on foregone revenue in terms of exports of goods and services, amounting to $2,475,700,000. Tourism continues to be the most affected sector in this regard, accounting for 72.6 percent of the total. This is equivalent to more than $1.7 billion, which represents an increase of $260 million compared to the previous period.
The Cuban agricultural sector is reported to have been affected to the tune of $184 million. Of that amount, 84.3 percent is attributed to the possible exports of the company HABANOS S.A., while the rest, some $26.5 million, corresponds to potential exports of marabú charcoal, pineapple, honey, coffee and fresh produce mainly destined for cruise ships.
Permanent Mission of Cuba to the United Nations
