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US blockade hinders Cuba’s foreign trade

US blockade hinders Cuba’s foreign trade

Havana, Apr 23 (Prensa Latina) The US economic, commercial and financial blockade against Cuba currently hinders the Cuban foreign trade and causes severe effects on its development.
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According to Cuba’s report on the damages caused by Washington’s policy, the losses for this concept amounted to over three billion dollars from April 2019 to March 2020.

Only the impossibility of accessing to the US market had a cost of more than 131 million dollars, to which the damages due to the prohibition of using US currency in international transactions are added.

Cuba also faces the negative consequences of the use of commercial intermediaries, with the consequent rise in trade prices and extra cost in freight and insurance, which must be paid for the geographical relocation of trade to more distant regions.

Losses due to this cause grew in this stage by 17.9 percent compared to the previous period, with figures amounting to 85.1 million dollars.

The report states that, beyond what is quantified, the dissuasive and intimidating effect of this policy on businessmen and entities in the United States and third countries, accentuated since the activation of Title III of the Helms-Burton Act, causes the cancellation of commercial operations, cooperation actions and foreign investment projects.

Cuban Foreign Minister Bruno Rodriguez ratified on Thursday the confidence in the international support to the resolution to put an end to the US siege against his country, which will be presented on June 23.

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