Trade Relations Between Canada and Cuba

This article focuses on interesting facts and questions and answers related to the trade relations between Canada and Cuba:

Canada-Cuba Trade FAQ

What’s the trade volume between Cuba and Canada?
Trade between Cuba and Canada totals about $1 billion.

Is Canada Cuba’s biggest export partner?
No. Canada is Cuba’s second biggest export partner. In 2006, 24% of Cuban exports went to Netherlands, 22% went to Canada. In 2007, China became Cuba’s largest export partner with 27.9%, Canada being second with 27.3%. Exports to the Netherlands fell to 11.3%.

Who are Cuba’s biggest import partners?
In 2006, Canada ranked fifth in exports to Cuba, after Spain, Venezuela, USA and China. In 2007, Canada’s become Cuba’s fourth largest import partner, behind Venezuela, China and Spain.

What are Cuba’s main export commodities?
Cigars are the most obvious, but Cuba also exports sugar, nickel, fish, pharmaceutical products, citrus and coffee.

What are Cuba’s main import commodities?
Oil, food, machinery, equipment and chemicals.

Does Cuba have its own oil reserves?
Yes, Cuba does have its own oil reserves just off the north coast and has been producing oil. Thanks to investments form Canada and Spain, large pockets of quality crude oil and natural gas have been found near Havana’s coast. More foreign investments from China, India and Norway have been pouring in following the discovery of oil reserves which is rumored to be as large as all US oil reserves.

Which Canadian companies trade with Cuba the most?
Several Canadian companies operate directly in Cuba, including Pizza Nova and Labatt. Toronto based natural resource company Sherritt International Corp. is a largest single foreign investor in Cuba operating a nickel and cobalt facility along with Cuban Cubaniquel.

What is Cuba’s Gross Domestic Product?
It was $45.5 billion in 2007 (according to CIA fact book)

Is tourism an important part of Cuba’s economy?
Tourism is Cuba’s largest source of foreign exchange and one of the main drives of island’s economy.

Where do the most tourists come from?
Canada. We’re Cuba’s largest source of tourism revenue. That’s why they like us there and as Canadians, we get a tourist card that’s good for 90 days, unlike other nations that get to stay for 30 days only (it’s possibly to extend). Canadians also have the tourist card included in the price of plane ticket. Other travellers must purchase the card.

Can I use Canadian dollars in Cuba?
It’s bets to bring Canadian dollars with you and exchange them at the airport for Cuban Convertible Pesos (CUC). CUC is a traveller’s currency. Locals uses CUP – regular peso, which is worth less than CUP. As a visitor to Cuba, you will be dealing with CUC only.

Can I use US dollars in Cuba?
Not anymore. Circulation of US currency in Cuba ended in 2004 as reaction to straighter sanctions by the US against Cuba. It is possible to exchange US dollars for CUC, but 10% interest will be applied to the exchange rate. Best leave those greenbacks at home when travelling to Cuba.