Bilateral trade of goods between Cuba and countries in the Americas fell by about 57 percent from 2011 to 2016, according to Cuba’s National Office for Statistics and Information (ONEI). In 2011, bilateral trade with the Americas topped 12 billion CUC (roughly the same value in U.S. dollars.) In 2016, it had fell to about $5.1 billion CUC.
Much, but not all, of the decline is due to plummeting oil deliveries from Venezuela. Bilateral trade with the South American country fell by about 72 percent from 2011 to 2016, according to ONEI. The trade decline accelerated after global oil prices fell sharply in 2014. China replaced Venezuela as Cuba’s largest trading partner last year largely due to the reduced oil deliveries.
Cuba has also seen a drop in bilateral trade with Brazil (30 percent), Canada (49 percent), and the United States (40 percent) since 2011, according to ONEI. Bilateral trade with Mexico has remained relatively steady since 2011, hovering at about 475 million CUC annually.
One bright spot is trade between Argentina and Cuba, which increased by about 60 percent from 2011 to 2016. Bilateral trade was about 428 million CUC in 2016, up from about 167 million CUC in 2011.
Cuba imports far more goods from countries in the Americas than it exports. Only about one-fourth of Cuba’s bilateral trade with countries in the Americas from 2011 to 2016 was exports, according to ONEI.