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Country and Currency Austria-Shilling Denmark-Krone Norway-Krone Sweden-Krone Australia-Dollar Canada-Dollar United States-Dollar Portugal-Escudo Holland-Glider Belgium- Franc France-Franc Switzerland-Franc United Kingdom-Pound Sterling Italy-Lira Germany-Mark Finland-Markka Spain-Peseta Mexico-Peso Japan-Yen |
Exchange 12.3546 6.6721 7.1039 7.6318 1.4495 1.4283 1.0000 179.1513 1.9971 5.8770 5.8870 1.4239 1.7001 1723.1360 1.7540 5.2735 148.0312 8.8434 122.1740 |
Re-Exchange 11.9458 6.4600 6.6729 7.3841 1.4029 1.3828 1.0000 179.4103 1.9144 5.6845 5.6845 1.3781 1.6453 1666.8960 1.6978 5.1075 143.2704 8.5549 116.2276 |
UNITED STATES-CUBA DIRECT FLIGHTS MAY BE RE-ESTABLISHED- Sources within the United States Government report that regularly-scheduled nonstop charter flights, perhaps up to seven each week (based upon demand), between the United States and the Republic of Cuba, will once again be authorized. The re-establishment of the regularly-scheduled charter flights are expected to commence either in December 1997 or in January 1998. The Miami-Havana flights, which were suspended in March 1996, were operated by C. & T. Charters and Airline Brokers Company (ABC), both companies headquartered in Miami, Florida. Since March 1996, each company has continued to operate flights, but indirectly. C. & T. Charters operates Miami-Nassau-Havana and ABC operates Miami-Cancun-Havana and Miami-Nassau-Holguin (Republic of Cuba). In 1996, approximately 40,000 individuals traveled on the charter flights. During the Christmas holidays in 1996, both C. & T. Charters and ABC used Boeing 747 aircraft to handle the increased demand. The re-establishment of the direct flights will decrease the shipping costs and travel time for health care products, publications, music products, and humanitarian donations.
CUBAN BEER BRANDS IN THE UNITED STATES- Republic of Cuba-developed beer brands are being introduced in the United States. Hatuey brand, the trademark of which was developed by Republic of Cuba-based Bacardi and is now controlled by Bermuda-based Bacardi, is being produced for Bacardi by The Stroh Brewery Company of Detroit, Michigan. In 1996, the in Cuba developed and now once again Bacardi-controlled, Stroh-brewed, Hatuey brand beer sold 250,000 cases mainly in Florida, New Jersey, Minnesota, and California. The United States rights for other food product brands (including beers), consumer product brands, and durable product brands developed in the Republic of Cuba are actively being sought by an increasing number of United States companies. United States companies are focusing upon executing agreements with Republic of Cuba-based companies for product brand artwork, the use of which and payment for which is authorized by regulations administered by the Office of Foreign Assets Control (OFAC) of the United States Department of the Treasury in Washington, D.C.
PRESIDENT CASTRO INAUGURATES XV HAVANA INTERNATIONAL TRADE FAIR- H.E. Dr. Fidel Castro Ruz, President of the Republic of Cuba, attended the 2 November 1997 inauguration of the XV Havana International Trade Fair, which closes on 9 November 1997. H.E. Ricardo Cabrisas, Minister of Foreign Trade of the Republic of Cuba, reported that 1,900 companies are renting 22,000 square meters of exhibition space. He said that the first Havana International Trade Fair, held in 1983, 108 companies rented 800 square meters of exhibition space. Minister Cabrisas said that the Republic of Cuba conducts business with more than 3,000 companies from 139 countries, and that there were 300 joint ventures established during the last seven years. He said that the largest number of companies attending this year's event are from Spain (more than 200), followed by Mexico, Canada, Italy, and France.
GOLF IN CUBA BECOMES SERIOUS- The Republic of Cuba has established the Cuban Golf Federation (CGF) whose purpose is to promote golf-related tourism throughout the island. The CGF is sponsoring the organization's inaugural golf tournament 13 November 1997 and 14 November 1997 at the Havana Diplomatic Golf Club. The Republic of Cuba currently has one operating golf course, with another, in the resort area of Varadero, being redesigned.
CANADA'S TRANSCARD ENTERS MARKETPLACE- Mr. Domingo Portela, President of Fincimex, a division of Republic of Cuba government-operated Cimex Corporation, the island's largest conglomerate, announced that Canada's Transcard would offer credit cards to Republic of Cuba nationals who receive remittances from other countries. Fincimex processes credit card and charge card transactions within the Republic of Cuba. Mr. Portela said that individuals outside of the Republic of Cuba could establish accounts in any Transcard office throughout the world and designate a Republic of Cuba national as the beneficiary, who would then be issued a credit card to access the account. He also said that tourists and others visiting the Republic of Cuba could apply for and use Transcard. Family remittances to the Republic of Cuba are estimated to be US$600 to US$800 million annually, mainly originating within the United States.
FINCIMEX UPDATE- Fincimex, a division of Republic of Cuba government-operated Cimex Corporation, the island's largest conglomerate, reported that it would earn a net profit of US$1 million in 1997 from the processing of more than US$180 million in credit card transactions. Fincimex, established five years ago, reported that it processed transactions of non-United States origin VISA credit card and Mastercard credit card, the Latin American-based Cabal credit card, and BFI Card, issued by the Banco Financerio Internacional (BFI), a Republic of Cuba government-operated bank. Banamex, Mexico's largest financial conglomerate, also has a joint venture within the Republic of Cuba to process receivables and issue consumer credit and charge cards. Fincimex reported that it had reduced the average payment time from forty-five days to seven days, and significantly reduced fraud. United States-based VISA and United States-based Mastercard each have authorization from the Office of Foreign Assets Control (OFAC) of the United States Department of the Treasury in Washington, D.C., to permit their products to be used in the Republic of Cuba as long as the products are not used by individuals subject to United States law. Sources at VISA and Mastercard report that their combined Republic of Cuba-origin transactions in 1996 exceeded US$250 million, with an approximate 10% increase thus far in 1997.
CANADIAN POULTRY VENTURE ESTABLISHED- Mr. Iridio Caballero, Director of the Negotiating Group of the Ministry of Agriculture of the Republic of Cuba, said that a US$35 million agreement with investors in Canada was near completion. Mr. Caballero spoke at a one-day conference sponsored by Negocios en Cuba, the weekly business newspaper published by the Republic of Cuba government-operated Prensa Latina News Agency. He said that in the agricultural sector, there are a total of 17 joint ventures, economic associations, and financing agreements (US$50 million for tobacco and US$25 million for rice).
JOINT VENTURE DOMINATES BOTTLED WATER MARKET- Los Portales S.A., a joint venture between Italy-based San Pellegrino Group and Republic of Cuba government-operated Coral, S.A., reported that it would account for 97% of the island's bottled mineral water (with gas and without gas) sales in 1997. Mr. Vidal Prieto, Executive Director of Los Portales S.A., said that the joint venture would produce 800,000 of its Ciego Montero brand waters in 1997, a 25% increase from 1996. He said that a new US$20 million water and soft drink bottling plant, with a capacity to produce 135 million liters annually, would commence operation in December 1997. Mr. Prieto said that the company is conducting market studies to assess export opportunities to Caribbean Sea-area countries.
STAINLESS STEEL VENTURE NEGOTIATIONS- H.E. Ibrahim Napoles Albanes, Vice Minister of the Steel, Mechanical, and Electronic Industry (known as SIME) of the Republic of Cuba, reported that negotiations were nearing completion to establish stainless steel production on the island which could increase projected exports of US$300 million in the year 2000 to US$500 million. Vice Minister Napoles spoke at a one-day conference sponsored by Negocios en Cuba, the weekly business newspaper published by the Republic of Cuba government-operated Prensa Latina News Agency.
URUGUAYAN PRESIDENT INAUGURATES JOINT VENTURE- H.E. Julio Maria Sanguinetti, President of Uruguay, and H.E. Alejandro Roja, Minister of the Food Processing Industry of the Republic of Cuba, inaugurated Tasajo del Uruguay, a joint venture meat processing and packing company between investors in Uruguay and Republic of Cuba government-operated Coral S.A.. The joint venture, located in Uruguay's Florida Free Trade Zone, expects to produce 60 tons per month of salted dried beef for export to Caribbean Sea-area countries, at a cost of US$5.75 per kilogram. The products will also be exported to the Republic of Cuba, but at a lower cost. Tasajo del Uruguay also plans to produce fresh meat products and frozen meat products.
BENIN PLANS PHARMACEUTICAL VENTURE- H.E. Roberto Robaina, Minister of Foreign Affairs of the Republic of Cuba, and H.S. Pierre Osho, Minister of Foreign Affairs of Benin, signed an agreement to produce vaccines in the central African nation, and to cooperate in the areas of sugar and non-sugar agriculture, tourism trade, health care, athletics, and education. Minister Osho visited the Republic of Cuba from 26 October 1997 to 1 November 1997.
TRADE UPDATE- Republic of Cuba trade declined by more than 75% from 1989 through 1993, before beginning a gradual recovery, according to The National Bank of Cuba. Trade was as follows in millions of U.S. Dollars: 1989- 13.5 (exports 5.4, imports 8.1, deficit 2.7); 1990- 12.8 (exports 5.4, imports, 7.4, deficit 2.0); 1991- 7.2 (exports 3.0, imports 4.2, deficit 1.2); 1992- 4.1 (exports 1.8, imports 2.3, deficit .5); 1993- 3164.9 (exports 1330.8, imports 2008.2, deficit 851.5); 1994- 3347.6 (exports 1491.6, imports 2882.5, deficit 1390.9); 1995- 4374.1 (exports 1491.6, imports 2882.5, deficit 1390.9); 1996 (preliminary)- 5329.5 (exports 1848.9, imports 3480.6, deficit 1631.7).
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Total America Asia Europe Eastern Europe Western Europe Other |
1989 100.0 5.7 5.7 87.7 79.1 8.6 .9 |
1990 100.0 6.5 6.8 84.8 NA NA 1.9 |
1991 100.0 8.2 9.8 79.1 NA NA 2.9 |
1992 100.0 19.4 16.5 60.5 NA NA 3.6 |
1993 100.0 33.2 13.1 50.9 NA NA 2.6 |
1994 100.0 35.0 13.5 45.8 12.1 33.7 5.7 |
1995 100.0 40.0 14.6 42.0 NA NA 3.4 |
The National Bank of Cuba reported that in 1996 Europe accounted for 46% of all trade and 59% of all exports. The National Bank of Cuba reported that the Russian Federation, Spain, France, Italy, and Holland were the Republic of Cuba's principal trading partners. The National Bank of Cuba reported that Latin American countries and Caribbean Sea-area countries accounted for 30% of all trade, and 7% of all exports. The National Bank of Cuba reported that the region accounted for 88% of the trade deficit. The National Bank of Cuba reported that the Dutch Antilles, Venezuela, and Mexico accounted for more than 50% of the Republic of Cuba's trade with Latin American countries and Caribbean Sea-area countries, and Canada accounted for 8.6% of all trade. The Republic of Cuba's most important trading partners were as follows in millions of U.S. Dollars:
|
Country
Russia |
1996 (preliminary)
571.3 |
% Compared To 1995
127.3 |
% of all Trade
10.7 |
1995 Position
6 |
|
Item
Exports of Goods |
1995
1507.3 |
1996
1849.6 |
|
|
Item
Rice- LB |
Havana
4-5 (4) |
Camaguey
3-4 (3) |
Santiago de Cuba
4-5 (5) |
USCTEC SPEAKING SCHEDULE UPDATE- On 5 November 1997, Mr. John S. Kavulich II, President of the U.S.-Cuba Trade and Economic Council, will be a featured speaker before The Chicago Council on Foreign Relations, one of the largest (7,000 members) international affairs organizations of its kind in the United States. On 5 November 1997, Mr. John S. Kavulich II, President of the U.S.-Cuba Trade and Economic Council, will be meeting with the Editorial Board of the Chicago Tribune, the largest circulation newspaper in the city.
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