Soybean product (soybeans, soybean oil cake) exports from the United States to the Republic of Cuba have thus far in 2019 exceeded the entire calendar year 2018, representing an increase of 14.59%.
Soybean product exports to the Republic of Cuba for the period January 2019 through May 2019 were US$46,627,034.00 compared to calendar year 2018 of US$40,687,867.00.
The Trade Sanctions Reform and Export Enhancement Act (TSREEA) of 2000 re-authorized the direct export of agricultural commodities and food products from the United States to the Republic of Cuba albeit on a payment-of-cash-in-advance basis.
Since the first exports using provisions of the TSREEA in December 2001, the Republic of Cuba has purchased more than US$6,011,335,411.00 in agricultural commodities and food products exclusive of transportation charges, bank charges, or other costs associated with exports.
On 25 July 2019, the United States Department of Agriculture (USDA) announced a “Support Package for Farmers” valued at US$16 billion “aimed at supporting American agricultural producers while the Administration continues to work on free, fair, and reciprocal trade deals.” Soybean products are a significant component of the Support Package as soybean product exports from the United States to the People’s Republic of China have decreased substantially:
Established in 1994, the U.S.-Cuba Trade and Economic Council provides an efficient and sustainable educational structure in which the United States business community may access accurate, consistent, and timely information and analysis on matters and issues of interest regarding United States-Republic of Cuba commercial, economic, and political relations.