Cuban Gov. Sees Foreign Trade Decline

Both imports and exports will decline in 2009. Photo: Caridad
Both imports and exports will decline in 2009. Photo: Caridad

HAVANA TIMES, July 23 – Grappling with the effects of the global economic crisis, Cuba’s commercial exchange will witness a dramatic drop in 2009, with reductions of around US $3.4 billion in imports and some $500 million in exports, according to a report by the Ministry of Economy and Planning, reported IPS on Thursday.

Belt tightening measures have been set in place at Cuban workplaces where energy savings is considered crucial to cut the imported oil bill.  Many Cuban staff at non-priority workplaces will receive extended vacations during August, the hottest month of the year.