US Blockade causes high losses to Cuban tobacco industry

HAVANA, Oct. 14 (MNA) – In 2014, the economic blockade imposed by the United States against Cuba for more than five decades has caused the island losses amounting to $149.891.400 USD in the tobacco industry, reported Tabacuba.

The Tobacco Business Group of Cuba (Tabacuba), from the Ministry of Agriculture, stated that most losses ($133.400.000 USD) are directly connected to the inability to access the US market.

The groups have reported losses of $123.500.000 USD in the export of Premium cigar and $9.900.000 in machining.

Another loss caused by the measure is linked to imports of goods, packaging materials, auxiliaries, spare parts and other supplies required in the cigarette industry and mechanized cigars, which are acquired from third countries when they could be bought in the US market at a better price.

This leads to higher costs of $3,446,000 USD, informed Tabacuba, the superior organization of business management in the branch.

According to the report, an additional affectation of $400,825,000 is related to the increase in freight costs, transshipment of goods in both imports and exports, so that the shipping companies protect their vessels from fines, and the prohibition to touch US port once they have docked in Cuba.



News Code 111029


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