Overview of the Cuban Food Market & Prospects for US Exports

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Presentation transcript:

Overview of the Cuban Food Market & Prospects for US Exports Exporting to Cuba Texas-Cuba Trade Alliance Houston, TX March 31, 2011 Parr Rosson, Professor & Director Center for North American Studies Department of Agricultural Economics Texas A&M University

Situation Trade Sanctions Reform & Export Enhancement Act (2000) Allows US Exports of Food, Ag, Forestry & Medicines to Cuba US Ag Exporters May Travel to Cuba on a General License (Sept 8, 2009) Cash-in-Advance Payment for US Exports Required by US Treasury

Overview Cubans Consume Much More Grain, Meat & Milk than Produced 1.75 to 2.1 Times Import Up To 70-80% of Food Needs in Some Years US Has About 40% of Cuba’s Market EU, Brazil, Canada, Vietnam & Argentina Major Competition US Disadvantaged Because Cannot Extend Credit Food Ration System Being Revised (1962) Termination of 500,000 – 1.3 Million Government Employees May Weaken Purchasing Power in Cuba

2008 Hurricane Season

Weaker US Dollar Makes US Exports Less Expensive

The Convertible Peso, or CUC The Convertible Peso (CUC) Is Accepted Everywhere in Cuba The Exchange Rate is 1$ = CUC 0.95, Minus 10% Fee

Cuba: The Market Two Main Markets in Cuba National Market Tourist/Visitor Market Cuba Depends on Nickel, Tourists & Remittances to Earn Foreign Exchange Nickel Represents 1/3 of Cuba’s Export Earnings, $1.0 Billion Tourism Earns $2.0 Billion Annually Remittances Provide About $2.0 Billion Annually-Likely Up in 2011

Visitors to Cuba & Expenditures in Convertible Pesos (CUC) Canadians Account for 40% of All Visitors

Nickel Export Earnings Cuba, Total Exports Products Total $3,664 $2,081 Nickel Export Earnings Down 60% $2,879 - Million CUC - $841 1 Dollar = 0.95 CUC

World Nickel Prices Cuba: 8th Largest Producer, 2d Largest Reserves London Metals Exchange www.lme.com

Cuba, Total Imports - 37%

US Exports to Cuba

US Exports to Cuba by Product

Exports to Cuba by Port State 2010 $370.4 Million Total ($85 M in 2009) Source: WiserTrade, www.wisertrade.org, Trade Data Subscription Service

Market Prospects Low Salaries Limit Market Potential $18-$20/month for Many Cubans High Prices Constrain Food Purchases Those Who Have Access to US $ or Other Foreign Currency Are Much Better Off Estimated to be 60% of Population Taxi Drivers, Hotel & Wait Staff, Tourism Sector, Remittances from US

Final Thoughts Cuba is Top Grain Market in Caribbean, Likely to Remain So Long-term Potential for Texas Products Is Good Things Texas Needs to Work On: Rice, Wheat, Sorghum Beef Processed Foods, Meats, Vegetables, Condiments All Have Potential…But, Hinges on Tourism

Final Thoughts Container Cargo from Texas Important for Future Exports Texas Has Very Good Relationship with Alimport & Cuban Interests Section Consider Visiting the Cuban Interests Section in Washington, D.C. If Remittances & Tourism Maintain Growth Path, 2011 Could Be A Better Year for US Exports

Thanks!! Questions? Parr Rosson 979-845-3070 prosson@tamu.edu Slides Posted at cnas.tamu.edu Parr Rosson 979-845-3070 prosson@tamu.edu