US Embargo (Blockade to Cubans) Continues to Hurt Economy

An article in Cuban newspaper Granma quotes a yearly loss of over $30M USD. I am not going to summarize it or try to put my perspective on it.I am just reprinting it. I obviously don’t know if the figures are accurate, but there is no doubt that being able to purchase prducts at a distance of 90 miles would be a hell of a lot cheaper than bringing in from China.

Higher Cuban construction costs blamed on "Blockade"
Higher Construction Costs Blamed on “Blockade”

The original Granma Article Here, back on Oct 20th, or read quote below:

Full and swift access to construction technologies, materials and products is vital to stimulating building efforts and stopping the deterioration of the country’s housing stock.
It’s not about simplifying or overstating the human aspect or willingness to do things well, but discipline and a well organized work force, in addition to the implementation of a functional and efficient work system, must be complemented by the constant availability of imported raw materials and resources.
The truth is that from April 2015 through April 2016, according to information from the Ministry of Construction (Micons), losses caused to this sector by the U.S. economic, commercial and financial blockade, exceeded 30,868,200 USD; an increase of some 569,000 USD as compared to the same period the previous year.
Ru­bén Camarote, Micons economic manager, noted that the blockade has forced the country to source supplies from further a field, resulting in increased shipping and insurance costs, which exceeded 855,000 USD in the aforementioned period.
Such expenses have primarily been incurred by “marketing entities such as Imeco, responsible for supplying highly demanded products for the country’s construction projects, as well as Construimport, which purchases equipment and is forced to redirect its contracts and purchases toward markets as far away as China,” he noted.
Meanwhile, he also pointed to the negative impact of varying exchange rates on the sector, given the country’s inability to use the U.S. dollar in its financial transactions.
According to Roberto Vásquez, director of Investment and Conservation at the General Housing Directorate, today, in accordance with available technologies, Cuba’s supply purchase rate is high when compared with international averages.

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