| Brief introduction of Bilateral Economic and Trade Ties Between China and Cuba |
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| 2007-08-31 15:24 |
Bilateral trade
The bilateral trade between China and Cuba could be traced back to 1960s and the bilateral trade is mainly about China export to Cuba.
According to the statistics of China Customs, the bilateral trade volume between China and Cuba stood at USD1.792 billion in 2006, up 105.4% year on year. Among them , China export reached USD1.264 billion, up 98.8% and import reached USD 528 million, up 123.0%. The trade volume between China and Cuba during Jan.-June 2007 amounted to USD968 million, up 31.06% over the same period of 2006. Among them, China export reached USD 495 million, down 6.14% and import reached USD 473 million, up 124.03%. Cuba was the ninth biggest trade partner of China in Latin America and Caribbean region in 2006.
Main import and export commodities between China and Cuba include: nickel, sugar, etc. imported by China from Cuba, and electromechanical products, light industrial products, dry bean, etc. exported to Cuba.
Economic cooperation for mutual benefit
MOFCOM statistics indicates that by the end of June 2007 Chinese Ministry of Commerce had approved eight Cuban projects invested in China with contractual foreign capital of USD41.16 million and actual input of USD19.09 million.
By the end of June 2007, China had direct investment (non-financial category) of USD57.52 million in Cuba, covering such fields as agriculture, tourism, telecommunication, light industry, etc. In terms of project engineering and labour service cooperation, contracts with an accumulative contract value of USD 600 million was signed by Chinese companies with a turnover of USD520 million fulfilled. |
