World Economy

US Blockade Hurting Cuba Exports

US Blockade Hurting Cuba ExportsUS Blockade Hurting Cuba Exports

The US economic, commercial and financial blockade against Cuba affects the country’s foreign trade and hinders the development of foreign investment.

According to a report prepared between April 2015 to April 2016, the losses due to the blockade in this period amounted to $4.10 billion, a much higher figure compared to the previous period, CubaNews reported.

Health and biotechnology are the sectors most affected by the economic and commercial siege, the report said.

Americans and sometimes citizens from other countries were denied access to more than 200 quality medical programs offered by the Caribbean nation, at a loss of over $31 million during the said period.

The sale of the Cuban drug Heberprot-P (which aids feet care for those with diabetics) to only 5% of the American population would earn the Cuban biotechnology industry around $122 million annually, the report said.

Other drugs such as Melagenina Plus, Coriodermina and Piloactive Lotion - to treat vitiligo, psoriasis and alopecia, respectively, would benefit much of the US population and generate big profits for Cuba.

Another Cuban biotechnology industry drug is Vidatox 30CH, a treatment for patients with cancer, which Americans are banned from purchasing.

The export of this medicine to the United States would generate about $900 million.

The lifting of the 50-year blockade would mutually benefit both countries, the report said.