Exports and imports, how Cuba and Australia benefit each other's economy?
In the business of imports and exports, there are certain countries that are known for their specialty products that other countries would be happy to import, and at the same time would export their own goods to meet constant product demand. A country's economy is dependent on a lot of factors, but the most important among these are imports and exports. It's all a matter of meeting the supply and demand, especially when foreign countries would pay top dollar for international products. Between Cuba and Australia, what products are best known in each country?
Let's start with Cuba. Agriculture remains its top export. Among their top products to export is coffee. Cuba is among the top leaders in the production of coffee. As far back as the 18th century up until the 21st century, about 90% of the coffee was being produced in the Sierra Maestra mountains, with harvesting season taking place from September to January. It's because of the large amounts of coffee being exported that even popular culture would associate Cuba with coffee.
Another big export is tobacco. Cuba is the second leading country in the world that produces tobacco, more specifically their signature "Cuban cigars," which are handmade with such skill that the art of rolling a Cuban cigar is very respected by Cubans, which adds to the appeal by buyers and the high price which they are sold. Ever wonder why the wealthy would prefer a Cuban cigar over a regular one? Because they're made with skill, that's why.
On a more serious note, the mining industry of Cuba benefits greatly from the international market, and they are the world's largest producers of nickel, gold, silver, chromium, and cobalt. Cuba has earned as much as 1.9 billion dollars in 2017 alone.
But on the flip side, what about Australia? Cuba is known for cigars and coffee. Australia, on the other hand, is famous for Vegemite, Ugg Boots, and TimTams.
But other than that, Australia, like Cuba, shares their exports with their rich iron ores, which sold even more than the Cuban mining industry at 45 billion. This is mainly due to a large amount of iron being excavated from their Hamersley Basin mine, which is the largest ore deposit in the country.
In addition to mining ore, Australia has also earned billions through their coal mining industry, with 10.8 tons of coal being mined from the Bulga Coal mine in Singleton, New South Wales.
In recent years, efforts to create better trade opportunities have resulted in positive outcomes, such as a trade mission in 2016 where Australian and Cuban companies from the mining and agricultural sector met together to discuss future plans to enhance trade between the countries.
This partnership came as a result of the warming ties between Cuba and the United States after many years of animosity. Australia is always on the lookout for new opportunities to strengthen business ties with other countries. And there's no doubt that the stronger ties would benefit the import-export market even better.