Embassy of India
Havana

Indian exports to Cuba were $ 17.73 Million in 2005 or about 0.2% of Cuba's total imports. Substantial exports from India take place via third countries especially Spain, Canada, and Panama. Even in Cuban exports to India, the share of trade via third countries is substantial.  
Main Commodities being exported from India to Cuba:  Electronic items, cotton yarn fabrics and made-ups, drugs, pharmaceuticals and fine chemicals, plastic and linoleum products, machinery and instruments, spices etc
Main Commodities being exported to India from Cuba: Vaccines, medicines (like melagenina, interferon and streptokinase) nickel, and cigars.

Trade figures(All figures in USD Million)

DGCIS figures, Ministry of Commerce, GOI – excludes third country Indian exports to Cuba which are sizeable.

Exchange rate:
2005-06 1 US $ = Rs.44.2735
2006-07 1 US $ = Rs.45.2849
Up to June 2007 1 US$ = Rs.40.00 (adopted by mission for conversion)
Source:  Deptt of Commerce, Government of India.

In spite of excellent bilateral political relations and existence of the potential and desire to increase bilateral trade, Indian (direct and indirect) exports to Cuba remain low in the region of US$ 15-18 million due to the difficulties of access to foreign exchange in the hands of importing entities, the difficulties of doing business with Cuba’s socialist system, the small volume of orders for goods and relatively high transport costs from India. The recent decision of the Government of India to waive off the Cuban debt of 63 million USD has removed the biggest hurdle in the growth of Indo-Cuban commercial relations. Several Indian companies are now taking a fresh look at the Cuban market.

A 20-member high level trade delegation visited India during 15 May – 1 June, 2008 and had encouraging trade discussions with CII, FICCI, ASSOCHAM, TATA and other leading business houses in India. Trade in the field of chemicals, engineering goods, pharmaceuticals, tyres, FMCG are bound to take a quantum lead in this financial year. Talks pertaining to opening of credit line from EXIM bank are at an advanced stage for projects relating to fertilizers, chemicals, pumps, public health and automobiles.

ONGC Videsh Limited has set up an office in Havana. It has stakes in eight deep sea blocks of Cuban EEZ sector for oil exploration.  

  In June 2008 ,India and Cuba finalised India Cuba Hydrocarbon Agreement for cooperation in the oil and gas sector. The agreement would be signed shortly. Cuba has invited Indian investment in a new refinery project planned on the west coast of Cuba. The project is slated to have a capacity of 150 thousand barrels a day (7.5 million tonnes per annum). Further Indian companies could also participate in the capacity expansion and up gradation of the existing refineries.