Flag Cuba

Econ Complexity (2018): -0.54, Rank 92 of 137

Product Exports (2018): $1.18B, Rank 146 of 222

Exports Per Capita (2018): $104, Rank 217 of 219

Product Imports (2018): $5.8B, Rank 123 of 221

Imports Per Capita (2018): $512, Rank 216 of 219

Service Exports (2014): $2.37B, Rank 94 of 176

GDP (2018): $100B, CURRENT US$
Rank 63 of 196

GDP growth (2008 - 2018): 64.5%, CURRENT US$
Rank 64 of 196

GDP PC (2018): $8,822, CURRENT US$
Rank 84 of 196

GDP PC GROWTH (2008 - 2018): 63%, CURRENT US$
Rank 34 of 196

Overview: In 2018 Cuba was the number 63 economy in the world in terms of GDP (current US$), the number 146 in total exports, the number 123 in total imports, and the number 92 most complex economy according to the Economic Complexity Index (ECI). In 2018, Cuba exported $1.18B and imported $5.8B, resulting in a negative trade balance of -$4.62B. In 2018, Cuba's exports per capita were $104 and its imports per capita were $512.

Trade: The top exports of Cuba are Rolled Tobacco ($277M), Raw Sugar ($211M), Nickel Mattes ($173M), Hard Liquor ($116M), and Crustaceans ($81.8M). The top imports of Cuba are Poultry Meat ($254M), Wheat ($160M), Corn ($156M), Concentrated Milk ($117M), and Vehicle Parts ($99M).

Destinations: Cuba exports mostly to China ($446M), Spain ($132M), Germany ($59.8M), Hong Kong ($52.3M), and Portugal ($48.3M), and imports mostly from Spain ($1.14B), China ($1.08B), Mexico ($418M), Russia ($370M), and Brazil ($343M).

Location: Cuba borders Bahamas, Haiti, Honduras, Jamaica, Mexico, United States, and Cayman Islands by sea.

Product Exports

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Depth
Value

Top Export (2018): Rolled Tobacco, $277M

Top Destination (2018): China, $446M

In 2018 Cuba exported a total of $1.18B, making it the number 146 exporter in the world. During the last five reported years the exports of Cuba have changed by -$1.34B from $2.52B in 2013 to $1.18B in 2018.

The most recent exports are led by Rolled Tobacco ($277M), Raw Sugar ($211M), Nickel Mattes ($173M), Hard Liquor ($116M), and Crustaceans ($81.8M). The most common destination for the exports of Cuba are China ($446M), Spain ($132M), Germany ($59.8M), Hong Kong ($52.3M), and Portugal ($48.3M).

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Product Imports

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Depth
Value

Top Import (2018): Poultry Meat, $254M

Top Origin (2018): Spain, $1.14B

In 2018 Cuba imported $5.8B, making it the number 123 trade destination in the world. During the last five reported years the imports of Cuba changed by -$1.15B from $6.95B in 2013 to $5.8B in 2018.

The most recent imports of Cuba are led by Poultry Meat ($254M), Wheat ($160M), Corn ($156M), Concentrated Milk ($117M), and Vehicle Parts ($99M). The most common import partners for Cuba are Spain ($1.14B), China ($1.08B), Mexico ($418M), Russia ($370M), and Brazil ($343M).

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Flow

Fastest Growing Export Markets (2017 - 2018)

Fastest Growing Import Markets (2017 - 2018)

Cuba Exports Services (2014): $2.37B

In 2014, Cuba exported $2.37B worth of services. The top services exported by Cuba in 2014 were Travel ($2.37B).

Cuba did not import services in the same year.

Trade Forecasts

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This section shows forecasts for total product exports and imports for Cuba. The forecast is based in a long short-term memory model or LSTM constructed using yearly trade data.

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Tariffs by Product

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The top product import tariffs by their MFN Ad Valorem value for Cuba are Acetic acid (30%) and Agarbatti, odorifers operated by burning (30%).

Click any of the products in the bar chart to see the specific Ad Valorem Duty Rates by partner country.

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*The tariffs applied to imports for Cuba are:
15: AAP.A25TM N┬░ 36 Acuerdo de Alcance Parcial de Complementaci├│n Econ├│mica entre la Rep├║blica de Guatemala y la Rep├║blica de Cuba, suscrito al amparo del Art├şculo 25 del Tratado de Montevideo de 1980
23: AAP.AG N┬░ 02 - Acuerdo de Alcance Parcial para la Liberaci├│n y Expansi├│n del Comercio Intrarregional de Semillas Suscrito por el Art. 12 del TM80
39: AAP.CE N┬░ 40 Acuerdo de Complementaci├│n Econ├│mica N┬░ 40 Celebrado entre la Rep├║blica de Cuba y la Rep├║blica de Venezuela
41: AAP.CE N┬░ 42 Acuerdo de Complementaci├│n Econ├│mica N┬░ 42 Celebrado entre la Rep├║blica de Cuba y la Rep├║blica de Chile
42: AAP.CE N┬░ 44 Acuerdo de Complementaci├│n Econ├│mica N┬░ 44 Celebrado entre la Rep├║blica de Cuba y la Rep├║blica Oriental del Uruguay
43: AAP.CE N┬░ 46 Acuerdo de Complementaci├│n Econ├│mica N┬░ 46 Celebrado entre la Rep├║blica de Cuba y la Rep├║blica de Ecuador
44: AAP.CE N┬░ 47 Acuerdo de Complementaci├│n Econ├│mica N┬░ 47 Celebrado entre la Rep├║blica de Bolivia y la Rep├║blica de Cuba
45: AAP.CE N┬░ 49 Acuerdo de Complementaci├│n Econ├│mica N┬░ 49 Celebrado entre la Rep├║blica de Colombia y la Rep├║blica de Cuba
46: AAP.CE N┬░ 50 Acuerdo de Complementaci├│n Econ├│mica N┬░ 50 Celebrado entre la Rep├║blica de Cuba y la Rep├║blica del Per├║
47: AAP.CE N┬░ 51 Acuerdo de Complementaci├│n Econ├│mica N┬░ 51 Celebrado entre los Estados Unidos Mexicanos y la Rep├║blica de Cuba
48: AAP.CE N┬░ 52 - Complementaci├│n Econ├│mica entre Cuba y Paraguay
64: AAP.CE N┬░ 62 - Complementaci├│n Econ├│mica entre Argentina, Brasil, Paraguay, Uruguay y Cuba
78: ALADI/AAP.CE/71 (20 de diciembre de 2013) Acuerdo de Alcance Parcial entre la República de Cuba y la República de Panamá
79: AR.AM N┬░ 01 - Acuerdo Regional de Apertura de Mercados en Favor de Bolivia
80: AR.AM N┬░ 02 - Acuerdo Regional de Apertura de Mercados en favor de Ecuador
81: AR.AM N┬░ 03 - Acuerdo Regional de Apertura de Mercados en Favor de Paraguay
82: AR.CEYC N┬░ 7 Acuerdo de Cooperaci├│n e Intercambio en las ├üreas Cultural, Educacional y Cient├şfica (Argentina, Bolivia, Brasil, Chile, Colombia, Cuba, Ecuador, M├ęxico, Panam├í, Paraguay, Per├║, Uruguay)
83: AR.PAR N┬░ 04 - Preferencia Arancelaria Regional (Argentina Bolivia Brasil Chile Colombia Cuba Ecuador M├ęxico Panam├í Paraguay Per├║ Uruguay Venezuela)
125: General duty rate
136: Most Favoured Nation duty rate treatement
207: Preferential tariff for El Salvador

Economic Complexity

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Economic Complexity Ranking

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Scale

During the last 20 years Cuba'sÔüę ÔüĘeconomy has become relatively less complex, moving from the ÔüęÔüĘ73rd to the 92ndÔüę position in the ECI rank.

These economic complexity rankings use 6 digit exports classified according to the HS96 classification. We consider only countries with population of at least 1 million and exports of at least $1 billion, and products with world trade over $500 million. To explore different rankings and vary these parameters visit the custom rankings section.

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Most Specialized Products by RCA Index

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Cuba has a high level of specialization in Nickel Mattes (455), Wood Charcoal (406), Rolled Tobacco (159), Raw Sugar (139), and Honey (87.1). Specialization is measured using RCA, an index that takes the ratio between Cuba observed and expected exports in each product.

Most Complex Products by PCI

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The highest complexity exports of Cuba according to the product complexity index (PCI) are Blood, antisera, vaccines, toxins and cultures (1.21), Alloy steel in ingots in primary form or semi-finished (0.7), Thermionic and cold cathode valves and tubes (0.67), Photographic cameras (except cine), accessories (0.31), and Original sculptures and statuary, in any material (-0.076). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.

Export Opportunities by Relatedness

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The top export opportunities for Cuba according to the relatedness index, are Gold (0.075), Crude Petroleum (0.073), Other Oily Seeds (0.066), Tropical Fruits (0.063), and Other Ores (0.062). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that Cuba is not specialized in.

The product space is a network connecting products that are likely to be co-exported. The product space can be used to predict future exports, since countries are more likely to start exporting products that are related to current exports. Relatedness measures the distance between a product, and all of the products it is currently specialized in.

Diversification Frontier

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The Complexity-Relatedness diagram compares the risk and the strategic value of a country's potential export oppotunities. Relatedness is a predictive of the probability that a country increases its exports in a product. Complexity, is associated with higher levels of income, economic growth, less income inequality, and lower emissions.