Cuba
2020 Product Exports | Imports: $1.15B | $3.4B, 151 of 226 | 149 of 226
2020 Per Capita Product Exports | Imports: $102 | $300, 197 of 219 | 189 of 219
Overview In 2020 Cuba was the number 151 economy in the world in terms of total exports and the number 149 in total imports.
Exports The top exports of Cuba are Rolled Tobacco ($267M), Raw Sugar ($201M), Nickel Mattes ($143M), Hard Liquor ($82.2M), and Zinc Ore ($68.9M), exporting mostly to China ($441M), Spain ($108M), India ($61.5M), Singapore ($50.2M), and Germany ($49.8M).
Imports The top imports of Cuba are Poultry Meat ($266M), Wheat ($141M), Corn ($135M), Concentrated Milk ($128M), and Rice ($72.7M), importing mostly from Spain ($675M), China ($483M), Italy ($211M), Brazil ($209M), and Canada ($197M).
Location Cuba borders Bahamas, Haiti, Honduras, Jamaica, Mexico, United States, and Cayman Islands by sea.
Latest Trends
#permalink to sectionLatest Trade
#permalink to sectionThe following section uses the most recent trade data from partners of Cuba.
Disclaimer: data is presented based on availability and only countries that use the harmonized system are being shown.
*All data is converted to USD using January 2020 exchange rates when data is reported in local currency.
Latest Data
#permalink to sectionData is presented based on data availability. Only countries using the Harmonic System (HS) are selected. Every source is shown using their own latest twelve months of data.
*All data is converted to USD using January 2020 exchange rates when data is reported in local currency.
Historical Data
#permalink to sectionYearly Trade
#permalink to sectionTop Export (2020): Rolled Tobacco, $267M
Top Destination (2020): China, $675M
In 2020, Cuba exported a total of $1.15B, making it the number 151 exporter in the world. During the last five reported years the exports of Cuba have changed by -$238M from $1.39B in 2015 to $1.15B in 2020.
The most recent exports are led by Rolled Tobacco ($267M), Raw Sugar ($201M), Nickel Mattes ($143M), Hard Liquor ($82.2M), and Zinc Ore ($68.9M). The most common destination for the exports of Cuba are China ($441M), Spain ($108M), India ($61.5M), Singapore ($50.2M), and Germany ($49.8M).
Market Growth
#permalink to sectionFastest Growing Export Markets (2019 - 2020)
Fastest Growing Import Markets (2019 - 2020)
- Sweden, $56.8M (+ 217%)
- New Zealand, $15.4M (+ 32.5%)
- South Africa, $5.46M (+ 453%)
Service Trade
#permalink to sectionService Trade
#permalink to sectionCuba 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.
Economic Complexity
#permalink to sectionMost Specialized Products by RCA Index
#permalink to sectionCuba has a high level of specialization in Wood Charcoal (376), Nickel Mattes (335), Rolled Tobacco (163), Zinc Ore (126), and Raw Sugar (117). 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
#permalink to sectionThe highest complexity exports of Cuba according to the product complexity index (PCI) are Aluminium; articles n.e.c. in chapter 76 (0.69), Medicaments; (not goods of heading no. 3002, 3005 or 3006) of two or more constituents mixed together for therapeutic or prophylactic use not in measured doses or in forms or packings for retail sale (0.66), Paintings, drawings, pastels, executed entirely by hand; not drawings of heading no. 4906 and not hand-painted, hand-decorated manufactured articles; collages and similar decorative plaques (0.65), Cigarette paper, whether or not cut to size or in the form of booklets or tubes (0.18), and Oils and other products of the distillation of high temperature coal tar; similar products in which the weight of the aromatic constituents exceeds that of the non-aromatic constituents (-0.068). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.
Export Opportunities by Relatedness
#permalink to sectionThe top export opportunities for Cuba according to the relatedness index, are Gold (0.076), Petroleum Gas (0.065), Non-fillet Frozen Fish (0.065), Bananas (0.064), and Palm Oil (0.063). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that Cuba is not specialized in.
Product Space
#permalink to sectionThe 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 a country currently specializes in.
Diversification Frontier
#permalink to sectionThe Complexity-Relatedness diagram compares the risk vs strategic value of a country's potential export oppotunities. Relatedness is 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 greenhouse emissions.
Economic Complexity Ranking
#permalink to sectionDuring the last 16 years Cuba's economy has become relatively less complex, moving from the 48th to the 76th 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.
