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.
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.
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.
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.
*The tariffs applied to imports for Cuba are:15: AAP.A25TM N° 36 Acuerdo de Alcance Parcial de Complementación Económica entre la República de Guatemala y la República de Cuba, suscrito al amparo del Artículo 25 del Tratado de Montevideo de 198023: AAP.AG N° 02 - Acuerdo de Alcance Parcial para la Liberación y Expansión del Comercio Intrarregional de Semillas Suscrito por el Art. 12 del TM8039: AAP.CE N° 40 Acuerdo de Complementación Económica N° 40 Celebrado entre la República de Cuba y la República de Venezuela41: AAP.CE N° 42 Acuerdo de Complementación Económica N° 42 Celebrado entre la República de Cuba y la República de Chile42: AAP.CE N° 44 Acuerdo de Complementación Económica N° 44 Celebrado entre la República de Cuba y la República Oriental del Uruguay 43: AAP.CE N° 46 Acuerdo de Complementación Económica N° 46 Celebrado entre la República de Cuba y la República de Ecuador44: AAP.CE N° 47 Acuerdo de Complementación Económica N° 47 Celebrado entre la República de Bolivia y la República de Cuba45: AAP.CE N° 49 Acuerdo de Complementación Económica N° 49 Celebrado entre la República de Colombia y la República de Cuba46: AAP.CE N° 50 Acuerdo de Complementación Económica N° 50 Celebrado entre la República de Cuba y la República del Perú47: AAP.CE N° 51 Acuerdo de Complementación Económica N° 51 Celebrado entre los Estados Unidos Mexicanos y la República de Cuba48: AAP.CE N° 52 - Complementación Económica entre Cuba y Paraguay64: AAP.CE N° 62 - Complementación Económica entre Argentina, Brasil, Paraguay, Uruguay y Cuba78: ALADI/AAP.CE/71 (20 de diciembre de 2013) Acuerdo de Alcance Parcial entre la República de Cuba y la República de Panamá79: AR.AM N° 01 - Acuerdo Regional de Apertura de Mercados en Favor de Bolivia80: AR.AM N° 02 - Acuerdo Regional de Apertura de Mercados en favor de Ecuador81: AR.AM N° 03 - Acuerdo Regional de Apertura de Mercados en Favor de Paraguay82: AR.CEYC N° 7 Acuerdo de Cooperación e Intercambio en las Áreas Cultural, Educacional y Científica (Argentina, Bolivia, Brasil, Chile, Colombia, Cuba, Ecuador, México, Panamá, Paraguay, Perú, Uruguay)83: AR.PAR N° 04 - Preferencia Arancelaria Regional (Argentina Bolivia Brasil Chile Colombia Cuba Ecuador México Panamá Paraguay Perú Uruguay Venezuela)125: General duty rate136: Most Favoured Nation duty rate treatement207: Preferential tariff for El Salvador
During the last 20 years Cuba's economy has become relatively less complex, moving from the 73rd to the 92nd 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.
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.
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.
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.
Cuba
