Cuba
2019 Economic Complexity : -0.69, Rank 105 of 146
2019 Product Exports | Imports: $1.21B | $5.28B, 152 of 225 | 133 of 225
2019 Per Capita Product Exports | Imports: $106 | $466, N/A of N/A | N/A of N/A
Overview In 2019 Cuba was the number 152 in total exports, the number 133 in total imports and the number 105 most complex economy according to the Economic Complexity Index (ECI).
Exports The top exports of Cuba are Rolled Tobacco ($287M), Raw Sugar ($211M), Nickel Mattes ($134M), Hard Liquor ($97.3M), and Zinc Ore ($78.4M), exporting mostly to China ($461M), Spain ($127M), Netherlands ($65.5M), Germany ($64.7M), and Cyprus ($48.9M).
Imports The top imports of Cuba are Poultry Meat ($286M), Wheat ($181M), Soybean Meal ($167M), Corn ($146M), and Concentrated Milk ($136M), importing mostly from Spain ($1.01B), China ($790M), Italy ($327M), Canada ($285M), and Russia ($285M).
Location Cuba borders Bahamas, Haiti, Honduras, Jamaica, Mexico, United States, and Cayman Islands by sea.
Historical Data
#permalink to sectionYearly Exports
#permalink to sectionTop Export (2019): Rolled Tobacco, $287M
Top Destination (2019): China, $461M
In 2019, Cuba exported a total of $1.21B, making it the number 152 exporter in the world. During the last five reported years the exports of Cuba have changed by -$459M from $1.67B in 2014 to $1.21B in 2019.
The most recent exports are led by Rolled Tobacco ($287M), Raw Sugar ($211M), Nickel Mattes ($134M), Hard Liquor ($97.3M), and Zinc Ore ($78.4M). The most common destination for the exports of Cuba are China ($461M), Spain ($127M), Netherlands ($65.5M), Germany ($64.7M), and Cyprus ($48.9M).
Yearly Imports
#permalink to sectionTop Import (2019): Poultry Meat, $286M
Top Origin (2019): Spain, $1.01B
In 2019 Cuba imported $5.28B, making it the number 133 trade destination in the world. During the last five reported years the imports of Cuba changed by -$797M from $6.08B in 2014 to $5.28B in 2019.
The most recent imports of Cuba are led by Poultry Meat ($286M), Wheat ($181M), Soybean Meal ($167M), Corn ($146M), and Concentrated Milk ($136M). The most common import partners for Cuba are Spain ($1.01B), China ($790M), Italy ($327M), Canada ($285M), and Russia ($285M).
Market Growth
#permalink to sectionFastest Growing Export Markets (2018 - 2019)
- Netherlands, $60.9M (+ 1.31k%)
- Uzbekistan, $10.4M (+ 175k%)
- Cyprus, $9.71M (+ 24.8%)
Fastest Growing Import Markets (2018 - 2019)
- Argentina, $97.6M (+ 78.7%)
- Poland, $63.3M (+ 324%)
- Netherlands, $31.4M (+ 16.1%)
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.
Tariffs
#permalink to sectionTariffs by Product
#permalink to sectionThe 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.
*The tariffs applied to imports for Cuba are:
Economic Complexity
#permalink to sectionMost Specialized Products by RCA Index
#permalink to sectionCuba has a high level of specialization in Wood Charcoal (411), Nickel Mattes (328), Rolled Tobacco (161), Raw Sugar (146), and Lead Ore (115). 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 Blood, antisera, vaccines, toxins and cultures (1.02), Articles of aluminium nes (0.92), Gasoline and oil additives (0.71), Paintings, drawings, pastels, collages etc, hand made (0.012), and Original sculptures and statuary, in any material (-0.2). 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 (0.086), Crude Petroleum (0.08), Tin Ores (0.075), Uranium and Thorium Ore (0.074), and Other Oily Seeds (0.073). 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 20 years Cuba's economy has become relatively less complex, moving from the 67th to the 105th 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.