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2023
Economic Complexity
Trade -0.42Rank 82 of 132
2021
Economic Complexity
Technology -2.12Rank 96 of 96
2022
Economic Complexity
Research -0.7Rank 104 of 140
2023
Product
Exports | Imports $1.05B | $3.97B159 of 226 |  151 of 226
2023
Per Capita Product
Exports | Imports $95.7 | $360217 of 220 |  190 of 220

About

Overview In 2023 Cuba was the number 159 economy in the world in terms of total exports and the number 151 in total imports.

Exports The top exports of Cuba are Rolled Tobacco ($364M), Nickel Mattes ($139M), Hard Liquor ($106M), Zinc Ore ($105M), and Precious Metal Ore ($62.5M), exporting mostly to China ($358M), Spain ($129M), Germany ($68.1M), Switzerland ($48.2M), and Hong Kong ($43.7M).

Imports The top imports of Cuba are Beer ($335M), Poultry Meat ($330M), Rice ($180M), Soybean Oil ($84.7M), and Wheat ($70.8M), importing mostly from Spain ($938M), China ($504M), Netherlands ($390M), United States ($366M), and Canada ($220M).

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

Latest Trends

Latest Trade

Flow
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Y-AXIS SCALE

The 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.

* Trade values are converted to USD using each month's exchange rate. For December 2023 data, the exchange rate from December 30, 2023 is used.

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Latest Data

Flow
Color
Depth

The data obtained is mirror data. The trade of countries that do not report current data can be reconstructed based on data reported by partner countries with current data available.

*All data is converted to USD using January 2020 exchange rates when data is reported in local currency.

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Historical Data

Yearly Trade

Flow
Color
Depth
Top Export (2023)Rolled Tobacco$364M
Top Destination (2023)China$358M

In 2023, Cuba exported a total of $1.05B, making it the number 159 exporter in the world. During the last five reported years the exports of Cuba have changed by -$560M from $1.61B in 2018 to $1.05B in 2023.

The most recent exports are led by Rolled Tobacco ($364M), Nickel Mattes ($139M), Hard Liquor ($106M), Zinc Ore ($105M), and Precious Metal Ore ($62.5M). The most common destination for the exports of Cuba are China ($358M), Spain ($129M), Germany ($68.1M), Switzerland ($48.2M), and Hong Kong ($43.7M).

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Exports (2023)
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Destinations (2023)
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Market Growth

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Growth
Fastest Growing Export Markets (2022 - 2023)
Hong Kong$20.5M (+ 88.1%)
Cyprus$11.6M (+ 37.5%)
Germany$10.9M (+ 19%)
Fastest Growing Import Markets (2022 - 2023)
Netherlands$138M (+ 54.8%)
Guyana$44.8M (+ 10.5k%)
United Arab Emirates$16.5M (+ 89.3%)

Total Export Growth by Market (2022 - 2023)

Potential Exports

Potential Exports

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Service Trade

Service Trade

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.

Service Exports (2014)

Economic Complexity

Overview

Economic Complexity (Trade)-0.42Rank 82 of 132
Economic Complexity (Technology)-2.12Rank 96 of 96
Economic Complexity (Research)-0.7Rank 104 of 140

Most Specialized Products by RCA Index

Cuba has a high level of specialization in Wood Charcoal (727), Rolled Tobacco (274), Zinc Ore (221), Nickel Mattes (190), and Honey (158). 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

The highest complexity exports of Cuba according to the product complexity index (PCI) are Electrical insulators of any material (1.19), Paintings, drawings, pastels, executed entirely by hand; not drawings of heading no.... (0.94), Natural polymers (e.g. alginic acid) and modified natural polymers (e.g. hardened proteins,... (0.94), Engravings, prints and lithographs; original (0.63), and Copper; powders and flakes (-0.063). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.

Export Opportunities by Relatedness

The top export opportunities for Cuba according to the relatedness index, were Tin Ores (0.075), Gold (0.074), Aluminium Ore (0.067), Crude Petroleum (0.067), and Bran (0.064). 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

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 a country currently specializes in.

Relatedness Space

This network shows the products most related to the production structure of Cuba. These are products that tend to be co-exported with the products that Cuba exports. Higher relatedness values ​​indicate greater knowledge, which predicts a greater probability of exporting that product in the future.

Relatedness Space (2023)

Diversification Frontier

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Depth

The 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.

Diversification Frontier

Economic Complexity Ranking

Methodology
Scale
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During the last 20 years Cuba's⁩ ⁨economy has become relatively less complex, moving from the ⁩⁨60th to the 82nd⁩ 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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