Cuba: Market for Vacuum Pumps and Air or Gas Compressors 2022

Market Size for Vacuum Pumps and Air or Gas Compressors in Cuba

After three years of decline, the Cuban market for vacuum pumps and air or gas compressors increased by 1.8% to $X in 2021. In general, consumption, however, saw a abrupt contraction. As a result, consumption reached the peak level of $X. From 2014 to 2021, the growth of the market remained at a lower figure.

Exports of Vacuum Pumps and Air or Gas Compressors

Exports from Cuba

In 2021, the amount of vacuum pumps and air or gas compressors exported from Cuba surged to X units, picking up by 222% compared with the year before. In general, exports, however, showed a deep setback. Over the period under review, the exports of attained the peak figure at X units in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, exports of vacuum pumps and air or gas compressors surged to $X in 2021. Over the period under review, exports, however, continue to indicate a abrupt setback. The exports peaked at $X in 2015; however, from 2016 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Belgium (X units) was the main destination for exports of vacuum pumps and air or gas compressors from Cuba, with a 53% share of total exports. Moreover, exports of vacuum pumps and air or gas compressors to Belgium exceeded the volume sent to the second major destination, the Netherlands (X units), threefold. Spain (X units) ranked third in terms of total exports with a 13% share.

From 2012 to 2021, the average annual growth rate of volume to Belgium totaled +71.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (+51.1% per year) and Spain (-6.2% per year).

In value terms, Denmark ($X) emerged as the key foreign market for vacuum pump and air or gas compressor exports from Cuba, comprising 67% of total exports. The second position in the ranking was taken by Spain ($X), with a 12% share of total exports. It was followed by Belgium, with a 9.3% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Denmark was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Spain (-8.4% per year) and Belgium (+87.8% per year).

Export Prices by Country

The average export price for vacuum pumps and air or gas compressors stood at $X per unit in 2021, growing by 194% against the previous year. Overall, the export price recorded a resilient expansion. The export price peaked at $X per unit in 2015; however, from 2016 to 2021, the export prices remained at a lower figure.

Prices varied noticeably country of destination: the country with the highest price was Denmark ($X per unit), while the average price for exports to Belgium ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Germany (+233.0%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Vacuum Pumps and Air or Gas Compressors

Imports into Cuba

In 2021, overseas purchases of vacuum pumps and air or gas compressors were finally on the rise to reach X units after four years of decline. Overall, imports, however, saw a drastic downturn. The pace of growth was the most pronounced in 2013 with an increase of 77% against the previous year. As a result, imports attained the peak of X units. From 2014 to 2021, the growth of imports of failed to regain momentum.

In value terms, imports of vacuum pumps and air or gas compressors expanded to $X in 2021. Over the period under review, imports, however, continue to indicate a deep setback. The pace of growth appeared the most rapid in 2013 with an increase of 59%. As a result, imports attained the peak of $X. From 2014 to 2021, the growth of imports of remained at a lower figure.

Imports by Country

Panama (X units), China (X units) and Russia (X units) were the main suppliers of imports of vacuum pumps and air or gas compressors to Cuba, with a combined 72% share of total imports. These countries were followed by Italy, Trinidad and Tobago, Spain, Mexico, Thailand, Chile, South Korea and Germany, which together accounted for a further 21%.

From 2012 to 2021, the biggest increases were in Trinidad and Tobago (with a CAGR of +50.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest vacuum pump and air or gas compressor suppliers to Cuba were China ($X), Russia ($X) and Spain ($X), together accounting for 54% of total imports.

Russia, with a CAGR of +10.1%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average import price for vacuum pumps and air or gas compressors stood at $X per unit in 2021, rising by 2.1% against the previous year. Overall, import price indicated a resilient increase from 2012 to 2021: its price increased at an average annual rate of +5.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, import price for vacuum pumps and air or gas compressors decreased by -8.4% against 2019 indices. The pace of growth was the most pronounced in 2017 when the average import price increased by 35% against the previous year. Over the period under review, average import prices reached the maximum at $X per unit in 2019; however, from 2020 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Germany ($X per unit), while the price for Chile ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+23.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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