Cuba: Biological Product Market 2024

Biological Product Market Size in Cuba

The Cuban biological product market expanded to $X in 2021, with an increase of 2.3% against the previous year. Overall, the total consumption indicated a measured increase from 2012 to 2021: its value increased at an average annual rate of +2.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +106.7% against 2015 indices. Over the period under review, the market attained the maximum level in 2021 and is likely to see gradual growth in the immediate term.

Biological Product Production in Cuba

In value terms, biological product production fell slightly to $X in 2021 estimated in export price. Overall, the total production indicated perceptible growth from 2012 to 2021: its value increased at an average annual rate of +2.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +98.7% against 2015 indices. The growth pace was the most rapid in 2018 with an increase of 84%. Biological product production peaked at $X in 2020, and then shrank modestly in the following year.

Biological Product Exports

Exports from Cuba

In 2021, overseas shipments of biological products decreased by -23.7% to X tons, falling for the second consecutive year after two years of growth. Over the period under review, exports faced a abrupt curtailment. The pace of growth appeared the most rapid in 2018 when exports increased by 25% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, biological product exports reduced to $X in 2021. In general, exports recorded a abrupt shrinkage. The most prominent rate of growth was recorded in 2018 with an increase of 40% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Chile (X tons), Colombia (X tons) and Nicaragua (X tons) were the main destinations of biological product exports from Cuba, together comprising 58% of total exports. These countries were followed by Turkey, Thailand, Togo, South Africa, Argentina and Ecuador, which together accounted for a further 30%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Togo (with a CAGR of +386.4%), while the other leaders experienced more modest paces of growth.

In value terms, Nicaragua ($X) emerged as the key foreign market for biological products exports from Cuba, comprising 44% of total exports. The second position in the ranking was taken by Togo ($X), with a 10% share of total exports. It was followed by Thailand, with a 6.7% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Nicaragua totaled +23.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Togo (+460.1% per year) and Thailand (+28.5% per year).

Export Prices by Country

The average biological product export price stood at $X per ton in 2021, with an increase of 24% against the previous year. Overall, export price indicated a temperate expansion from 2012 to 2021: its price increased at an average annual rate of +4.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, biological product export price increased by +32.4% against 2019 indices. The pace of growth was the most pronounced in 2016 when the average export price increased by 36%. The export price peaked at $X per ton in 2018; however, from 2019 to 2021, the export prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Pakistan (+20.4%), while the prices for the other major destinations experienced more modest paces of growth.

Biological Product Imports

Imports into Cuba

In 2021, supplies from abroad of biological products increased by 152% to X tons, rising for the second consecutive year after two years of decline. Over the period under review, imports posted resilient growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, biological product imports soared to $X in 2021. Overall, imports recorded buoyant growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

China (X tons), Germany (X tons) and Costa Rica (X tons) were the main suppliers of biological product imports to Cuba, together comprising 87% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by China (with a CAGR of +119.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest biological product suppliers to Cuba were China ($X), Costa Rica ($X) and Germany ($X), with a combined 83% share of total imports.

In terms of the main suppliers, China, with a CAGR of +139.8%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average biological product import price stood at $X per ton in 2021, falling by -33% against the previous year. Over the period under review, the import price, however, showed strong growth. The most prominent rate of growth was recorded in 2018 an increase of 146%. Over the period under review, average import prices attained the maximum at $X per ton in 2019; however, from 2020 to 2021, import prices failed to regain momentum.

Prices varied noticeably country of origin: the country with the highest price was Costa Rica ($X per ton), while the price for Brazil ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by France (+31.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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