Cuba: Magnetic Card Market 2025

Magnetic Card Market Size in Cuba

The Cuban magnetic card market fell to $X in 2021, which is down by -5% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption faced a abrupt contraction. Magnetic card consumption peaked at $X in 2016; however, from 2017 to 2021, consumption remained at a lower figure.

Magnetic Card Exports

Exports from Cuba

In 2018, magnetic card exports from Cuba rose slightly to X units, growing by 4.3% compared with the previous year. In general, exports recorded a significant expansion. The pace of growth appeared the most rapid in 2016 with an increase of 1,167%. As a result, the exports attained the peak of X units. From 2017 to 2018, the growth of the exports failed to regain momentum.

In value terms, magnetic card exports soared to $X in 2018. Overall, exports enjoyed a significant increase. The pace of growth appeared the most rapid in 2016 with an increase of 2,333%. Over the period under review, the exports reached the maximum in 2018 and are expected to retain growth in the immediate term.

Exports by Country

Canada (X units) was the main destination for magnetic card exports from Cuba, accounting for a approx. 100% share of total exports.

From 2012 to 2018, the average annual growth rate of volume to Canada totaled -20.5%.

In value terms, Canada ($X) also remains the key foreign market for cards incorporating a magnetic stripe exports from Cuba.

From 2012 to 2018, the average annual growth rate of value to Canada stood at +83.9%.

Export Prices by Country

The average magnetic card export price stood at $X per unit in 2018, jumping by 66% against the previous year. In general, the export price posted a significant increase. The most prominent rate of growth was recorded in 2017 when the average export price increased by 223%. The export price peaked in 2018 and is likely to see steady growth in years to come.

As there is only one major export destination, the average price level is determined by prices for Canada.

From 2015 to 2018, the rate of growth in terms of prices for Canada amounted to +131.4% per year.

Magnetic Card Imports

Imports into Cuba

In 2021, overseas purchases of cards incorporating a magnetic stripe decreased by -8.7% to X units, falling for the second year in a row after two years of growth. Overall, imports recorded a abrupt decrease. The pace of growth was the most pronounced in 2015 when imports increased by 147% against the previous year. Over the period under review, imports hit record highs at X units in 2016; however, from 2017 to 2021, imports stood at a somewhat lower figure.

In value terms, magnetic card imports reached $X in 2021. Over the period under review, imports recorded a abrupt contraction. The pace of growth appeared the most rapid in 2018 with an increase of 482% against the previous year. Imports peaked at $X in 2016; however, from 2017 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Spain (X units) constituted the largest magnetic card supplier to Cuba, accounting for a 45% share of total imports. Moreover, magnetic card imports from Spain exceeded the figures recorded by the second-largest supplier, Panama (X units), sevenfold. The third position in this ranking was held by Canada (X units), with a 2.2% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Spain totaled -3.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Panama (-33.9% per year) and Canada (-36.6% per year).

In value terms, Spain ($X) constituted the largest supplier of cards incorporating a magnetic stripe to Cuba, comprising 45% of total imports. The second position in the ranking was taken by Canada ($X), with a 3.2% share of total imports. It was followed by Panama, with a 2.9% share.

From 2012 to 2021, the average annual growth rate of value from Spain stood at -5.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Canada (-33.0% per year) and Panama (-35.5% per year).

Import Prices by Country

In 2021, the average magnetic card import price amounted to $X per unit, growing by 9.8% against the previous year. Over the period under review, the import price saw a perceptible expansion. The growth pace was the most rapid in 2018 an increase of 149% against the previous year. As a result, import price attained the peak level of $X per unit. From 2019 to 2021, the average import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was China ($X per unit), while the price for Panama ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+29.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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