Cuba: Smart Card Market 2022

Smart Card Market Size in Cuba

In 2021, after two years of growth, there was significant decline in the Cuban smart card market, when its value decreased by -8.9% to $X. Over the period under review, consumption, however, recorded a buoyant expansion. Smart card consumption peaked at $X in 2020, and then dropped in the following year.

Smart Card Production in Cuba

In value terms, smart card production reduced to $X in 2021 estimated in export price. Over the period under review, production, however, saw a resilient expansion. The growth pace was the most rapid in 2019 when the production volume increased by 124% against the previous year. Over the period under review, production attained the maximum level at $X in 2020, and then contracted in the following year.

Smart Card Exports

Exports from Cuba

Smart card exports from Cuba surged to X units in 2021, growing by 98% against the previous year's figure. Overall, exports recorded a strong expansion. The pace of growth was the most pronounced in 2019 with an increase of 4,479% against the previous year. As a result, the exports attained the peak of X units. From 2020 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, smart card exports reduced notably to $X in 2021. In general, exports, however, recorded a perceptible descent. The pace of growth appeared the most rapid in 2015 when exports increased by 417% against the previous year. Over the period under review, the exports hit record highs at $X in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

Exports by Country

Spain (X units) was the main destination for smart card exports from Cuba, accounting for a 71% share of total exports. Moreover, smart card exports to Spain exceeded the volume sent to the second major destination, Italy (X units), threefold.

From 2012 to 2021, the average annual growth rate of volume to Spain stood at +70.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Italy (+64.2% per year) and the Netherlands (+115.8% per year).

In value terms, Italy ($X), Spain ($X) and the Netherlands ($X) constituted the largest markets for smart card exported from Cuba worldwide.

The Netherlands, with a CAGR of +109.1%, saw the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average smart card export price stood at $X per unit in 2021, which is down by -67.1% against the previous year. In general, the export price showed a abrupt decline. The pace of growth appeared the most rapid in 2017 an increase of 938%. As a result, the export price attained the peak level of $X per unit. From 2018 to 2021, the average export prices remained at a lower figure.

Prices varied noticeably country of destination: the country with the highest price was Italy ($X per unit), while the average price for exports to Spain ($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 the Netherlands (-3.1%), while the prices for the other major destinations experienced a decline.

Smart Card Imports

Imports into Cuba

In 2021, the amount of cards incorporating an electronic integrated circuit (smart card) imported into Cuba surged to X units, rising by 95% on the previous year's figure. Overall, imports, however, recorded a mild curtailment. The most prominent rate of growth was recorded in 2019 with an increase of 503%. Imports peaked at X units in 2015; however, from 2016 to 2021, imports remained at a lower figure.

In value terms, smart card imports soared to $X in 2021. Over the period under review, imports, however, showed a drastic downturn. The most prominent rate of growth was recorded in 2019 when imports increased by 467% against the previous year. Imports peaked at $X in 2014; however, from 2015 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Mexico (X units) was the main supplier of smart card to Cuba, accounting for a 91% share of total imports. It was followed by Germany (X units), with a 2.1% share of total imports. The third position in this ranking was taken by Spain (X units), with a 2% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Mexico totaled +23.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+13.8% per year) and Spain (-14.5% per year).

In value terms, Mexico ($X) constituted the largest supplier of smart card to Cuba, comprising 76% of total imports. The second position in the ranking was taken by Spain ($X), with a 12% share of total imports. It was followed by Germany, with a 4.8% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Mexico stood at +14.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (-1.4% per year) and Germany (+25.0% per year).

Import Prices by Country

In 2021, the average smart card import price amounted to $X per unit, with an increase of 4.1% against the previous year. Over the period under review, the import price, however, recorded a deep contraction. The most prominent rate of growth was recorded in 2016 an increase of 97%. Over the period under review, average import prices reached the peak figure at $X per unit in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

Prices varied noticeably country of origin: the country with the highest price was Spain ($X per unit), while the price for Mexico ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Spain (+15.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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