Cuba: Footwear Market 2024

Footwear Market Size in Cuba

The Cuban footwear market dropped slightly to $X in 2021, approximately equating 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, however, faced a significant contraction. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Footwear Exports

Exports from Cuba

For the fifth consecutive year, Cuba recorded growth in overseas shipments of footwear, which increased by 21% to X pairs in 2021. Over the period under review, exports showed strong growth. The growth pace was the most rapid in 2014 when exports increased by 33%. The exports peaked in 2021 and are expected to retain growth in the immediate term.

In value terms, footwear exports surged to $X in 2021. Overall, exports posted significant growth. The most prominent rate of growth was recorded in 2013 when exports increased by 155%. Over the period under review, the exports reached the maximum in 2021 and are expected to retain growth in the near future.

Exports by Country

Barbados (X pairs) was the main destination for footwear exports from Cuba, accounting for a 2.6% share of total exports. Moreover, footwear exports to Barbados exceeded the volume sent to the second major destination, Switzerland (X pairs), threefold. The third position in this ranking was taken by Georgia (X pairs), with a 0.3% share.

From 2012 to 2021, the average annual growth rate of volume to Barbados was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Switzerland (-10.1% per year) and Georgia (0.0% per year).

In value terms, the largest markets for footwear exported from Cuba were Barbados ($X), Switzerland ($X) and Georgia ($X), together accounting for 2.7% of total exports.

In terms of the main countries of destination, Barbados, with a CAGR of 0.0%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average footwear export price stood at $X per pair in 2021, reducing by -3.4% against the previous year. Over the period under review, export price indicated a prominent expansion from 2012 to 2021: its price increased at an average annual rate of +10.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, footwear export price decreased by -14.9% against 2016 indices. The growth pace was the most rapid in 2013 when the average export price increased by 108%. The export price peaked at $X per pair in 2016; however, from 2017 to 2021, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Canada ($X per pair), while the average price for exports to Panama ($X per pair) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Canada (+125.4%), while the prices for the other major destinations experienced mixed trend patterns.

Footwear Imports

Imports into Cuba

After three years of decline, supplies from abroad of footwear increased by 43% to X pairs in 2021. Over the period under review, imports, however, faced a dramatic setback. Imports peaked at X pairs in 2013; however, from 2014 to 2021, imports remained at a lower figure.

In value terms, footwear imports rose rapidly to $X in 2021. Overall, imports, however, recorded a sharp descent. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

China (X pairs), Panama (X pairs) and Spain (X pairs) were the main suppliers of footwear imports to Cuba, with a combined 70% share of total imports. Brazil, Angola, Mexico and Italy lagged somewhat behind, together comprising a further 19%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Angola (with a CAGR of +118.7%), while imports for the other leaders experienced a decline.

In value terms, the largest footwear suppliers to Cuba were Panama ($X), China ($X) and Spain ($X), with a combined 62% share of total imports. These countries were followed by Brazil, Mexico, Italy and Angola, which together accounted for a further 21%.

Angola, with a CAGR of +70.6%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

In 2021, the average footwear import price amounted to $X per pair, reducing by -23.8% against the previous year. Overall, import price indicated slight growth from 2012 to 2021: its price increased at an average annual rate of +1.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2016 when the average import price increased by 48%. As a result, import price attained the peak level of $X per pair. From 2017 to 2021, the average import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Mexico ($X per pair), while the price for Angola ($X per pair) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Italy (+11.4%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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