Cuba: Market for Fuel, Lubricating Or Cooling-Medium Pumps For Internal Combustion Engines 2024

Market Size for Fuel, Lubricating Or Cooling-Medium Pumps For Internal Combustion Engines in Cuba

The Cuban fuel or lubricating pump market expanded rapidly to $X in 2021, rising by 14% 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 recorded a deep reduction. Fuel or lubricating pump consumption peaked at $X in 2013; however, from 2014 to 2021, consumption stood at a somewhat lower figure.

Exports of Fuel, Lubricating Or Cooling-Medium Pumps For Internal Combustion Engines

Exports from Cuba

For the third consecutive year, Cuba recorded decline in shipments abroad of fuel, lubricating or cooling-medium pumps for internal combustion engines, which decreased by -95% to X units in 2021. Overall, exports faced a significant curtailment. The most prominent rate of growth was recorded in 2015 with an increase of 1,220%. As a result, the exports reached the peak of X units. From 2016 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, fuel or lubricating pump exports fell significantly to $X in 2021. Over the period under review, exports saw a dramatic downturn. The most prominent rate of growth was recorded in 2015 when exports increased by 1,790%. As a result, the exports reached the peak of $X. From 2016 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Venezuela (X units) was the main destination for fuel or lubricating pump exports from Cuba, accounting for a approx. 50% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of volume to Venezuela totaled -41.4%.

In value terms, Germany ($X), Venezuela ($X) and Spain ($X) appeared to be the largest markets for fuel or lubricating pump exported from Cuba worldwide, together comprising 73% of total exports.

Spain, with a CAGR of -22.8%, saw the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

The average fuel or lubricating pump export price stood at $X per unit in 2021, growing by 9.8% against the previous year. In general, the export price showed a modest expansion. The most prominent rate of growth was recorded in 2017 when the average export price increased by 45% against the previous year. Over the period under review, the average export prices reached the maximum at $X per unit in 2019; however, from 2020 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably country of destination: the country with the highest price was Germany ($X per unit), while the average price for exports to Venezuela ($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 Venezuela (+4.6%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Fuel, Lubricating Or Cooling-Medium Pumps For Internal Combustion Engines

Imports into Cuba

In 2021, approx. X units of fuel, lubricating or cooling-medium pumps for internal combustion engines were imported into Cuba; with a decrease of -10.8% on 2020 figures. In general, imports saw a abrupt decrease. The most prominent rate of growth was recorded in 2019 when imports increased by 157% against the previous year. Imports peaked at X units in 2013; however, from 2014 to 2021, imports failed to regain momentum.

In value terms, fuel or lubricating pump imports soared to $X in 2021. Overall, imports continue to indicate a perceptible setback. Imports peaked at $X in 2017; however, from 2018 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Russia (X units) constituted the largest supplier of fuel or lubricating pump to Cuba, with a 77% share of total imports. Moreover, fuel or lubricating pump imports from Russia exceeded the figures recorded by the second-largest supplier, Panama (X units), tenfold. Spain (X units) ranked third in terms of total imports with a 2.1% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Russia amounted to -8.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Panama (-10.7% per year) and Spain (-32.7% per year).

In value terms, Russia ($X) constituted the largest supplier of fuel, lubricating or cooling-medium pumps for internal combustion engines to Cuba, comprising 34% of total imports. The second position in the ranking was held by Germany ($X), with a 9.9% share of total imports. It was followed by Spain, with an 8.3% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Russia amounted to +8.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-11.4% per year) and Spain (-13.9% per year).

Import Prices by Country

The average fuel or lubricating pump import price stood at $X per unit in 2021, jumping by 77% against the previous year. In general, the import price continues to indicate a resilient expansion. The import price peaked at $X per unit in 2017; however, from 2018 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+38.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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