Cuba: Market for Instruments for Measuring Electrical Quantities 2025

Market Size for Instruments for Measuring Electrical Quantities in Cuba

The Cuban market for instruments for measuring electrical quantities shrank notably to $X in 2021, reducing by -33.9% 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). Overall, consumption continues to indicate a relatively flat trend pattern. Over the period under review, the market attained the maximum level at $X in 2018; however, from 2019 to 2021, consumption remained at a lower figure.

Exports of Instruments for Measuring Electrical Quantities

Exports from Cuba

After four years of decline, shipments abroad of instruments for measuring electrical quantities increased by 1,028% to X units in 2021. Overall, exports saw a perceptible increase. The exports peaked at X units in 2016; however, from 2017 to 2021, the exports remained at a lower figure.

In value terms, instruments for measuring electrical quantities exports skyrocketed to $X in 2021. Over the period under review, exports, however, saw a pronounced shrinkage. The exports peaked at $X in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

Exports by Country

Venezuela (X units) was the main destination for instruments for measuring electrical quantities exports from Cuba, accounting for a 76% share of total exports. Moreover, instruments for measuring electrical quantities exports to Venezuela exceeded the volume sent to the second major destination, Germany (X units), threefold.

From 2012 to 2021, the average annual rate of growth in terms of volume to Venezuela amounted to +2.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (0.0% per year) and France (-20.9% per year).

In value terms, Venezuela ($X) remains the key foreign market for instruments for measuring electrical quantities exports from Cuba, comprising 73% of total exports. The second position in the ranking was taken by Germany ($X), with a 24% share of total exports.

From 2012 to 2021, the average annual growth rate of value to Venezuela totaled -3.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (0.0% per year) and France (-24.8% per year).

Export Prices by Country

In 2021, the average export price for instruments for measuring electrical quantities amounted to $X per unit, which is down by -27.4% against the previous year. Over the period under review, the export price recorded a abrupt downturn. The pace of growth appeared the most rapid in 2017 when the average export price increased by 363%. 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 somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, the country with the highest price was France ($X per unit), while the average price for exports to Venezuela ($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 France (-4.2%).

Imports of Instruments for Measuring Electrical Quantities

Imports into Cuba

In 2021, the amount of instruments for measuring electrical quantities imported into Cuba reduced notably to X units, which is down by -42.2% against the previous year's figure. In general, imports, however, enjoyed a moderate increase. The growth pace was the most rapid in 2013 when imports increased by 270% against the previous year. As a result, imports reached the peak of X units. From 2014 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, instruments for measuring electrical quantities imports fell markedly to $X in 2021. Over the period under review, imports continue to indicate a pronounced contraction. The growth pace was the most rapid in 2018 when imports increased by 190%. As a result, imports reached the peak of $X. From 2019 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2021, the Czech Republic (X units) constituted the largest supplier of instruments for measuring electrical quantities to Cuba, with a 82% share of total imports. Moreover, instruments for measuring electrical quantities imports from the Czech Republic exceeded the figures recorded by the second-largest supplier, Spain (X units), more than tenfold. France (X units) ranked third in terms of total imports with a 2.9% share.

From 2012 to 2021, the average annual growth rate of volume from the Czech Republic totaled +79.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (-15.6% per year) and France (-14.3% per year).

In value terms, Austria ($X), Spain ($X) and the Czech Republic ($X) constituted the largest instruments for measuring electrical quantities suppliers to Cuba, with a combined 65% share of total imports.

Austria, with a CAGR of +62.5%, 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 mixed trend patterns.

Import Prices by Country

The average import price for instruments for measuring electrical quantities stood at $X per unit in 2021, with an increase of 34% against the previous year. Overall, the import price, however, recorded a abrupt shrinkage. The import price peaked at $X per unit in 2012; however, from 2013 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 Austria ($X per unit), while the price for the Czech Republic ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Austria (+54.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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