Cuba: Leather Market 2022

Leather Market Size in Cuba

The Cuban leather market was finally on the rise to reach $X in 2021, after three years of decline. The market value increased at an average annual rate of +1.6% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Leather consumption peaked at $X in 2017; however, from 2018 to 2021, consumption remained at a lower figure.

Leather Production in Cuba

In value terms, leather production rose notably to $X in 2021 estimated in export price. In general, production recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 when the production volume increased by 21%. Over the period under review, production hit record highs at $X in 2017; however, from 2018 to 2021, production stood at a somewhat lower figure.

Leather Exports

Exports from Cuba

After two years of growth, shipments abroad of leather decreased by -2.9% to X tons in 2021. Over the period under review, exports continue to indicate a abrupt setback. The most prominent rate of growth was recorded in 2017 when exports increased by 33% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, leather exports fell modestly to $X in 2021. Overall, exports showed a abrupt curtailment. The growth pace was the most rapid in 2017 with an increase of 23% against the previous year. The exports peaked at $X in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

Exports by Country

Hong Kong SAR (X tons), Spain (X tons) and China (X tons) were the main destinations of leather exports from Cuba, together comprising 79% of total exports.

From 2012 to 2021, the biggest increases were in Hong Kong SAR (with a CAGR of +4.9%), while shipments for the other leaders experienced a decline.

In value terms, Hong Kong SAR ($X), Spain ($X) and Turkey ($X) were the largest markets for leather exported from Cuba worldwide, together accounting for 72% of total exports.

Hong Kong SAR, with a CAGR of -4.2%, recorded the highest growth rate of 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

In 2021, the average leather export price amounted to $X per ton, stabilizing at the previous year. In general, the export price, however, saw a abrupt slump. The pace of growth appeared the most rapid in 2013 an increase of 8.1% against the previous year. The export price peaked at $X per ton in 2015; however, from 2016 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2021, the country with the highest price was Turkey ($X per ton), while the average price for exports to Hong Kong SAR ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Turkey (+6.3%), while the prices for the other major destinations experienced a decline.

Leather Imports

Imports into Cuba

In 2021, approx. X tons of leather were imported into Cuba; with an increase of 44% against the previous year's figure. In general, imports, however, recorded a abrupt downturn. The pace of growth was the most pronounced in 2019 with an increase of 44% against the previous year. Over the period under review, imports hit record highs at X tons in 2013; however, from 2014 to 2021, imports remained at a lower figure.

In value terms, leather imports soared to $X in 2021. Over the period under review, imports, however, continue to indicate a noticeable slump. The pace of growth was the most pronounced in 2019 with an increase of 53% against the previous year. As a result, imports reached the peak of $X. From 2020 to 2021, the growth of imports remained at a lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest leather supplier to Cuba, accounting for a 58% share of total imports. Moreover, leather imports from China exceeded the figures recorded by the second-largest supplier, Colombia (X tons), fourfold. The third position in this ranking was taken by Mexico (X tons), with a 7.5% share.

From 2012 to 2021, the average annual growth rate of volume from China stood at +3.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Colombia (-5.5% per year) and Mexico (-9.3% per year).

In value terms, China ($X) constituted the largest supplier of leather to Cuba, comprising 80% of total imports. The second position in the ranking was taken by Colombia ($X), with a 9.4% share of total imports. It was followed by Mexico, with a 3.8% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China amounted to +11.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Colombia (-8.8% per year) and Mexico (+2.2% per year).

Import Prices by Country

In 2021, the average leather import price amounted to $X per ton, waning by -16.3% against the previous year. In general, the import price, however, recorded pronounced growth. The pace of growth was the most pronounced in 2017 when the average import price increased by 71%. The import price peaked at $X per ton in 2019; however, from 2020 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Brazil (+24.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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