Cuba: Market for Non-Automatic Lubricating Pots, Greasing Nipples, Oil Seal Rings And Hand Wheels 2022

Market Size for Non-Automatic Lubricating Pots, Greasing Nipples, Oil Seal Rings And Hand Wheels in Cuba

In 2021, the Cuban market for non-automatic lubricating pots, greasing nipples, oil seal rings and hand wheels was finally on the rise to reach $X after two years of decline. Over the period under review, consumption recorded a strong increase. As a result, consumption attained the peak level of $X. From 2017 to 2021, the growth of the market remained at a somewhat lower figure.

Exports of Non-Automatic Lubricating Pots, Greasing Nipples, Oil Seal Rings And Hand Wheels

Exports from Cuba

In 2021, shipments abroad of non-automatic lubricating pots, greasing nipples, oil seal rings and hand wheels decreased by -2.5% to X units for the first time since 2017, thus ending a three-year rising trend. Overall, exports, however, posted a perceptible expansion. The pace of growth appeared the most rapid in 2016 when exports increased by 20,600% against the previous year. As a result, the exports reached the peak of X units. From 2017 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, grease fittings and oil seals exports dropped dramatically to $X in 2021. In general, exports showed a noticeable decline. The growth pace was the most rapid in 2016 with an increase of 13,638% against the previous year. As a result, the exports reached the peak of $X. From 2017 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

The Netherlands (X units) was the main destination for grease fittings and oil seals exports from Cuba, accounting for a approx. 100% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of volume to the Netherlands stood at +4.8%.

In value terms, the Netherlands ($X) also remains the key foreign market for grease fittings and oil seals exports from Cuba.

From 2012 to 2021, the average annual growth rate of value to the Netherlands stood at -3.9%.

Export Prices by Country

The average export price for non-automatic lubricating pots, greasing nipples, oil seal rings and hand wheels stood at $X per unit in 2021, shrinking by -32.3% against the previous year. Overall, the export price showed a deep contraction. The most prominent rate of growth was recorded in 2018 an increase of 45%. Over the period under review, the average export prices attained the maximum at $X per unit in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

As there is only one major export destination, the average price level is determined by prices for the Netherlands.

From 2012 to 2021, the rate of growth in terms of prices for the Netherlands amounted to -8.3% per year.

Imports of Non-Automatic Lubricating Pots, Greasing Nipples, Oil Seal Rings And Hand Wheels

Imports into Cuba

In 2021, after two years of decline, there was significant growth in purchases abroad of non-automatic lubricating pots, greasing nipples, oil seal rings and hand wheels, when their volume increased by 19% to X units. In general, imports posted a resilient increase. The most prominent rate of growth was recorded in 2016 when imports increased by 82%. As a result, imports attained the peak of X units. From 2017 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, grease fittings and oil seals imports rose markedly to $X in 2021. Overall, total imports indicated a buoyant expansion from 2012 to 2021: its value increased at an average annual rate of +5.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +9.8% against 2017 indices. The most prominent rate of growth was recorded in 2018 when imports increased by 41%. Over the period under review, imports reached the maximum at $X in 2016; however, from 2017 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, the Netherlands (X units) constituted the largest grease fittings and oil seals supplier to Cuba, accounting for a 56% share of total imports. Moreover, grease fittings and oil seals imports from the Netherlands exceeded the figures recorded by the second-largest supplier, Panama (X units), fivefold. The third position in this ranking was taken by Spain (X units), with a 9.3% share.

From 2012 to 2021, the average annual growth rate of volume from the Netherlands stood at +6.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Panama (+31.7% per year) and Spain (+12.7% per year).

In value terms, the Netherlands ($X) constituted the largest supplier of grease fittings and oil seals to Cuba, comprising 50% of total imports. The second position in the ranking was held by Panama ($X), with a 15% share of total imports. It was followed by Spain, with a 7.9% share.

From 2012 to 2021, the average annual growth rate of value from the Netherlands totaled +2.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Panama (+46.9% per year) and Spain (+18.4% per year).

Import Prices by Country

In 2021, the average import price for non-automatic lubricating pots, greasing nipples, oil seal rings and hand wheels amounted to $X per unit, shrinking by -3.8% against the previous year. Overall, the import price showed a mild downturn. The pace of growth was the most pronounced in 2017 an increase of 34% against the previous year. Over the period under review, average import prices hit record highs at $X per unit in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Panama (+11.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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