Cuba: Motor Vehicle Radiator Market 2024

Motor Vehicle Radiator Market Size in Cuba

The Cuban motor vehicle radiator market shrank slightly to $X in 2022, falling by -4.8% 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 continues to indicate a deep downturn. As a result, consumption attained the peak level of $X. From 2016 to 2022, the growth of the market failed to regain momentum.

Motor Vehicle Radiator Exports

Exports from Cuba

Motor vehicle radiator exports from Cuba soared to X units in 2022, jumping by 21% compared with 2021 figures. Overall, exports, however, recorded a abrupt descent. The pace of growth was the most pronounced in 2017 with an increase of 1,867% against the previous year. The exports peaked at X units in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

In value terms, motor vehicle radiator exports contracted notably to $X in 2022. Over the period under review, exports, however, recorded a abrupt slump. The growth pace was the most rapid in 2017 when exports increased by 2,213% against the previous year. Over the period under review, the exports attained the maximum at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

Belgium (X units), Venezuela (X units) and Canada (X units) were the main destinations of motor vehicle radiator exports from Cuba, with a combined 70% share of total exports. These countries were followed by Iceland, which accounted for a further 4.4%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Iceland (with a CAGR of 0.0%), while the other leaders experienced a decline.

In value terms, Venezuela ($X) remains the key foreign market for radiators for motor vehicles exports from Cuba, comprising 84% of total exports. The second position in the ranking was held by Belgium ($X), with a 6.9% share of total exports. It was followed by Iceland, with a 0.9% share.

From 2012 to 2022, the average annual growth rate of value to Venezuela was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Belgium (-10.6% per year) and Iceland (0.0% per year).

Export Prices by Country

The average motor vehicle radiator export price stood at $X per unit in 2022, shrinking by -35.5% against the previous year. In general, the export price, however, recorded prominent growth. The most prominent rate of growth was recorded in 2021 an increase of 188%. As a result, the export price reached the peak level of $X per unit, and then fell sharply in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Venezuela (+13.3%), while the prices for the other major destinations experienced a decline.

Motor Vehicle Radiator Imports

Imports into Cuba

In 2022, imports of radiators for motor vehicles into Cuba contracted modestly to X units, falling by -3.9% against the previous year. Overall, imports saw a abrupt curtailment. The most prominent rate of growth was recorded in 2015 with an increase of 177%. Over the period under review, imports hit record highs at X units in 2016; however, from 2017 to 2022, imports stood at a somewhat lower figure.

In value terms, motor vehicle radiator imports reduced slightly to $X in 2022. In general, imports saw a deep reduction. The pace of growth appeared the most rapid in 2015 with an increase of 138%. As a result, imports reached the peak of $X. From 2016 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, Russia (X units) constituted the largest supplier of motor vehicle radiator to Cuba, accounting for a 34% share of total imports. Moreover, motor vehicle radiator imports from Russia exceeded the figures recorded by the second-largest supplier, China (X units), threefold. The third position in this ranking was held by Panama (X units), with a 9.5% share.

From 2012 to 2022, the average annual growth rate of volume from Russia totaled -9.0%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-14.0% per year) and Panama (-6.2% per year).

In value terms, Russia ($X) constituted the largest supplier of radiators for motor vehicles to Cuba, comprising 37% of total imports. The second position in the ranking was taken by China ($X), with a 9.2% share of total imports. It was followed by Panama, with a 6.4% share.

From 2012 to 2022, the average annual growth rate of value from Russia stood at -4.3%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-15.3% per year) and Panama (-2.9% per year).

Import Prices by Country

In 2022, the average motor vehicle radiator import price amounted to $X per unit, standing approx. at the previous year. Over the last decade, it increased at an average annual rate of +2.1%. The most prominent rate of growth was recorded in 2020 an increase of 27%. The import price peaked at $X per unit in 2021, and then dropped in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Germany ($X per unit), while the price for Ukraine ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Russia (+5.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform