Cuba: Market for Sunflower-Seed Or Safflower Oil, Refined, But Not Chemically Modified 2024

Market Size for Sunflower-Seed Or Safflower Oil, Refined, But Not Chemically Modified in Cuba

The Cuban market for sunflower-seed or safflower oil, refined, but not chemically modified rose significantly to $X in 2021, growing by 9.8% against the previous year. Overall, consumption posted a strong increase. Consumption of peaked at $X in 2019; however, from 2020 to 2021, consumption stood at a somewhat lower figure.

Production of Sunflower-Seed Or Safflower Oil, Refined, But Not Chemically Modified in Cuba

In value terms, production of sunflower-seed or safflower oil, refined, but not chemically modified expanded markedly to $X in 2021 estimated in export price. In general, production showed a prominent expansion. The most prominent rate of growth was recorded in 2015 with an increase of 62%. Production of peaked at $X in 2019; however, from 2020 to 2021, production remained at a lower figure.

Exports of Sunflower-Seed Or Safflower Oil, Refined, But Not Chemically Modified

Exports from Cuba

In 2015, shipments abroad of sunflower-seed or safflower oil, refined, but not chemically modified decreased by 0% to X kg for the first time since 2012, thus ending a two-year declining trend. In general, exports recorded a significant expansion. The smallest decline of 99.9% was in 2013. The exports peaked in 2015 and are likely to continue growth in years to come.

In value terms, exports of sunflower-seed or safflower oil, refined, but not chemically modified totaled $X in 2015. Overall, exports saw significant growth. The smallest decline of 99.9% was in 2013. Over the period under review, the exports of attained the maximum in 2015 and are likely to see steady growth in the immediate term.

Exports by Country

Australia (X kg) was the main destination for exports of sunflower-seed or safflower oil, refined, but not chemically modified from Cuba, with a approx. 100% share of total exports.

From 2012 to 2015, the average annual growth rate of volume to Australia stood at +36.0%.

From 2012 to 2015, the average annual rate of growth in terms of value to Australia amounted to +63.2%.

Export Prices by Country

The average export price for sunflower-seed or safflower oil, refined, but not chemically modified stood at $X per ton in 2015, almost unchanged from the previous year. Overall, the export price posted a significant expansion. The most prominent rate of growth was recorded in 2013 a decrease of 99.9%. The export price peaked in 2015 and is expected to retain growth in the near future.

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

From 2012 to 2015, the rate of growth in terms of prices for Australia amounted to +20.0% per year.

Imports of Sunflower-Seed Or Safflower Oil, Refined, But Not Chemically Modified

Imports into Cuba

Imports of sunflower-seed or safflower oil, refined, but not chemically modified into Cuba dropped significantly to X tons in 2021, declining by -67.7% on the previous year. Over the period under review, imports saw a abrupt setback. The pace of growth was the most pronounced in 2016 when imports increased by 89% against the previous year. Over the period under review, imports of reached the peak figure at X tons in 2020, and then declined dramatically in the following year.

In value terms, imports of sunflower-seed or safflower oil, refined, but not chemically modified fell significantly to $X in 2021. In general, imports showed a abrupt shrinkage. The most prominent rate of growth was recorded in 2016 when imports increased by 97% against the previous year. Over the period under review, imports of attained the peak figure at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Portugal (X tons) constituted the largest sunflower-seed or safflower oil, refined, but not chemically modified supplier to Cuba, with a 69% share of total imports. Moreover, imports of sunflower-seed or safflower oil, refined, but not chemically modified from Portugal exceeded the figures recorded by the second-largest supplier, Ukraine (X tons), twofold.

From 2012 to 2021, the average annual growth rate of volume from Portugal totaled -7.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Ukraine (-72.3% per year) and Spain (-33.5% per year).

In value terms, Portugal ($X) constituted the largest supplier of sunflower-seed or safflower oil, refined, but not chemically modified to Cuba, comprising 73% of total imports. The second position in the ranking was taken by Ukraine ($X), with a 23% share of total imports.

From 2012 to 2021, the average annual growth rate of value from Portugal amounted to -10.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Ukraine (-71.6% per year) and Spain (-32.5% per year).

Import Prices by Country

The average import price for sunflower-seed or safflower oil, refined, but not chemically modified stood at $X per ton in 2021, growing by 12% against the previous year. Over the period under review, the import price, however, showed a pronounced decrease. Over the period under review, average import prices attained the peak figure at $X per ton 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 Spain ($X per ton), while the price for Ukraine ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ukraine (+2.5%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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