Cuba: Market for Residential, Commercial and Industrial Lighting Fixture 2024

Market Size for Residential, Commercial and Industrial Lighting Fixture in Cuba

The Cuban market for residential, commercial and industrial lighting fixture dropped significantly to $X in 2021, reducing by -24.5% 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 saw a deep setback. As a result, consumption attained the peak level of $X. From 2014 to 2021, the growth of the market failed to regain momentum.

Exports of Residential, Commercial and Industrial Lighting Fixture

Exports from Cuba

In 2021, shipments abroad of residential, commercial and industrial lighting fixture decreased by -8.5% to X units, falling for the third year in a row after two years of growth. Overall, exports faced a deep setback. The pace of growth appeared the most rapid in 2015 with an increase of 500%. As a result, the exports attained the peak of X units. From 2016 to 2021, the growth of the exports of remained at a lower figure.

In value terms, exports of residential, commercial and industrial lighting fixture dropped notably to $X in 2021. In general, exports recorded a precipitous curtailment. The most prominent rate of growth was recorded in 2015 with an increase of 546%. As a result, the exports reached the peak of $X. From 2016 to 2021, the growth of the exports of failed to regain momentum.

Exports by Country

Venezuela (X units), Spain (X units) and Saint Vincent and the Grenadines (X units) were the main destinations of exports of residential, commercial and industrial lighting fixture from Cuba, together accounting for 88% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Spain (with a CAGR of +59.4%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for residential, commercial and industrial lighting fixture exported from Cuba were Venezuela ($X), Italy ($X) and Spain ($X), with a combined 73% share of total exports.

Spain, with a CAGR of +48.0%, recorded the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average export price for residential, commercial and industrial lighting fixture stood at $X per unit in 2021, which is down by -9.7% against the previous year. In general, the export price showed a perceptible reduction. The most prominent rate of growth was recorded in 2014 when the average export price increased by 142% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per unit 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 export markets. In 2021, amid the top suppliers, the country with the highest price was Panama ($X per unit), while the average price for exports to Saint Vincent and the Grenadines ($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 Panama (+18.8%), while the prices for the other major destinations experienced a decline.

Imports of Residential, Commercial and Industrial Lighting Fixture

Imports into Cuba

In 2021, the amount of residential, commercial and industrial lighting fixture imported into Cuba shrank remarkably to X units, with a decrease of -24.5% compared with 2020. In general, imports showed a deep setback. The growth pace was the most rapid in 2013 when imports increased by 69% against the previous year. As a result, imports reached the peak of X units. From 2014 to 2021, the growth of imports of remained at a somewhat lower figure.

In value terms, imports of residential, commercial and industrial lighting fixture dropped rapidly to $X in 2021. Overall, imports recorded a perceptible setback. The most prominent rate of growth was recorded in 2018 with an increase of 59%. As a result, imports attained the peak of $X. From 2019 to 2021, the growth of imports of remained at a lower figure.

Imports by Country

Spain (X units), China (X units) and Panama (X units) were the main suppliers of imports of residential, commercial and industrial lighting fixture to Cuba, with a combined 53% share of total imports. These countries were followed by Italy, Costa Rica and Mexico, which together accounted for a further 12%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Mexico (with a CAGR of +20.5%), while imports for the other leaders experienced a decline.

In value terms, Spain ($X), Panama ($X) and China ($X) appeared to be the largest residential, commercial and industrial lighting fixture suppliers to Cuba, together comprising 51% of total imports. These countries were followed by Italy, Mexico and Costa Rica, which together accounted for a further 13%.

Mexico, with a CAGR of +24.7%, saw the highest rates of growth with regard to the value of imports, among 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 residential, commercial and industrial lighting fixture stood at $X per unit in 2021, stabilizing at the previous year. Overall, import price indicated resilient growth from 2012 to 2021: its price increased at an average annual rate of +7.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, import price for residential, commercial and industrial lighting fixture increased by +29.4% against 2019 indices. The growth pace was the most rapid in 2014 when the average import price increased by 97% against the previous year. Over the period under review, average import prices hit record highs in 2021 and is likely to see gradual growth in years to come.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Mexico ($X per unit), while the price for Costa Rica ($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 (+15.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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