Cuba: Plastic Ornamental Articles Market 2024

Plastic Ornamental Articles Market Size in Cuba

In 2021, the Cuban plastic ornamental articles market decreased by -45.6% to $X, falling for the second consecutive year after two years of growth. Overall, consumption faced a dramatic contraction. As a result, consumption attained the peak level of $X. From 2014 to 2021, the growth of the market remained at a lower figure.

Plastic Ornamental Articles Exports

Exports from Cuba

After three years of decline, shipments abroad of statuettes and other ornamental articles of plastic increased by 263% to X kg in 2021. Overall, exports posted buoyant growth. Over the period under review, the exports hit record highs at X kg in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

In value terms, plastic ornamental articles exports surged to $X in 2021. Over the period under review, exports posted a resilient expansion. The growth pace was the most rapid in 2013 with an increase of 389%. Over the period under review, the exports attained the peak figure at $X in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

Exports by Country

Mexico (X kg) was the main destination for plastic ornamental articles exports from Cuba, with a 64% share of total exports. Moreover, plastic ornamental articles exports to Mexico exceeded the volume sent to the second major destination, Costa Rica (X kg), threefold. Guatemala (X kg) ranked third in terms of total exports with a 10% share.

From 2012 to 2021, the average annual growth rate of volume to Mexico amounted to +69.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Costa Rica (+6.2% per year) and Guatemala (+18.2% per year).

In value terms, the largest markets for plastic ornamental articles exported from Cuba were Guatemala ($X), Mexico ($X) and Costa Rica ($X), together accounting for 70% of total exports.

Mexico, with a CAGR of +37.1%, 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 more modest paces of growth.

Export Prices by Country

The average plastic ornamental articles export price stood at $X per ton in 2021, standing approx. at the previous year. Over the period under review, the export price, however, saw a noticeable reduction. The most prominent rate of growth was recorded in 2013 an increase of 59%. The export price peaked at $X per ton in 2018; however, from 2019 to 2021, the export prices failed to regain momentum.

Prices varied noticeably country of destination: the country with the highest price was Spain ($X per ton), while the average price for exports to Mexico ($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 El Salvador (+36.0%), while the prices for the other major destinations experienced more modest paces of growth.

Plastic Ornamental Articles Imports

Imports into Cuba

In 2021, overseas purchases of statuettes and other ornamental articles of plastic decreased by -60.4% to X tons, falling for the second year in a row after two years of growth. Over the period under review, imports faced a dramatic decrease. The growth pace was the most rapid in 2019 when imports increased by 54% against the previous year. Over the period under review, imports hit record highs at X tons in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

In value terms, plastic ornamental articles imports fell significantly to $X in 2021. In general, imports showed a sharp descent. The pace of growth appeared the most rapid in 2013 with an increase of 59% against the previous year. As a result, imports reached the peak of $X. From 2014 to 2021, the growth of imports remained at a lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest plastic ornamental articles supplier to Cuba, with a 57% share of total imports. Moreover, plastic ornamental articles imports from China exceeded the figures recorded by the second-largest supplier, Panama (X tons), threefold. The third position in this ranking was taken by Spain (X tons), with a 16% share.

From 2012 to 2021, the average annual growth rate of volume from China totaled -41.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Panama (-11.0% per year) and Spain (-12.6% per year).

In value terms, the largest plastic ornamental articles suppliers to Cuba were China ($X), Spain ($X) and Panama ($X), with a combined 93% share of total imports. These countries were followed by Guatemala, which accounted for a further 0.6%.

Guatemala, with a CAGR of +45.0%, 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 a decline.

Import Prices by Country

The average plastic ornamental articles import price stood at $X per ton in 2021, picking up by 57% against the previous year. Over the period under review, import price indicated a strong expansion from 2012 to 2021: its price increased at an average annual rate of +7.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, plastic ornamental articles import price increased by +62.0% against 2019 indices. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Guatemala (+6.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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