Cuba: Sugar Market 2022

Sugar Market Size in Cuba

The Cuban sugar market soared to $X in 2021, surging by 177% against the previous year. In general, consumption showed a significant increase. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Sugar Production in Cuba

In value terms, sugar production fell to $X in 2021 estimated in export price. Over the period under review, the total production indicated a prominent expansion from 2012 to 2021: its value 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, production increased by +92.2% against 2012 indices. The pace of growth appeared the most rapid in 2016 with an increase of 35% against the previous year. Over the period under review, production reached the maximum level at $X in 2020, and then reduced in the following year.

In 2021, the average yield of sugar in Cuba stood at less than X kg per ha, remaining constant against the previous year's figure. Over the period under review, the yield saw a relatively flat trend pattern. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2021, the harvested area of sugar in Cuba amounted to less than X ha, therefore, remained relatively stable against 2020. In general, the harvested area recorded a relatively flat trend pattern.

Sugar Exports

Exports from Cuba

In 2021, approx. X tons of sugar were exported from Cuba; reducing by -29.2% against the year before. In general, exports continue to indicate a abrupt contraction. The pace of growth appeared the most rapid in 2017 when exports increased by 25% against the previous year. The exports peaked at X tons in 2015; however, from 2016 to 2021, the exports remained at a lower figure.

In value terms, sugar exports expanded sharply to $X in 2021. Overall, total exports indicated prominent growth from 2012 to 2021: its value increased at an average annual rate of +8.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +111.6% against 2012 indices. The most prominent rate of growth was recorded in 2017 with an increase of 25% against the previous year. The exports peaked in 2021 and are likely to continue growth in the immediate term.

Exports by Country

China (X tons) was the main destination for sugar exports from Cuba, accounting for a 62% share of total exports. Moreover, sugar exports to China exceeded the volume sent to the second major destination, Russia (X tons), sixfold. The third position in this ranking was taken by Portugal (X tons), with an 8.8% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to China totaled -6.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Russia (-3.5% per year) and Portugal (+5.8% per year).

In value terms, China ($X) remains the key foreign market for sugar exports from Cuba, comprising 69% of total exports. The second position in the ranking was held by Kazakhstan ($X), with a 16% share of total exports. It was followed by Russia, with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of value to China stood at +9.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Kazakhstan (+27.9% per year) and Russia (+13.9% per year).

Export Prices by Country

The average sugar export price stood at $X per ton in 2021, growing by 55% against the previous year. Over the period under review, the export price enjoyed strong growth. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major overseas markets. In 2021, the country with the highest price was Kazakhstan ($X per ton), while the average price for exports to Finland ($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 Kazakhstan (+32.9%), while the prices for the other major destinations experienced more modest paces of growth.

Sugar Imports

Imports into Cuba

In 2021, purchases abroad of sugar was finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. Overall, imports, however, saw a precipitous decrease. Over the period under review, imports attained the peak figure at X tons in 2018; however, from 2019 to 2021, imports remained at a lower figure.

In value terms, sugar imports declined slightly to $X in 2021. In general, imports, however, continue to indicate a significant curtailment. The growth pace was the most rapid in 2018 when imports increased by 55%. As a result, imports reached the peak of $X. From 2019 to 2021, the growth of imports remained at a lower figure.

Imports by Country

In 2021, Angola (X tons) constituted the largest supplier of sugar to Cuba, with a 67% share of total imports. Moreover, sugar imports from Angola exceeded the figures recorded by the second-largest supplier, France (X tons), fivefold. Spain (X tons) ranked third in terms of total imports with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Angola totaled +1,410.4%. The remaining supplying countries recorded the following average annual rates of imports growth: France (-26.5% per year) and Spain (-12.5% per year).

In value terms, Angola ($X), Spain ($X) and France ($X) were the largest sugar suppliers to Cuba, with a combined 93% share of total imports.

In terms of the main suppliers, Angola, with a CAGR of +966.3%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

In 2021, the average sugar import price amounted to $X per ton, dropping by -35.7% against the previous year. Over the period under review, import price indicated a mild increase from 2012 to 2021: its price increased at an average annual rate of +1.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, sugar import price increased by +3.1% against 2013 indices. The pace of growth appeared the most rapid in 2020 an increase of 66% against the previous year. As a result, import price attained the peak level of $X per ton, and then dropped rapidly in the following year.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Russia (+10.6%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform