Cuba: Market for Table, Kitchen Or Household Articles And Parts Of Stainless Steel 2024

Market Size for Table, Kitchen Or Household Articles And Parts Of Stainless Steel in Cuba

The Cuban stainless steel household articles market soared to $X in 2021, with an increase of 45% 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, however, continues to indicate a perceptible setback. Stainless steel household articles consumption peaked at $X in 2016; however, from 2017 to 2021, consumption stood at a somewhat lower figure.

Exports of Table, Kitchen Or Household Articles And Parts Of Stainless Steel

Exports from Cuba

In 2021, the amount of table, kitchen or household articles and parts of stainless steel exported from Cuba fell notably to X units, with a decrease of -84% against the year before. In general, exports continue to indicate a sharp reduction. The most prominent rate of growth was recorded in 2015 when exports increased by 1,775% against the previous year. Over the period under review, the exports reached the peak figure at X units in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, stainless steel household articles exports fell significantly to $X in 2021. Overall, exports continue to indicate a dramatic descent. The most prominent rate of growth was recorded in 2015 when exports increased by 2,285% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Singapore (X units) was the main destination for stainless steel household articles exports from Cuba, accounting for a 69% share of total exports. Moreover, stainless steel household articles exports to Singapore exceeded the volume sent to the second major destination, the Dominican Republic (X units), fivefold.

From 2012 to 2021, the average annual growth rate of volume to Singapore amounted to -32.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Dominican Republic (-6.5% per year) and Costa Rica (+10.4% per year).

In value terms, Singapore ($X) remains the key foreign market for stainless steel household articles exports from Cuba, comprising 72% of total exports. The second position in the ranking was held by the Dominican Republic ($X), with a 12% share of total exports.

From 2012 to 2021, the average annual growth rate of value to Singapore amounted to -31.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Dominican Republic (-10.9% per year) and Costa Rica (-20.5% per year).

Export Prices by Country

The average stainless steel household articles export price stood at $X per unit in 2021, which is down by -11% against the previous year. Over the period under review, export price indicated moderate growth from 2012 to 2021: its price increased at an average annual rate of +4.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, stainless steel household articles export price decreased by -20.7% against 2019 indices. The most prominent rate of growth was recorded in 2019 an increase of 111% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2020 to 2021, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, the country with the highest price was Singapore ($X per unit), while the average price for exports to Costa Rica ($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 Singapore (+2.7%), while the prices for the other major destinations experienced a decline.

Imports of Table, Kitchen Or Household Articles And Parts Of Stainless Steel

Imports into Cuba

Stainless steel household articles imports into Cuba soared to X units in 2021, picking up by 38% on 2020. Over the period under review, imports, however, recorded a pronounced decline. The pace of growth appeared the most rapid in 2014 when imports increased by 852% against the previous year. Imports peaked at X units in 2016; however, from 2017 to 2021, imports remained at a lower figure.

In value terms, stainless steel household articles imports soared to $X in 2021. Overall, imports, however, showed a deep contraction. The most prominent rate of growth was recorded in 2014 when imports increased by 537% against the previous year. Over the period under review, imports hit record highs at $X in 2016; however, from 2017 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, the Dominican Republic (X units) constituted the largest supplier of stainless steel household articles to Cuba, accounting for a 54% share of total imports. Moreover, stainless steel household articles imports from the Dominican Republic exceeded the figures recorded by the second-largest supplier, China (X units), threefold. Spain (X units) ranked third in terms of total imports with a 14% share.

From 2012 to 2021, the average annual growth rate of volume from the Dominican Republic amounted to +195.3%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-15.9% per year) and Spain (+21.5% per year).

In value terms, the Dominican Republic ($X) constituted the largest supplier of stainless steel household articles to Cuba, comprising 64% of total imports. The second position in the ranking was held by Spain ($X), with a 17% share of total imports. It was followed by China, with a 9.9% share.

From 2012 to 2021, the average annual growth rate of value from the Dominican Republic stood at +190.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (+11.4% per year) and China (-23.7% per year).

Import Prices by Country

In 2021, the average stainless steel household articles import price amounted to $X per unit, increasing by 7.3% against the previous year. Over the period under review, the import price, however, recorded a pronounced downturn. Over the period under review, average import prices hit record highs at $X per unit in 2013; however, from 2014 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably country of origin: the country with the highest price was Spain ($X per unit), while the price for Angola ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Dominican Republic (-1.7%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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