Cuba Import Data

Cuba's Import/Export Overview and Domestic Market Update

Imports & Exports

• Top Trade Partners: Cuba primarily trades with Venezuela, China, Spain, and Canada, reflecting its strategic alliances and economic needs.

• Top 5 Imports: 1. Foodstuffs (20% of total imports), 2. Machinery (18%), 3. Chemical products (12%), 4. Transport equipment (8%), 5. Pharmaceuticals (7%).

• Top 5 Exports: 1. Nickel and nickel products (28% of total exports), 2. Cigars and tobacco (10%), 3. Medical services (9%), 4. Sugar (7%), 5. Other minerals (6%).

• Trade Balance: Cuba experiences a significant trade deficit, importing more than it exports, primarily due to the high demand for food and technology.

• Trade Policy: Cuba's trade policy is influenced by its geopolitical relationships and economic sanctions, focusing on strategic partnerships for essential goods.

Domestic Market

• Consumer Spending: Consumer spending is constrained by low wages and high prices, particularly for imported goods, impacting the standard of living.

• Inflation & Interest Rates: Inflation has been a persistent issue, leading the government to adjust monetary policies and interest rates to stabilize the economy.

• Supply Chain: Supply chain challenges, exacerbated by sanctions and global market disruptions, affect the availability of goods and services.

• Industry Performance: The tourism, biotechnology, and service sectors show resilience, while agriculture and manufacturing struggle with inefficiencies and resource constraints.

Overall Outlook

Cuba faces economic challenges, including trade deficits and market instability, but continues to seek diversification and international partnerships to strengthen its economy and improve domestic conditions. The future of Cuba's economy hinges on reforms and external factors such as sanctions relief.