That estimated dollar amount results from a -20.9% decline from $2.1 billion five years earlier in 2019.
Year over year, the total value of Cuban exports dropped -24.8% compared to $2.17 billion for 2022.
Cuba’s 5 most valuable exports are cigars and cigarettes, nickel matte and oxide sinters, zinc ores and concentrates, alcoholic beverages and wood charcoal. That leading quintet represents 46.8% of the total value for Cuban exports during 2023, a relatively strong concentration of products.
Best Cuban Exports Customers
The latest available country-specific data from 2022 shows that 40.4% of products exported from Cuba was bought by importers in: Spain (19% of the Cuban total), mainland China (9.6%), Germany (2.2%), France (1.6%), Venezuela (1.5%), Canada (1.31%), Hong Kong (1.29%), Cyprus (1%), Belgium (0.78%), Italy (0.76%), Mexico (0.69%) and Greece (0.63%).
From a continental perspective, 60.4% of Cuba’s exports by value was delivered to European countries while 26.7% was sold to importers in Asia. Cuba shipped another 8.3% worth of goods to buyers in Latin America excluding Mexico but including the Caribbean.
Smaller percentages went to customers located in North America (4.1%), Oceania’s (0.3%) Australia and New Zealand only, then Africa (0.2%).
Given Cuba’s population of 11.2 million people, its total $1.63 billion worth of exported products in 2023 translates to roughly $150 for every resident in the Caribbean island country. That dollar metric lags the average $170 per capita one year earlier during 2022.
According to Trading Economics, Cuba’s overall Gross Domestic Product per capita was $7,520 for 2023.
Cuba’s Top 10 Exports
The following export product groups represent the highest dollar value in Cuban global shipments during 2023, at the 2-digit Harmonized Tariff System (HTS) code level. Also shown is the percentage share each export category represents in terms of overall exports from Cuba.
- Tobacco, manufactured substitutes: US$361.9 million (22.2% of total exports)
- Ores, slag, ash: $179.7 million (11%)
- Nickel: $168.2 million (10.3%)
- Beverages, spirits, vinegar: $110 million (6.7%)
- Wood: $62 million (3.8%)
- Fish: $54.6 million (3.3%)
- Copper: $19.7 million (1.2%)
- Pharmaceuticals: $19 million (1.2%)
- Dairy, eggs, honey: $14.6 million (0.9%)
- Sugar, sugar confectionery: $14 million (0.9%)
Cuba’s top 10 exported product categories account for 61.5% of the value for the Caribbean country’s overall shipments.
Ores, slag and ash was the fastest grower among the top 10 export categories, up by 6,737% from 2022 to 2023. Zinc ores and concentrates was a major growth driver for this product category.
In second place for improving export sales was Cuban exports of wood via a 94.7% advance.
Cuba’s shipments of tobacco and manufactured substitutes posted the remaining gain in value, up by 57.4%.
The leading decliner among Cuba’s top 10 export categories was sugar including sugar confectionery, pulled down by a -82.7% year-over-year drop.
Drilling down to the more detailed 4-digit HTS codes, Cuba’s 10 most valuable exports are cigars and cigarettes (24.6% of the Cuban total), nickel matte and oxide sinters (9.8%), zinc ores and concentrates (7.5%), alcoholic beverages (also 7.5%), wood charcoal (4.4%), precious metal ores and concentrates (4.3%), crustaceans including lobsters (2.7%), copper waste or scrap (1.3%), live fish (1.1%) then natural honey (1%).
Products Generating Cuba’s Greatest Trade Surpluses
Based on 2022 data, the following types of Cuban product shipments represent positive net exports or a trade balance surplus. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports.
In a nutshell, net exports represent the amount by which foreign spending on a home country’s goods or services exceeds or lags the home country’s spending on foreign goods or services.
- Tobacco, manufactured substitutes: US$348.5 million (Up by 56.7% since 2022)
- Ores, slag, ash: $179.4 million (Up by 7,770%)
- Nickel: $157.8 million (Down by -83.4%)
- Fish: $42.1 million (Down by -12.9%)
- Wood: $26.2 million (Reversing a -$905,000 deficit)
- Copper: $10.6 million (Up by 29.9%)
- Collector items, art, antiques: $6.9 million (Reversing a -$320,000 deficit)
- Lead: $338,000 (Down by -99.3%)
- Raw hides, skins not furskins, leather: $187,000 (Down by -43%)
- Live animals: $28,000 (Reversing a -$49,000 deficit)
Cuba has highly positive net exports in the international trade of tobacco and related products. In turn, these cashflows indicate Cuba’s strong competitive advantages under the tobacco and manufactured substitutes product category.
Products Causing Cuba’s Worst Trade Deficits
Overall, Cuba incurred an estimated -US$3 billion trade deficit for 2023. That negative balance represents a -61.1% decrease from -$7.7 billion in red ink one year earlier in 2022.
Below are exports from Cuba that result in negative net exports or product trade balance deficits. These negative net exports reveal product categories where foreign spending on home country Cuba’s goods trail Cuban importer spending on foreign products.
- Machinery including computers: -US$501.1 million (Down by -30.7% since 2022)
- Meat: -$401.8 million (Down by -27.1%)
- Beverages, spirits, vinegar: -$343.1 million (Reversing a $32.4 million surplus)
- Electrical machinery, equipment: -$289.4 million (Down by -39.7%)
- Cereals: -$260.3 million (Down by -56.8%)
- Vehicles: -$220.5 million (Down by -22.9%)
- Plastics, plastic articles: -$170.3 million (Down by -45.6%)
- Animal/vegetable fats, oils, waxes: -$147.3 million (Down by -28.5%)
- Meat/seafood preparations: -$106.8 million (Up by 4.8%)
- Dairy, eggs, honey: -$103.8 million (Down by -48.3%)
Cuba has highly negative net exports and therefore deep international trade deficits under the machinery including computers category notably machinery parts, refrigerators and freezers, and centrifuges.
Cuban Export Companies
No Cuban corporation ranks among Forbes Global 2000.
Wikipedia lists exports-related companies from Cuba. Selected examples are shown below.
- Cubana de Aviación (airline)
- Cubatabaco (tobacco)
- Cuba Petróleo Unión (oil, gas)
- Havana Club (rum)
- Modelo Brewery (beer)
One key indicator of a country’s economic performance is its unemployment rate. Cuba’s unemployment rate averaged 1.18% for 2023, down from an average 1.25% during 2022 according to Statista.
Cuba’s capital city is Havana.
See also Russia’s Top 10 Imports, Russia’s Top Trading Partners, Sugar Exports by Country and Beer Imports by Country
Research Sources:
Central Intelligence Agency, The World Factbook Country Profiles. Accessed on July 16, 2024
Forbes, Global 2000 rankings, The World’s Biggest Public Companies. Accessed on July 16, 2024
International Monetary Fund, World Economic Outlook Databases (GDP based on Purchasing Power Parity). Accessed on July 16, 2024
International Trade Centre, Trade Map. Accessed on July 16, 2024
Investopedia, Net Exports Definition. Accessed on July 16, 2024
Wikipedia, List of Companies of Cuba. Accessed on July 16, 2024
Wikipedia, Cuba. Accessed on July 16, 2024
WorldOMeter, Cuba Population. Accessed on July 16, 2024