Cuba: Luggage Market 2024

Luggage Market Size in Cuba

In 2021, the Cuban luggage market was finally on the rise to reach $X for the first time since 2018, thus ending a two-year declining trend. In general, consumption, however, continues to indicate a noticeable descent. Over the period under review, the market reached the maximum level at $X in 2014; however, from 2015 to 2021, consumption stood at a somewhat lower figure.

Luggage Production in Cuba

In value terms, luggage production surged to $X in 2021 estimated in export price. Overall, production, however, recorded a noticeable decline. The pace of growth appeared the most rapid in 2018 when the production volume increased by 105%. Luggage production peaked at $X in 2014; however, from 2015 to 2021, production failed to regain momentum.

Luggage Exports

Exports from Cuba

In 2021, exports of luggage and handbags from Cuba surged to X kg, rising by 123% compared with the previous year. In general, exports, however, saw a noticeable decline. The growth pace was the most rapid in 2018 when exports increased by 1,290%. As a result, the exports reached the peak of X tons. From 2019 to 2021, the growth of the exports failed to regain momentum.

In value terms, luggage exports expanded sharply to $X in 2021. Over the period under review, exports, however, continue to indicate a deep reduction. The growth pace was the most rapid in 2018 when exports increased by 265% against the previous year. As a result, the exports reached the peak of $X. From 2019 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Slovakia (X kg) was the main destination for luggage exports from Cuba, with a 63% share of total exports. Moreover, luggage exports to Slovakia exceeded the volume sent to the second major destination, Venezuela (X kg), fourfold. Angola (X kg) ranked third in terms of total exports with an 8.9% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Slovakia amounted to +7,200.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Venezuela (-4.5% per year) and Angola (+85.7% per year).

In value terms, Venezuela ($X) remains the key foreign market for luggage and handbags exports from Cuba, comprising 42% of total exports. The second position in the ranking was held by Angola ($X), with an 18% share of total exports. It was followed by Slovakia, with a 15% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Venezuela was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Angola (+95.4% per year) and Slovakia (+29.2% per year).

Export Prices by Country

In 2021, the average luggage export price amounted to $X per ton, declining by -51.3% against the previous year. Over the period under review, the export price continues to indicate a drastic downturn. The growth pace was the most rapid in 2016 when the average export price increased by 127%. As a result, the export price reached the peak level of $X per ton. From 2017 to 2021, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Panama ($X per ton), while the average price for exports to Slovakia ($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 Panama (+20.7%), while the prices for the other major destinations experienced more modest paces of growth.

Luggage Imports

Imports into Cuba

In 2021, approx. X tons of luggage and handbags were imported into Cuba; increasing by 76% compared with the year before. In general, imports, however, showed a deep reduction. Imports peaked at X tons in 2015; however, from 2016 to 2021, imports failed to regain momentum.

In value terms, luggage imports soared to $X in 2021. Overall, imports, however, saw a drastic downturn. The pace of growth was the most pronounced in 2015 when imports increased by 93%. As a result, imports attained the peak of $X. From 2016 to 2021, the growth of imports remained at a lower figure.

Imports by Country

China (X tons), Panama (X tons) and Indonesia (X tons) were the main suppliers of luggage imports to Cuba, together accounting for 57% of total imports. These countries were followed by Spain, Italy and Nicaragua, which together accounted for a further 13%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Nicaragua (with a CAGR of +106,366.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Panama ($X) and Spain ($X) were the largest luggage suppliers to Cuba, with a combined 66% share of total imports. These countries were followed by Italy, Indonesia and Nicaragua, which together accounted for a further 10%.

Nicaragua, with a CAGR of +2,782.4%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average luggage import price stood at $X per ton in 2021, reducing by -17.4% against the previous year. In general, the import price showed a mild curtailment. The growth pace was the most rapid in 2016 when the average import price increased by 21%. As a result, import price attained the peak level of $X per ton. From 2017 to 2021, the average import prices remained at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Spain ($X per ton), while the price for Nicaragua ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+2.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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