01Key Takeaways
- Cuba exported $2.17 billion worth of goods in 2022, up 10.4% from $1.97 billion in 2021.
- Nickel and articles thereof accounted for 44.3% of export value, worth $961.0 million, more than triple the next largest category.
- Spain was the top named destination at 16.0% ($346.8 million), followed by China at 8.1% ($175.5 million).
- The largest single share, 59.2% ($1.29 billion), is recorded under unspecified destinations rather than a named trading partner.
024-Year Trend
| Year | 2019 | 2020 | 2021 | 2022 |
|---|---|---|---|---|
| Value | $2.1B | $1.7B | $2.0B | $2.2B |
03Top Export Markets (2022)
| Rank | Partner | Value | Share |
|---|---|---|---|
| 1 | Areas, nes | $1.3B | 59.2% |
| 2 | Spain | $346.8M | 16.0% |
| 3 | China | $175.5M | 8.1% |
| 4 | Germany | $40.8M | 1.9% |
| 5 | France | $28.7M | 1.3% |
| 6 | Venezuela | $26.9M | 1.2% |
| 7 | Canada | $23.9M | 1.1% |
| 8 | Hong Kong SAR China | $23.5M | 1.1% |
| 9 | Cyprus | $17.5M | 0.8% |
| 10 | Belgium | $14.3M | 0.7% |
04Top Export Categories (2022)
| Rank | Category | Value | Share |
|---|---|---|---|
| 1 | Nickel and Articles thereof | $961.0M | 44.3% |
| 2 | Beverages, Spirits and Vinegar | $264.8M | 12.2% |
| 3 | Tobacco and Manufactured Tobacco Substitutes | $230.0M | 10.6% |
| 4 | Mineral Fuels, Mineral Oils and Products of their Distillation; Bituminous Substances; Mineral Waxes | $142.8M | 6.6% |
| 5 | Zinc and Articles thereof | $102.7M | 4.7% |
| 6 | Pharmaceutical Products | $101.2M | 4.7% |
| 7 | Sugars and Sugar Confectionery | $80.6M | 3.7% |
| 8 | Fish and Crustaceans, Molluscs and other Aquatic Invertebrates | $62.5M | 2.9% |
| 9 | Lead and Articles thereof | $53.0M | 2.4% |
| 10 | Wood and Articles of Wood; Wood Charcoal | $31.9M | 1.5% |
05Trade Partner Map
06Analysis
Nickel Anchors a Trade Mix Built Around Few Categories
Cuba exported $2.17 billion worth of goods in 2022. That was up 10.4% from $1.97 billion the year before. Nickel and articles thereof led every other category by a wide margin. The metal alone brought in $961.0 million, worth 44.3% of total export value. That is more than triple the next largest category. Cuba's mining sector centers on nickel and cobalt deposits concentrated mainly around Moa, in the eastern province of Holguín. Rising global demand for battery metals has kept those reserves commercially important despite years of underinvestment in the country's aging processing plants. Beverages, spirits and vinegar followed at 12.2% ($264.8 million). Tobacco and related products, including cigars, added 10.6% ($230.0 million). Together, these three categories made up more than two thirds of everything Cuba sold abroad in 2022.
Mineral fuels contributed a further 6.6% ($142.8 million). Zinc followed closely at 4.7% ($102.7 million). Pharmaceutical products contributed almost the same share, 4.7% ($101.2 million). Cuba built its biotechnology and pharmaceutical sector through decades of state investment. It remains one of the few manufacturing industries the country markets internationally under its own brand names. Sugar, once the backbone of the Cuban economy, has shrunk to a comparatively modest 3.7% ($80.6 million) of export value. Fish and crustaceans added 2.9% ($62.5 million). Lead and wood products rounded out the top ten, at 2.4% ($53.0 million) and 1.5% ($31.9 million).
Most Export Value Has No Named Buyer
Most of Cuba's export value in 2022 does not appear under a named trading partner at all. The largest share, 59.2% ($1.29 billion), is recorded under unspecified destinations in the trade data. Statisticians use that category when the reporting country does not disclose a specific buyer. Nickel carries outsized weight in Cuba's export mix. The decades-long US embargo also restricts how the country can sell into many markets. Given both factors, that pattern is not surprising.
Among the destinations that are identified, Spain ranks first, taking 16.0% of total exports, worth $346.8 million. China follows at 8.1% ($175.5 million). Together, the two named partners plus the unspecified-destination share account for more than 83% of everything Cuba exported in 2022. Germany took 1.9% ($40.8 million), and France followed at 1.3% ($28.7 million). Venezuela ranked sixth at 1.2% ($26.9 million). That is a modest figure for a country long tied to Cuba through subsidized oil-for-services exchanges in earlier decades. Canada and Hong Kong SAR China were nearly tied for seventh place, each close to 1.1% of total value, worth $23.9 million and $23.5 million respectively. Cyprus and Belgium closed out the top ten, at 0.8% ($17.5 million) and 0.7% ($14.3 million).
A Four-Year Climb After the Pandemic Downturn
Confirmed export data for Cuba currently covers four years, from 2019 through 2022, rather than a full five-year span. Within that window, exports stood at $2.06 billion in 2019. They fell to $1.70 billion in 2020, as the pandemic disrupted global trade. Exports then recovered to $1.97 billion in 2021 and climbed further to $2.17 billion in 2022, a 10.4% increase. That leaves the 2022 total slightly above the level recorded in 2019, before the pandemic hit. Nickel prices firmed over the same period. That likely supported the recovery, given how much of Cuba's export value rests on that single commodity. For a closer look at how individual partner countries or product categories moved, the data panels above provide the full detail behind these figures.