Cuba: Wood Box Market 2024

Wood Box Market Size in Cuba

The Cuban wood box market fell to $X in 2021, dropping by -8.9% 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). Over the period under review, consumption, however, recorded a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2016; however, from 2017 to 2021, consumption failed to regain momentum.

Wood Box Exports

Exports from Cuba

In 2021, the amount of cases, boxes, crates, drums and similar packings of wood exported from Cuba fell notably to X units, waning by -65% on the year before. In general, exports showed a mild contraction. The pace of growth was the most pronounced in 2013 when exports increased by 413% against the previous year. The exports peaked at X units in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

In value terms, wood box exports declined markedly to $X in 2021. Overall, exports saw a deep slump. The growth pace was the most rapid in 2013 when exports increased by 578% against the previous year. The exports peaked at $X in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

Exports by Country

Singapore (X units) was the main destination for wood box exports from Cuba, accounting for a 86% share of total exports. Moreover, wood box exports to Singapore exceeded the volume sent to the second major destination, Iceland (X units), more than tenfold.

From 2012 to 2021, the average annual growth rate of volume to Singapore was relatively modest.

In value terms, Singapore ($X) remains the key foreign market for wood box exports from Cuba, comprising 56% of total exports. The second position in the ranking was taken by Iceland ($X), with a 22% share of total exports.

From 2012 to 2021, the average annual growth rate of value to Singapore totaled -2.1%.

Export Prices by Country

The average wood box export price stood at $X per unit in 2021, which is down by -40% against the previous year. Overall, the export price continues to indicate a deep slump. The most prominent rate of growth was recorded in 2020 when the average export price increased by 148% against the previous year. The export price peaked at $X per unit in 2013; however, from 2014 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably country of destination: the country with the highest price was Iceland ($X per unit), while the average price for exports to Singapore totaled $X per unit.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Canada (+46.9%), while the prices for the other major destinations experienced a decline.

Wood Box Imports

Imports into Cuba

In 2021, after two years of growth, there was significant decline in purchases abroad of cases, boxes, crates, drums and similar packings of wood, when their volume decreased by -12.3% to X units. In general, imports continue to indicate a mild decrease. The pace of growth appeared the most rapid in 2015 when imports increased by 505%. Over the period under review, imports hit record highs at X units in 2016; however, from 2017 to 2021, imports failed to regain momentum.

In value terms, wood box imports fell to $X in 2021. Over the period under review, imports, however, saw modest growth. The pace of growth was the most pronounced in 2015 when imports increased by 758% against the previous year. Over the period under review, imports hit record highs at $X in 2016; however, from 2017 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Thailand (X units) constituted the largest supplier of wood box to Cuba, with a 81% share of total imports. Moreover, wood box imports from Thailand exceeded the figures recorded by the second-largest supplier, the Netherlands (X units), more than tenfold. The Dominican Republic (X units) ranked third in terms of total imports with a 3.9% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Thailand totaled +5.5%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+9.6% per year) and the Dominican Republic (+66.7% per year).

In value terms, Thailand ($X) constituted the largest supplier of wood box to Cuba, comprising 85% of total imports. The second position in the ranking was taken by the Netherlands ($X), with a 3.4% share of total imports. It was followed by the Dominican Republic, with a 3% share.

From 2012 to 2021, the average annual growth rate of value from Thailand amounted to +12.2%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+9.0% per year) and the Dominican Republic (+74.3% per year).

Import Prices by Country

In 2021, the average wood box import price amounted to $X per unit, surging by 6.5% against the previous year. In general, the import price saw a perceptible expansion. The pace of growth was the most pronounced in 2019 when the average import price increased by 105% against the previous year. As a result, import price attained the peak level of $X per unit. From 2020 to 2021, the average import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Thailand ($X per unit), while the price for the Netherlands ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Angola (+36.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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