Cuba: Toy Market 2024

Toy Market Size in Cuba

In 2021, the Cuban toy market decreased by -17% to $X for the first time since 2018, thus ending a two-year rising trend. Over the period under review, consumption, however, posted resilient growth. Toy consumption peaked at $X in 2020, and then fell significantly in the following year.

Toy Production in Cuba

In value terms, toy production contracted significantly to $X in 2021 estimated in export price. In general, production, however, posted a buoyant increase. The pace of growth was the most pronounced in 2017 with an increase of 80% against the previous year. Toy production peaked at $X in 2020, and then reduced sharply in the following year.

Toy Exports

Exports from Cuba

In 2021, approx. X kg of dolls and toys were exported from Cuba; growing by 121% compared with the previous year. Over the period under review, exports, however, faced a drastic downturn. The most prominent rate of growth was recorded in 2018 when exports increased by 415% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, toy exports surged to $X in 2021. Overall, exports, however, showed a perceptible slump. The pace of growth was the most pronounced in 2018 when exports increased by 182% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Germany (X kg), Switzerland (X kg) and Costa Rica (X kg) were the main destinations of toy exports from Cuba.

From 2012 to 2021, the biggest increases were recorded for Costa Rica (with a CAGR of +32.6%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), Switzerland ($X) and Guatemala ($X) appeared to be the largest markets for toy exported from Cuba worldwide, with a combined 62% share of total exports.

In terms of the main countries of destination, Germany, with a CAGR of +11.8%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average toy export price amounted to $X per ton, growing by 1.5% against the previous year. Overall, the export price enjoyed a resilient increase. The most prominent rate of growth was recorded in 2017 an increase of 158% against the previous year. The export price peaked in 2021 and is expected to retain growth in the near future.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Switzerland ($X per ton), while the average price for exports to Costa Rica ($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 Hong Kong SAR (+133.9%), while the prices for the other major destinations experienced more modest paces of growth.

Toy Imports

Imports into Cuba

In 2021, supplies from abroad of dolls and toys decreased by -6.4% to X tons, falling for the fourth consecutive year after two years of growth. Overall, imports saw a deep contraction. The most prominent rate of growth was recorded in 2016 with an increase of 45%. Over the period under review, imports hit record highs at X tons in 2017; however, from 2018 to 2021, imports failed to regain momentum.

In value terms, toy imports declined markedly to $X in 2021. In general, imports faced a abrupt shrinkage. The pace of growth appeared the most rapid in 2017 with an increase of 87% against the previous year. As a result, imports reached the peak of $X. From 2018 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2021, China (X tons) was the main toy supplier to Cuba, accounting for a 179% share of total imports. Moreover, toy imports from China exceeded the figures recorded by the second-largest supplier, the Dominican Republic (X tons), more than tenfold. The third position in this ranking was taken by Spain (X tons), with an 8.6% share.

From 2012 to 2021, the average annual growth rate of volume from China totaled -5.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the Dominican Republic (+87.8% per year) and Spain (+91.9% per year).

In value terms, China ($X) constituted the largest supplier of dolls and toys to Cuba, comprising 216% of total imports. The second position in the ranking was taken by the Dominican Republic ($X), with an 11% share of total imports. It was followed by Mexico, with a 10% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China stood at -2.3%. The remaining supplying countries recorded the following average annual rates of imports growth: the Dominican Republic (+116.4% per year) and Mexico (+31.1% per year).

Import Prices by Country

In 2021, the average toy import price amounted to $X per ton, waning by -15.7% against the previous year. Over the period under review, the import price, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 an increase of 43%. As a result, import price reached the peak level of $X per ton. From 2018 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, amid the top importers, the country with the highest price was Mexico ($X per ton), while the price for Peru ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Dominican Republic (+15.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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