Cuba: Fertilizer Market 2024

Fertilizer Market Size in Cuba

The Cuban fertilizer market contracted to $X in 2021, with a decrease of -8.4% against the previous year. Overall, consumption showed a mild decrease. Fertilizer consumption peaked at $X in 2014; however, from 2015 to 2021, consumption failed to regain momentum.

Fertilizer Production in Cuba

In value terms, fertilizer production shrank slightly to $X in 2021 estimated in export price. In general, the total production indicated a notable increase from 2012 to 2021: its value increased at an average annual rate of +4.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +30.9% against 2017 indices. The growth pace was the most rapid in 2013 with an increase of 58%. Fertilizer production peaked at $X in 2014; however, from 2015 to 2021, production remained at a lower figure.

Fertilizer Exports

Exports from Cuba

In 2021, shipments abroad of fertilizers increased by 6.2% to X tons, rising for the fourth consecutive year after four years of decline. In general, exports, however, showed a abrupt slump. The pace of growth was the most pronounced in 2013 when exports increased by 42%. As a result, the exports reached the peak of X tons. From 2014 to 2021, the growth of the exports failed to regain momentum.

In value terms, fertilizer exports reached $X in 2021. Over the period under review, exports, however, saw a significant decline. The most prominent rate of growth was recorded in 2013 when exports increased by 91% against the previous year. As a result, the exports reached the peak of $X. From 2014 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

France (X tons) was the main destination for fertilizer exports from Cuba, with a 39% share of total exports. Moreover, fertilizer exports to France exceeded the volume sent to the second major destination, Suriname (X tons), eightfold. The Dominican Republic (X tons) ranked third in terms of total exports with a 4.5% share.

From 2012 to 2021, the average annual growth rate of volume to France was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Suriname (-36.7% per year) and the Dominican Republic (+27.1% per year).

In value terms, France ($X), the Dominican Republic ($X) and Suriname ($X) were the largest markets for fertilizer exported from Cuba worldwide, with a combined 49% share of total exports.

The Dominican Republic, with a CAGR of +34.0%, recorded the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

In 2021, the average fertilizer export price amounted to $X per ton, with an increase of 8.1% against the previous year. In general, the export price, however, continues to indicate a abrupt contraction. The pace of growth appeared the most rapid in 2013 an increase of 35%. As a result, the export price attained the peak level of $X per ton. From 2014 to 2021, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was the Dominican Republic ($X per ton), while the average price for exports to France ($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 the Dominican Republic (+5.4%), while the prices for the other major destinations experienced mixed trend patterns.

Fertilizer Imports

Imports into Cuba

In 2021, the amount of fertilizers imported into Cuba reduced sharply to X tons, falling by -21.7% against 2020 figures. Overall, imports continue to indicate a deep setback. The most prominent rate of growth was recorded in 2014 when imports increased by 33%. As a result, imports reached the peak of X tons. From 2015 to 2021, the growth of imports remained at a lower figure.

In value terms, fertilizer imports reduced to $X in 2021. Over the period under review, imports saw a abrupt shrinkage. The pace of growth was the most pronounced in 2020 when imports increased by 38%. Imports peaked at $X in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

Imports by Country

China (X tons), the Netherlands (X tons) and Spain (X tons) were the main suppliers of fertilizer imports to Cuba, with a combined 27% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Spain (with a CAGR of +6.2%), while imports for the other leaders experienced mixed trend patterns.

In value terms, the Netherlands ($X) constituted the largest supplier of fertilizers to Cuba, comprising 14% of total imports. The second position in the ranking was taken by China ($X), with a 5.9% share of total imports. It was followed by Spain, with a 4.9% share.

From 2012 to 2021, the average annual growth rate of value from the Netherlands stood at +8.1%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-2.8% per year) and Spain (-2.8% per year).

Import Prices by Country

In 2021, the average fertilizer import price amounted to $X per ton, rising by 22% against the previous year. In general, import price indicated a notable increase from 2012 to 2021: its price increased at an average annual rate of +4.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, fertilizer import price increased by +111.1% against 2017 indices. The growth pace was the most rapid in 2018 an increase of 53% against the previous year. Over the period under review, average import prices hit record highs in 2021 and is likely to continue growth in years to come.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the Netherlands ($X per ton), while the price for France ($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 Netherlands (+10.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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