Cuba: Percussion Musical Instrument Market 2024

Percussion Musical Instrument Market Size in Cuba

The Cuban percussion musical instrument market shrank significantly to $X in 2021, waning by -15.1% against the previous year. Over the period under review, consumption saw a abrupt setback. Percussion musical instrument consumption peaked at $X in 2014; however, from 2015 to 2021, consumption failed to regain momentum.

Percussion Musical Instrument Production in Cuba

In value terms, percussion musical instrument production shrank rapidly to $X in 2021 estimated in export price. In general, production saw a abrupt descent. The most prominent rate of growth was recorded in 2020 with an increase of 46%. Percussion musical instrument production peaked at $X in 2014; however, from 2015 to 2021, production failed to regain momentum.

Percussion Musical Instrument Exports

Exports from Cuba

After two years of growth, shipments abroad of percussion musical instruments decreased by -30.2% to X units in 2021. Over the period under review, exports saw a abrupt decline. The pace of growth appeared the most rapid in 2019 with an increase of 1,871% against the previous year. Over the period under review, the exports attained the peak figure at X units in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

In value terms, percussion musical instrument exports dropped significantly to $X in 2021. Overall, exports faced a abrupt setback. The growth pace was the most rapid in 2019 with an increase of 2,787%. The exports peaked at $X in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Mexico (X units) was the main destination for percussion musical instrument exports from Cuba, accounting for a 72% share of total exports. Moreover, percussion musical instrument exports to Mexico exceeded the volume sent to the second major destination, Canada (X units), threefold.

From 2012 to 2021, the average annual rate of growth in terms of volume to Mexico amounted to -5.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (+6.8% per year) and the Dominican Republic (-27.7% per year).

In value terms, the largest markets for percussion musical instrument exported from Cuba were the Dominican Republic ($X), Mexico ($X) and Canada ($X), together comprising 71% of total exports.

In terms of the main countries of destination, Canada, with a CAGR of -7.8%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

The average percussion musical instrument export price stood at $X per unit in 2021, surging by 10% against the previous year. Overall, the export price, however, showed a deep contraction. The growth pace was the most rapid in 2019 when the average export price increased by 50% against the previous year. The export price peaked at $X per unit in 2013; however, from 2014 to 2021, the export prices remained at a lower figure.

Prices varied noticeably country of destination: the country with the highest price was the Dominican Republic ($X per unit), while the average price for exports to Mexico ($X per unit) 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 (+23.5%), while the prices for the other major destinations experienced mixed trend patterns.

Percussion Musical Instrument Imports

Imports into Cuba

In 2021, approx. X units of percussion musical instruments were imported into Cuba; dropping by -27.3% against 2020. In general, imports, however, showed a notable increase. The pace of growth was the most pronounced in 2014 with an increase of 907% against the previous year. As a result, imports attained the peak of X units. From 2015 to 2021, the growth of imports remained at a lower figure.

In value terms, percussion musical instrument imports reduced remarkably to $X in 2021. Over the period under review, imports, however, saw a slight expansion. The most prominent rate of growth was recorded in 2014 when imports increased by 654% against the previous year. As a result, imports attained the peak of $X. From 2015 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

Panama (X units), Trinidad and Tobago (X units) and Spain (X units) were the main suppliers of percussion musical instrument imports to Cuba, with a combined 87% 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 Trinidad and Tobago (with a CAGR of +25.2%), while imports for the other leaders experienced mixed trend patterns.

In value terms, the largest percussion musical instrument suppliers to Cuba were Spain ($X), Panama ($X) and Trinidad and Tobago ($X), together accounting for 78% of total imports.

In terms of the main suppliers, Spain, with a CAGR of +9.3%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average percussion musical instrument import price stood at $X per unit in 2021, surging by 10% against the previous year. In general, the import price, however, showed a mild reduction. The growth pace was the most rapid in 2015 an increase of 86% against the previous year. The import price peaked at $X per unit in 2018; however, from 2019 to 2021, 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 Spain ($X per unit), while the price for Trinidad and Tobago ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+11.9%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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