Cuba’s foreign trade data for 2022 has been released by the National Office of Statistics and Information (ONEI), allowing for an analysis of the country’s most relevant trends and geopolitical distribution of merchandise exchange. The data reveals that total merchandise trade recorded a significant growth of 15% in US dollar value, though it was still unable to recover the amount reached in 2018. When compared to 2013, this growth only represented 60% of the total exchange.
The imbalance between exports and imports remained unchanged in 2022, with exports only accounting for 18% of the total exchange. This increased the deficit balance by over $1 billion compared to the previous year. The ten main trading partners for Cuba in terms of total merchandise exchange were Brazil, Venezuela, Spain, Russia, Italy, Argentina, China, Panama, the United States, and the Netherlands.
Notable trends in Cuban imports in 2022 include a 62% increase in imports from Venezuela, which accounted for 20% of total imports and almost doubled purchases from China and Spain. China and Spain remained relatively stable as suppliers despite adverse economic conditions. Russia maintained its position as the fourth-largest export partner to Cuba, while the United States rose to the ninth position. However, the value of the exchange with the United States did not exceed 3% of the total exchange. The inclusion of the Netherlands among the top ten exporters also marked sustained growth in sales to Cuba.
Cuban imports in 2022 saw a growth of 17% compared to the previous year. However, it accounted for only 67% of what was imported in 2013. On the export side, notable aspects included a 19% growth in exports to Canada, making it the main destination for Cuban exports, and the stability of China as the second most important destination. Sales to Venezuela decreased by 61% in 2022, continuing a four-year decline. Sales to Spain also experienced significant growth, surpassing $300 million for the first time in the six-year term. Overall, Cuban exports have a higher concentration in terms of destination countries compared to imports.
Latin American and Caribbean countries maintained a 30% participation in Cuba’s total merchandise exchange, with imports increasing and exports decreasing. The distribution of Cuban mercantile exchange, considering the annual average of the six-year term, remained similar to the previous year. The data reveals that Cuba’s commercial relationship with Canada holds strategic importance, as it is the main destination for national exports and the only partner with which Cuba maintains a significant trade surplus.
Cuba increased its imports from traditional political partners, Venezuela and Russia, despite the decline in Cuban product exports to these countries. While the recovery of imports from Venezuela is positive for the bilateral relationship, it also highlights Cuba’s economic dependency and vulnerability. Russia remains an important economic partner for Cuba, but there is no concrete evidence to support the notion of a “Russification” of the Cuban economy.
Overall, Cuba’s mercantile exchange is distributed among the main blocs of international politics, but the trend of concentration of trade with a few partners, especially in exports, is concerning. The data does come with some reservation, as there is a portion of trade with unidentified countries that poses analytical difficulties.