Cuban cigar exports increased sharply

Havana [Cuba], February 27: International sales of Cuban cigars, the Caribbean island nation's number one iconic export, rose 31% last year, amid growing world demand for luxury goods.
AFP on February 27 cited information from Cuba's main cigarette exporter, Habanos SA, saying the company would see international revenue increase by 31% in 2023.
Speaking at the opening ceremony of the International Habano Festival in Havana on February 26, Mr. Jorge Perez Martell, Vice President of Commercial Affairs of Habanos, said the above figure means revenue of 721 million USD last year.
"With the end of the pandemic, the luxury goods market in general and specifically the demand for premium cigars has seen extremely strong growth in every region," according to Mr. Jose Maria Lopez Inchaurbe, Vice President of Corporate Development.
The return of Cuban cigars provides a much-needed boost to the country's economy, which is expected to contract by 2% in 2023.
Mr. Inchaurbe said that in terms of value, China continues to be the country that imports the most Cuban cigars, followed by Spain, Switzerland, Germany and England.
By region, Europe is the main market, accounting for 56% of Cuban cigar exports.
However, until now Cuba has not been able to sell cigars in North America, the world's largest market for this product, due to the US embargo since 1962.
Cuban cigars, ranked No. 1 in the world, are among the Caribbean island nation's top exports, alongside nickel, seafood, vaccines and medical services.
Source: Thanh Nien Newspaper