International sales of Cuban cigars increased slightly in 2022, Habanos S.A. reported on Monday (February 27th). According to the latter, Hurricane Ian should not affect production in 2023. island export. "We are very satisfied. We're up 2% at constant currency, we've hit $545 million in revenue," company development president Juan Lopez said at a press conference in London. the occasion of the launch of the 23rd Havana International Cigar Festival.
In 2021, revenue had reached $568 million, a dramatic 15% increase from 2020 despite the coronavirus pandemic. Juan Lopez clarified that the 2% increase, despite the drop in value, was explained by the depreciation of the euro against the dollar, while 54% of the group's sales take place in Europe. “The result of 2022 compared to 2021, at the exchange rates that existed in 2021, gives us a growth of 2%,” he said.
Habanos S.A. is a joint venture between the Cuban State and the international group Altadis, owned by the British Imperial Tobacco Group and headquartered in Spain.
Cuban tobacco, reputed to be one of the best in the world, is one of the island's main export products, along with nickel, seafood, vaccines and medical services. During the pandemic, it even became the second largest export post and an essential element of currency entry on the island hit by its worst economic crisis in thirty years.
According to Commercial Vice President Jorge Perez Martel, citing information from Tabacuba, the Cuban company in charge of tobacco production on the island, "there are no consequences expected in 2023" on cigar production. intended for export following the devastating passage of hurricane Ian in September in the west of the island, the country's main tobacco growing area.
Europe is the main market for Cuban cigars (54%), followed by Asia (19%), Latin America (15%) and Africa and the Middle East (12%). Cuba does not have access to the United States market, the world's largest cigar market, due to the American embargo imposed by Washington on the socialist island since 1962.
