02/28/2025
China remains the number one market for the Cuban cigar industry
Cuba earned $827 million in cigar revenue
Executives at Habanos SA, the Cuban company that oversees the country’s cigar operations and global distribution, reported record cigar revenue of $827 million in 2024, up 14.7 percent from the $721 million it earned in 2023.
The figures were announced at the opening of the Habanos Festival, which is taking place in Havana this week. Cuba did not mention production figures. For years, demand for Cuban ci**rs has far exceeded supply. “Our customers’ demand is not fully satisfied,” admitted Jorge Perez Martel, commercial vice president of the Cuban state-owned company.
Cuban ci**rs have become extremely expensive in recent years, especially the Cohiba and Trinidad brands. "The most important source of income was the high-end product," Perez Martel said.
In dollar sales, China remains the No. 1 market for Cuban ci**rs, accounting for 27% of revenue. Spain is second, followed by Switzerland, the UK and Germany. The UK has displaced Germany this year; in 2023, Germany was fourth.
By region, Europe remained the largest source of Cuban cigar sales, accounting for just over half, 54%, of total sales by value, followed by Asia Pacific (24%).
