International sales of Cuban cigars, the island nation’s top export, rose 31 per cent last year as global demand for luxury goods increases, reports AFP.

At the start of the annual cigar festival in the capital, Jorge Perez Martell, commercial vice president of Habanos S.A., said the company had recorded a 31 per cent increase in sales in 2023. This equates to “a turnover of USD 721 million in 2023”, he said.

“With the end of the pandemic, the luxury market in general and the consumption of premium cigars in particular have seen very strong growth in demand in all regions,” said Jose Maria Lopez Inchaurbe, the company’s vice president in charge of development. He said that the development of specialised high-end products and “limited and exclusive editions” are among the main drivers of this growth.

The sales are a boon for the Cuban economy, which fell two per cent last year amid the worst crisis in three decades. According to Inchaurbe, China remains the largest global market for cigar exports by value, followed by Spain, Switzerland, Germany and the United Kingdom. As a region, Europe is the most important market, buying 56 per cent of Cuban cigar exports, the report said.