Africa: Copper Market 2024

Copper Market Size in Africa

The African copper market shrank slightly to $X in 2022, therefore, remained relatively stable against the previous year. The market value increased at an average annual rate of +3.6% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. Over the period under review, the market reached the peak level at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Copper Production in Africa

In value terms, copper production totaled $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.7% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2013 with an increase of 22%. Over the period under review, production hit record highs at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Copper Exports

Exports in Africa

Copper exports reached X tons in 2022, picking up by 14% on the previous year. In general, exports recorded a prominent expansion. The most prominent rate of growth was recorded in 2016 with an increase of 73% against the previous year. The volume of export peaked at X tons in 2020; afterwards, it flattened through to 2022.

In value terms, copper exports declined to $X in 2022. Overall, exports saw a strong expansion. The most prominent rate of growth was recorded in 2017 with an increase of 85% against the previous year. Over the period under review, the exports hit record highs at $X in 2021, and then fell in the following year.

Exports by Country

In 2022, Zambia (X tons) represented the largest exporter of copper, achieving 59% of total exports. Namibia (X tons) held the second position in the ranking, distantly followed by Democratic Republic of the Congo (X tons) and Tanzania (X tons). All these countries together took near 36% share of total exports. South Africa (X tons) held a relatively small share of total exports.

From 2012 to 2022, average annual rates of growth with regard to copper exports from Zambia stood at +14.2%. At the same time, Tanzania (+49.8%), South Africa (+38.9%) and Namibia (+35.0%) displayed positive paces of growth. Moreover, Tanzania emerged as the fastest-growing exporter exported in Africa, with a CAGR of +49.8% from 2012-2022. Democratic Republic of the Congo experienced a relatively flat trend pattern. Namibia (+18 p.p.), Tanzania (+5 p.p.) and South Africa (+3.2 p.p.) significantly strengthened its position in terms of the total exports, while Democratic Republic of the Congo saw its share reduced by -25.3% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Zambia ($X) remains the largest copper supplier in Africa, comprising 63% of total exports. The second position in the ranking was held by Namibia ($X), with a 20% share of total exports. It was followed by Democratic Republic of the Congo, with an 8.7% share.

From 2012 to 2022, the average annual growth rate of value in Zambia stood at +16.7%. The remaining exporting countries recorded the following average annual rates of exports growth: Namibia (+33.6% per year) and Democratic Republic of the Congo (-0.6% per year).

Export Prices by Country

In 2022, the export price in Africa amounted to $X per ton, with a decrease of -19% against the previous year. Over the period under review, the export price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the export price increased by 45% against the previous year. As a result, the export price reached the peak level of $X per ton, and then reduced rapidly in the following year.

Average prices varied somewhat amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in South Africa ($X per ton) and Zambia ($X per ton), while Tanzania ($X per ton) and Namibia ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Zambia (+2.2%), while the other leaders experienced mixed trends in the export price figures.

Copper Imports

Imports in Africa

In 2022, supplies from abroad of copper decreased by -65% to X tons, falling for the second year in a row after three years of growth. In general, imports, however, showed a significant increase. The pace of growth was the most pronounced in 2015 when imports increased by 3,961% against the previous year. The volume of import peaked at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, copper imports contracted rapidly to $X in 2022. Overall, imports, however, saw a significant increase. The growth pace was the most rapid in 2015 with an increase of 2,776% against the previous year. Over the period under review, imports reached the maximum at $X in 2021, and then reduced markedly in the following year.

Imports by Country

The purchases of the one major importers of copper, namely Namibia, represented more than two-thirds of total import.

Namibia was also the fastest-growing in terms of the copper imports, with a CAGR of +73.4% from 2012 to 2022. Namibia (+89 p.p.) significantly strengthened its position in terms of the total imports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Namibia ($X) constitutes the largest market for imported copper in Africa.

In Namibia, copper imports expanded at an average annual rate of +85.0% over the period from 2012-2022.

Import Prices by Country

In 2022, the import price in Africa amounted to $X per ton, increasing by 12% against the previous year. Import price indicated a tangible expansion from 2012 to 2022: its price increased at an average annual rate of +4.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, copper import price increased by +123.6% against 2016 indices. The pace of growth appeared the most rapid in 2017 when the import price increased by 33%. Over the period under review, import prices hit record highs in 2022 and is likely to continue growth in years to come.

As there is only one major supplying country, the average price level is determined by prices for Namibia.

From 2012 to 2022, the rate of growth in terms of prices for Namibia amounted to +6.7% per year.

Source: IndexBox Platform

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