ASEAN: Refined Copper Market 2025

Refined Copper Market Size in ASEAN

The ASEAN refined copper market fell slightly to $X in 2022, shrinking by -2.7% against the previous year. Overall, consumption saw a relatively flat trend pattern. The level of consumption peaked at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Refined Copper Production in ASEAN

In value terms, refined copper production dropped modestly to $X in 2022 estimated in export price. In general, production continues to indicate a perceptible curtailment. The pace of growth was the most pronounced in 2017 with an increase of 29%. The level of production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Refined Copper Exports

Exports in ASEAN

In 2022, approx. X tons of refined copper (unwrought, not alloyed) were exported in ASEAN; falling by -37.4% on 2021 figures. In general, exports, however, continue to indicate a measured increase. The most prominent rate of growth was recorded in 2017 with an increase of 71%. Over the period under review, the exports attained the maximum at X tons in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, refined copper exports shrank notably to $X in 2022. Over the period under review, exports, however, posted mild growth. The growth pace was the most rapid in 2017 when exports increased by 106% against the previous year. The level of export peaked at $X in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The Philippines was the largest exporter of refined copper (unwrought, not alloyed) in ASEAN, with the volume of exports finishing at X tons, which was near 64% of total exports in 2022. It was distantly followed by Thailand (X tons), Indonesia (X tons), Singapore (X tons) and Malaysia (X tons), together mixing up a 33% share of total exports. Lao People's Democratic Republic (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to refined copper exports from the Philippines stood at +12.7%. At the same time, Thailand (+102.2%) and Malaysia (+18.0%) displayed positive paces of growth. Moreover, Thailand emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of +102.2% from 2012-2022. By contrast, Singapore (-3.7%), Indonesia (-8.7%) and Lao People's Democratic Republic (-21.1%) illustrated a downward trend over the same period. While the share of the Philippines (+38 p.p.), Thailand (+15 p.p.) and Malaysia (+3.4 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Singapore (-4.5 p.p.), Indonesia (-19.9 p.p.) and Lao People's Democratic Republic (-28.5 p.p.) displayed negative dynamics.

In value terms, the Philippines ($X) remains the largest refined copper supplier in ASEAN, comprising 71% of total exports. The second position in the ranking was held by Indonesia ($X), with a 9.6% share of total exports. It was followed by Thailand, with a 6% share.

From 2012 to 2022, the average annual rate of growth in terms of value in the Philippines totaled +14.2%. In the other countries, the average annual rates were as follows: Indonesia (-11.8% per year) and Thailand (+80.8% per year).

Export Prices by Country

In 2022, the export price in ASEAN amounted to $X per ton, waning by -10.1% against the previous year. Overall, the export price saw a mild downturn. The most prominent rate of growth was recorded in 2021 when the export price increased by 56% against the previous year. Over the period under review, the export prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Lao People's Democratic Republic ($X per ton), while Thailand ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Lao People's Democratic Republic (+1.5%), while the other leaders experienced more modest paces of growth.

Refined Copper Imports

Imports in ASEAN

In 2022, refined copper imports in ASEAN shrank remarkably to X tons, waning by -21.2% on 2021 figures. In general, imports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of 32% against the previous year. As a result, imports attained the peak of X tons. From 2017 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, refined copper imports dropped sharply to $X in 2022. Total imports indicated notable growth from 2012 to 2022: its value increased at an average annual rate of +2.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +30.8% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 73% against the previous year. As a result, imports attained the peak of $X, and then declined remarkably in the following year.

Imports by Country

In 2022, Thailand (X tons) was the key importer of refined copper (unwrought, not alloyed), constituting 49% of total imports. Malaysia (X tons) ranks second in terms of the total imports with a 22% share, followed by Vietnam (17%) and Indonesia (9.7%). Singapore (X tons) followed a long way behind the leaders.

Imports into Thailand increased at an average annual rate of +4.4% from 2012 to 2022. At the same time, Vietnam (+4.8%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing importer imported in ASEAN, with a CAGR of +4.8% from 2012-2022. By contrast, Malaysia (-2.6%), Indonesia (-5.3%) and Singapore (-9.8%) illustrated a downward trend over the same period. Thailand (+15 p.p.) and Vietnam (+5.6 p.p.) significantly strengthened its position in terms of the total imports, while Singapore, Indonesia and Malaysia saw its share reduced by -3.6%, -8.1% and -8.3% from 2012 to 2022, respectively.

In value terms, Thailand ($X) constitutes the largest market for imported refined copper (unwrought, not alloyed) in ASEAN, comprising 51% of total imports. The second position in the ranking was held by Malaysia ($X), with a 21% share of total imports. It was followed by Vietnam, with a 17% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Thailand amounted to +5.7%. In the other countries, the average annual rates were as follows: Malaysia (-1.7% per year) and Vietnam (+4.6% per year).

Import Prices by Country

The import price in ASEAN stood at $X per ton in 2022, which is down by -4.2% against the previous year. Import price indicated a slight increase from 2012 to 2022: its price increased at an average annual rate of +1.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, refined copper import price increased by +47.5% against 2019 indices. The most prominent rate of growth was recorded in 2021 an increase of 52% against the previous year. As a result, import price attained the peak level of $X per ton, and then dropped slightly in the following year.

Average prices varied noticeably amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Thailand ($X per ton) and Vietnam ($X per ton), while Singapore ($X per ton) and Indonesia ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+3.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform