Chile: Copper Market 2024

Copper Market Size in Chile

The Chilean copper market dropped slightly to $X in 2022, stabilizing at the previous year. Overall, consumption, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of 7%. Over the period under review, the market attained the maximum level at $X in 2019; afterwards, it flattened through to 2022.

Copper Production in Chile

In value terms, copper production declined to $X in 2022 estimated in export price. Over the period under review, production showed a abrupt contraction. The growth pace was the most rapid in 2021 with an increase of 13%. Copper production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Copper Exports

Exports from Chile

In 2022, copper exports from Chile surged to X tons, growing by 21% compared with the year before. In general, exports, however, showed a pronounced shrinkage. The most prominent rate of growth was recorded in 2020 when exports increased by 22%. Over the period under review, the exports reached the peak figure at X tons in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

In value terms, copper exports soared to $X in 2022. Overall, exports, however, continue to indicate a slight shrinkage. The pace of growth appeared the most rapid in 2020 with an increase of 35%. Over the period under review, the exports reached the maximum at $X in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

China (X tons), Canada (X tons) and South Korea (X tons) were the main destinations of copper exports from Chile, together accounting for 95% of total exports. Spain and Germany lagged somewhat behind, together comprising a further 4.9%.

From 2012 to 2022, the biggest increases were recorded for Spain (with a CAGR of +49.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Canada ($X) and South Korea ($X) appeared to be the largest markets for copper exported from Chile worldwide, together comprising 94% of total exports. Spain and Germany lagged somewhat behind, together comprising a further 5.7%.

In terms of the main countries of destination, Spain, with a CAGR of +104.1%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average copper export price amounted to $X per ton, falling by -4.1% against the previous year. In general, the export price, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 an increase of 43%. As a result, the export price attained the peak level of $X per ton, and then shrank slightly in the following year.

Average prices varied noticeably for the major foreign markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Spain ($X per ton) and Germany ($X per ton), while the average price for exports to South Korea ($X per ton) and China ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Spain (+36.3%), while the prices for the other major destinations experienced more modest paces of growth.

Copper Imports

Imports into Chile

In 2022, purchases abroad of copper increased by 265% to X tons for the first time since 2019, thus ending a two-year declining trend. Over the period under review, imports showed pronounced growth. Over the period under review, imports reached the peak figure at X tons in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

In value terms, copper imports surged to $X in 2022. Overall, imports posted a prominent expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, China (X tons) was the main supplier of copper to Chile, with a 91% share of total imports. Moreover, copper imports from China exceeded the figures recorded by the second-largest supplier, the Netherlands (X kg), more than tenfold. Norway (X kg) ranked third in terms of total imports with a 2.4% share.

From 2012 to 2022, the average annual growth rate of volume from China amounted to +150.5%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+19.7% per year) and Norway (+23.3% per year).

In value terms, China ($X) constituted the largest supplier of copper to Chile, comprising 73% of total imports. The second position in the ranking was taken by the Netherlands ($X), with an 11% share of total imports. It was followed by Norway, with a 6.4% share.

From 2012 to 2022, the average annual growth rate of value from China amounted to +69.4%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+4.0% per year) and Norway (+10.5% per year).

Import Prices by Country

In 2022, the average copper import price amounted to $X per ton, shrinking by -52.3% against the previous year. Over the period under review, the import price, however, showed a moderate expansion. The pace of growth appeared the most rapid in 2017 when the average import price increased by 147% against the previous year. The import price peaked at $X per ton in 2021, and then plummeted in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Norway ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+8.9%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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