Colombia: Refined Copper Market 2024

Refined Copper Market Size in Colombia

The Colombian refined copper market declined slightly to $X in 2022, approximately equating the previous year. Over the period under review, consumption recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 with an increase of 6.4%. Over the period under review, the market attained the peak level at $X in 2014; however, from 2015 to 2022, consumption remained at a lower figure.

Refined Copper Production in Colombia

In value terms, refined copper production declined slightly to $X in 2022 estimated in export price. Over the period under review, production showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when the production volume increased by 8.5% against the previous year. Refined copper production peaked at $X in 2014; however, from 2015 to 2022, production remained at a lower figure.

Refined Copper Exports

Exports from Colombia

In 2022, overseas shipments of refined copper (unwrought, not alloyed) decreased by -70.7% to X tons, falling for the fourth year in a row after four years of growth. In general, exports recorded a abrupt decline. The pace of growth was the most pronounced in 2015 with an increase of 483%. The exports peaked at X tons in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, refined copper exports fell markedly to $X in 2022. Overall, exports saw a deep reduction. The most prominent rate of growth was recorded in 2015 with an increase of 300% against the previous year. Over the period under review, the exports hit record highs at $X in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Germany (X tons) was the main destination for refined copper exports from Colombia, with a 79% share of total exports. Moreover, refined copper exports to Germany exceeded the volume sent to the second major destination, Ecuador (X tons), sevenfold. The third position in this ranking was taken by Peru (X tons), with a 9.2% share.

From 2012 to 2022, the average annual growth rate of volume to Germany amounted to -39.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Ecuador (-27.0% per year) and Peru (-17.2% per year).

In value terms, Germany ($X) emerged as the key foreign market for refined copper (unwrought, not alloyed) exports from Colombia, comprising 78% of total exports. The second position in the ranking was held by Ecuador ($X), with a 13% share of total exports. It was followed by Peru, with a 9.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Germany amounted to -32.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Ecuador (-30.4% per year) and Peru (-16.8% per year).

Export Prices by Country

In 2022, the average refined copper export price amounted to $X per ton, surging by 14% against the previous year. Over the period under review, export price indicated modest growth from 2012 to 2022: its price increased at an average annual rate of +1.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, refined copper export price increased by +75.4% against 2015 indices. The pace of growth appeared the most rapid in 2018 an increase of 15%. Over the period under review, the average export prices reached the peak figure in 2022 and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Ecuador ($X per ton), while the average price for exports to Panama ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Germany (+12.3%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Copper Imports

Imports into Colombia

In 2022, overseas purchases of refined copper (unwrought, not alloyed) increased by 1.2% to X tons, rising for the third consecutive year after six years of decline. Overall, imports, however, continue to indicate a drastic downturn. The pace of growth was the most pronounced in 2013 when imports increased by 119% against the previous year. As a result, imports attained the peak of X tons. From 2014 to 2022, the growth of imports remained at a lower figure.

In value terms, refined copper imports shrank sharply to $X in 2022. Over the period under review, imports, however, faced a dramatic setback. The most prominent rate of growth was recorded in 2013 with an increase of 99% against the previous year. As a result, imports reached the peak of $X. From 2014 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, Mexico (X tons) was the main refined copper supplier to Colombia, with a 91% share of total imports. Moreover, refined copper imports from Mexico exceeded the figures recorded by the second-largest supplier, Chile (X tons), more than tenfold. Peru (X kg) ranked third in terms of total imports with a 0.1% share.

From 2012 to 2022, the average annual growth rate of volume from Mexico was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Chile (-36.9% per year) and Peru (-41.9% per year).

In value terms, Mexico ($X) constituted the largest supplier of refined copper (unwrought, not alloyed) to Colombia, comprising 87% of total imports. The second position in the ranking was held by Chile ($X), with a 7.6% share of total imports. It was followed by Peru, with a 0.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Mexico stood at -6.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Chile (-40.3% per year) and Peru (-42.4% per year).

Import Prices by Country

The average refined copper import price stood at $X per ton in 2022, declining by -24.5% against the previous year. In general, the import price recorded a deep setback. The pace of growth was the most pronounced in 2019 when the average import price increased by 15%. Over the period under review, average import prices reached the maximum at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Peru ($X per ton), while the price for Mexico ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Peru (-0.7%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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