Cuba: Market for Copper Bars, Wire And Plates 2024

Market Size for Copper Bars, Wire And Plates in Cuba

The Cuban market for copper bars, wire and plates soared to $X in 2021, increasing by 112% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption, however, showed a drastic downturn. As a result, consumption reached the peak level of $X. From 2016 to 2021, the growth of the market remained at a lower figure.

Exports of Copper Bars, Wire And Plates

Exports from Cuba

In 2021, overseas shipments of copper bars, wire and plates decreased by -32% to X tons, falling for the third consecutive year after three years of growth. In general, exports showed a deep downturn. The pace of growth was the most pronounced in 2016 when exports increased by 117% against the previous year. Over the period under review, the exports hit record highs at X tons in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

In value terms, copper bars, wire and plates exports contracted remarkably to $X in 2021. Over the period under review, exports continue to indicate a abrupt shrinkage. The pace of growth was the most pronounced in 2016 when exports increased by 102%. Over the period under review, the exports hit record highs at $X in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

Exports by Country

Mexico (X tons) was the main destination for copper bars, wire and plates exports from Cuba, with a 69% share of total exports. Moreover, copper bars, wire and plates exports to Mexico exceeded the volume sent to the second major destination, Jamaica (X tons), twofold.

From 2012 to 2021, the average annual growth rate of volume to Mexico amounted to -5.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Jamaica (-12.1% per year) and Colombia (-29.4% per year).

In value terms, Mexico ($X), Jamaica ($X) and Colombia ($X) appeared to be the largest markets for copper bars, wire and plates exported from Cuba worldwide.

Mexico, with a CAGR of -10.2%, saw the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

The average export price for copper bars, wire and plates stood at $X per ton in 2021, surging by 10% against the previous year. Over the period under review, the export price, however, showed a perceptible slump. The most prominent rate of growth was recorded in 2017 when the average export price increased by 17%. Over the period under review, the average export prices attained the maximum at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was Jamaica ($X per ton), while the average price for exports to Colombia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Jamaica (-0.5%), while the prices for the other major destinations experienced a decline.

Imports of Copper Bars, Wire And Plates

Imports into Cuba

Copper bars, wire and plates imports into Cuba surged to X tons in 2021, increasing by 69% against 2020. Over the period under review, imports, however, continue to indicate a deep slump. The pace of growth appeared the most rapid in 2015 when imports increased by 135% against the previous year. As a result, imports attained the peak of X tons. From 2016 to 2021, the growth of imports failed to regain momentum.

In value terms, copper bars, wire and plates imports soared to $X in 2021. In general, imports, however, saw a abrupt decrease. Over the period under review, imports reached the peak figure at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

Italy (X tons), Spain (X tons) and Canada (X tons) were the main suppliers of copper bars, wire and plates imports to Cuba, with a combined 49% share of total imports. These countries were followed by France and China, which together accounted for a further 5%.

From 2012 to 2021, the biggest increases were recorded for France (with a CAGR of +48.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Italy ($X), Spain ($X) and Canada ($X) were the largest copper bars, wire and plates suppliers to Cuba, with a combined 49% share of total imports.

Among the main suppliers, Italy, with a CAGR of +20.1%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average import price for copper bars, wire and plates stood at $X per ton in 2021, rising by 19% against the previous year. Overall, the import price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 an increase of 24%. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Italy ($X per ton), while the price for France ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+7.7%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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