Ecuador: Market for Copper Bars, Wire And Plates 2024

Market Size for Copper Bars, Wire And Plates in Ecuador

In 2021, the Ecuadorian market for copper bars, wire and plates increased by 62% to $X for the first time since 2018, thus ending a two-year declining trend. In general, the total consumption indicated a tangible expansion from 2012 to 2021: its value increased at an average annual rate of +4.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Exports of Copper Bars, Wire And Plates

Exports from Ecuador

In 2021, shipments abroad of copper bars, wire and plates decreased by -2% to X tons, falling for the fourth consecutive year after two years of growth. In general, exports, however, showed a pronounced expansion. The most prominent rate of growth was recorded in 2016 when exports increased by 466%. The exports peaked at X tons in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

In value terms, copper bars, wire and plates exports shrank slightly to $X in 2021. Over the period under review, exports, however, posted a mild increase. The pace of growth appeared the most rapid in 2016 when exports increased by 338% against the previous year. The exports peaked at $X in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

Exports by Country

Colombia (X tons) was the main destination for copper bars, wire and plates exports from Ecuador, accounting for a 94% share of total exports. Moreover, copper bars, wire and plates exports to Colombia exceeded the volume sent to the second major destination, Slovakia (X tons), more than tenfold.

From 2012 to 2021, the average annual growth rate of volume to Colombia amounted to +2.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Slovakia (0.0% per year) and the United States (+108.7% per year).

In value terms, Colombia ($X) remains the key foreign market for copper bars, wire and plates exports from Ecuador, comprising 94% of total exports. The second position in the ranking was taken by Slovakia ($X), with a 3.7% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Colombia was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Slovakia (0.0% per year) and the United States (+102.9% per year).

Export Prices by Country

The average export price for copper bars, wire and plates stood at $X per ton in 2021, shrinking by -2.2% against the previous year. Overall, the export price showed a mild decline. The most prominent rate of growth was recorded in 2017 an increase of 29% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2014; however, from 2015 to 2021, the export prices failed to regain momentum.

Average prices varied noticeably for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Slovakia ($X per ton), while the average price for exports to the United States ($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 Colombia (-1.1%).

Imports of Copper Bars, Wire And Plates

Imports into Ecuador

In 2021, after two years of decline, there was significant growth in purchases abroad of copper bars, wire and plates, when their volume increased by 27% to X tons. The total import volume increased at an average annual rate of +3.7% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2016 with an increase of 45% against the previous year. Over the period under review, imports reached the maximum in 2021 and are expected to retain growth in the immediate term.

In value terms, copper bars, wire and plates imports skyrocketed to $X in 2021. Overall, imports enjoyed noticeable growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Peru (X tons) constituted the largest copper bars, wire and plates supplier to Ecuador, with a 84% share of total imports. It was followed by Mexico (X tons), with a 2.5% share of total imports. The third position in this ranking was held by China (X tons), with a 2.2% share.

From 2012 to 2021, the average annual growth rate of volume from Peru amounted to +9.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Mexico (-3.3% per year) and China (+1.9% per year).

In value terms, Peru ($X) constituted the largest supplier of copper bars, wire and plates to Ecuador, comprising 86% of total imports. The second position in the ranking was taken by Mexico ($X), with a 2.7% share of total imports. It was followed by China, with a 2.2% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Peru stood at +11.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Mexico (-3.1% per year) and China (+6.5% per year).

Import Prices by Country

In 2021, the average import price for copper bars, wire and plates amounted to $X per ton, picking up by 38% against the previous year. Overall, the import price saw a relatively flat trend pattern. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major supplying countries. In 2021, amid the top importers, the highest price was recorded for prices from Mexico ($X per ton) and Colombia ($X per ton), while the price for Chile ($X per ton) and China ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+4.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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