Ecuador: Market for Copper Ores And Concentrates 2024

Market Size for Copper Ores And Concentrates in Ecuador

In 2021, the Ecuadorian copper ores and concentrates market decreased by -94.9% to $X, falling for the second consecutive year after two years of growth. Overall, consumption recorded a sharp descent. Copper ores and concentrates consumption peaked at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Production of Copper Ores And Concentrates in Ecuador

In value terms, copper ores and concentrates production expanded slightly to $X in 2021 estimated in export price. In general, production recorded a slight descent. The pace of growth appeared the most rapid in 2018 when the production volume increased by 20%. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Exports of Copper Ores And Concentrates

Exports from Ecuador

In 2021, overseas shipments of copper ores and concentrates increased by 114% to X tons, rising for the second year in a row after two years of decline. In general, exports enjoyed a significant increase. The pace of growth appeared the most rapid in 2020 when exports increased by 959%. Over the period under review, the exports attained the maximum in 2021 and are likely to continue growth in years to come.

In value terms, copper ores and concentrates exports soared to $X in 2021. Overall, exports saw significant growth. The pace of growth appeared the most rapid in 2020 when exports increased by 818%. Over the period under review, the exports reached the peak figure in 2021 and are expected to retain growth in the immediate term.

Exports by Country

Peru (X tons) was the main destination for copper ores and concentrates exports from Ecuador, with a 78% share of total exports. Moreover, copper ores and concentrates exports to Peru exceeded the volume sent to the second major destination, China (X tons), fivefold. Taiwan (Chinese) (X tons) ranked third in terms of total exports with a 3% share.

From 2012 to 2021, the average annual growth rate of volume to Peru stood at +59.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+57.6% per year) and Taiwan (Chinese) (+57.8% per year).

In value terms, Peru ($X) remains the key foreign market for copper ores and concentrates exports from Ecuador, comprising 83% of total exports. The second position in the ranking was held by China ($X), with a 5.7% share of total exports. It was followed by Taiwan (Chinese), with a 5% share.

From 2012 to 2021, the average annual growth rate of value to Peru stood at +58.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+46.7% per year) and Taiwan (Chinese) (+77.2% per year).

Export Prices by Country

In 2021, the average copper ores and concentrates export price amounted to $X per ton, rising by 41% against the previous year. Overall, the export price, however, recorded a relatively flat trend pattern. 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 stood at a somewhat lower figure.

Prices varied noticeably country of destination: the country with the highest price was Spain ($X per ton), while the average price for exports to China ($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 Taiwan (Chinese) (+12.3%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Copper Ores And Concentrates

Imports into Ecuador

In 2021, supplies from abroad of copper ores and concentrates increased by 314% to X tons for the first time since 2018, thus ending a two-year declining trend. Overall, imports showed significant growth. The pace of growth was the most pronounced in 2014 when imports increased by 1,051%. Over the period under review, imports hit record highs at X tons in 2015; however, from 2016 to 2021, imports remained at a lower figure.

In value terms, copper ores and concentrates imports plummeted to $X in 2021. In general, imports posted a significant increase. The most prominent rate of growth was recorded in 2014 when imports increased by 693%. Over the period under review, imports reached the peak figure at $X in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, the United Arab Emirates (X tons) constituted the largest supplier of copper ores and concentrates to Ecuador, with a 78% share of total imports. Moreover, copper ores and concentrates imports from the United Arab Emirates exceeded the figures recorded by the second-largest supplier, the United States (X tons), fourfold.

From 2012 to 2021, the average annual growth rate of volume from the United Arab Emirates was relatively modest.

In value terms, the largest copper ores and concentrates suppliers to Ecuador were the United Arab Emirates ($X) and the United States ($X).

The United States, with a CAGR of +41.6%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review.

Import Prices by Country

In 2021, the average copper ores and concentrates import price amounted to $X per ton, waning by -85.7% against the previous year. In general, the import price, however, showed a strong increase. The most prominent rate of growth was recorded in 2020 an increase of 178%. As a result, import price attained the peak level of $X per ton, and then shrank significantly in the following year.

Prices varied noticeably country of origin: the country with the highest price was the United States ($X per ton), while the price for the United Arab Emirates amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+181.9%).

Source: IndexBox Platform

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