GCC: Copper Market 2024

Copper Market Size in GCC

The GCC copper market rose modestly to $X in 2022, growing by 1.9% against the previous year. In general, consumption saw a slight descent. As a result, consumption reached the peak level of $X. From 2014 to 2022, the growth of the market remained at a lower figure.

Copper Production in GCC

In value terms, copper production stood at $X in 2022 estimated in export price. Overall, production saw a mild descent. The most prominent rate of growth was recorded in 2013 when the production volume increased by 115%. As a result, production attained the peak level of $X. From 2014 to 2022, production growth remained at a somewhat lower figure.

Copper Exports

Exports in GCC

In 2022, exports of copper in GCC was estimated at X tons, standing approx. at 2021. Over the period under review, exports continue to indicate modest growth. The growth pace was the most rapid in 2019 when exports increased by 213% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

In value terms, copper exports declined to $X in 2022. Overall, exports recorded a noticeable expansion. The growth pace was the most rapid in 2019 with an increase of 192%. The level of export peaked at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United Arab Emirates prevails in exports structure, accounting for X tons, which was near 91% of total exports in 2022. It was distantly followed by Oman (X tons), creating a 4.8% share of total exports. The following exporters - Bahrain (X tons) and Saudi Arabia (X tons) - each finished at a 4% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to copper exports from the United Arab Emirates stood at +2.2%. At the same time, Bahrain (+10.9%) displayed positive paces of growth. Moreover, Bahrain emerged as the fastest-growing exporter exported in GCC, with a CAGR of +10.9% from 2012-2022. By contrast, Oman (-3.7%) and Saudi Arabia (-7.7%) illustrated a downward trend over the same period. While the share of the United Arab Emirates (+5.4 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Saudi Arabia (-3.1 p.p.) and Oman (-3.4 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) remains the largest copper supplier in GCC, comprising 92% of total exports. The second position in the ranking was taken by Oman ($X), with a 5.4% share of total exports. It was followed by Saudi Arabia, with a 2.2% share.

In the United Arab Emirates, copper exports expanded at an average annual rate of +4.0% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Oman (-6.1% per year) and Saudi Arabia (-6.7% per year).

Export Prices by Country

In 2022, the export price in GCC amounted to $X per ton, with a decrease of -14.8% against the previous year. Overall, the export price, however, showed a slight increase. The most prominent rate of growth was recorded in 2016 when the export price increased by 50% against the previous year. Over the period under review, the export prices attained the maximum at $X per ton in 2021, and then reduced in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Saudi Arabia ($X per ton), while Bahrain ($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 Arab Emirates (+1.7%), while the other leaders experienced mixed trends in the export price figures.

Copper Imports

Imports in GCC

In 2022, after three years of growth, there was significant decline in supplies from abroad of copper, when their volume decreased by -30.6% to X tons. In general, imports recorded a pronounced reduction. The most prominent rate of growth was recorded in 2016 with an increase of 601%. As a result, imports attained the peak of X tons. From 2017 to 2022, the growth of imports failed to regain momentum.

In value terms, copper imports declined sharply to $X in 2022. Over the period under review, imports showed a abrupt downturn. The most prominent rate of growth was recorded in 2016 when imports increased by 231% against the previous year. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

The United Arab Emirates prevails in imports structure, accounting for X tons, which was near 93% of total imports in 2022. It was distantly followed by Kuwait (X tons), achieving a 5.2% share of total imports.

Imports into the United Arab Emirates increased at an average annual rate of +10.0% from 2012 to 2022. At the same time, Kuwait (+31.3%) displayed positive paces of growth. Moreover, Kuwait emerged as the fastest-growing importer imported in GCC, with a CAGR of +31.3% from 2012-2022. From 2012 to 2022, the share of the United Arab Emirates and Kuwait increased by +69 and +5 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported copper in GCC, comprising 77% of total imports. The second position in the ranking was taken by Kuwait ($X), with a 13% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value in the United Arab Emirates totaled +1.5%.

Import Prices by Country

The import price in GCC stood at $X per ton in 2022, surging by 11% against the previous year. Overall, the import price, however, faced a abrupt curtailment. The most prominent rate of growth was recorded in 2017 an increase of 169%. Over the period under review, import prices hit record highs at $X per ton in 2013; however, from 2014 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Kuwait ($X per ton), while the United Arab Emirates amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Kuwait (-5.0%).

Source: IndexBox Platform