Guatemala: Market for Copper Bars, Rods and Profiles 2024

Market Size for Copper Bars, Rods and Profiles in Guatemala

In 2022, the Guatemalan market for copper bars, rods and profiles decreased by -6.1% to $X, falling for the fourth year in a row after three years of growth. In general, consumption, however, recorded a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Production of Copper Bars, Rods and Profiles in Guatemala

In value terms, copper bar, rod and profile production contracted modestly to $X in 2022 estimated in export price. Overall, the total production indicated noticeable growth from 2012 to 2022: its value increased at an average annual rate of +2.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +1.5% against 2020 indices. The pace of growth was the most pronounced in 2017 with an increase of 45%. Over the period under review, production attained the peak level at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

Exports of Copper Bars, Rods and Profiles

Exports from Guatemala

In 2022, approx. X tons of copper bars, rods and profiles were exported from Guatemala; jumping by 38% on the previous year's figure. Over the period under review, exports continue to indicate a significant increase. The most prominent rate of growth was recorded in 2016 when exports increased by 314%. Over the period under review, the exports reached the maximum in 2022 and are likely to continue growth in the near future.

In value terms, copper bar, rod and profile exports declined slightly to $X in 2022. Overall, exports posted a significant increase. The most prominent rate of growth was recorded in 2016 when exports increased by 978%. Over the period under review, the exports attained the maximum at $X in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

Exports by Country

China (X tons) was the main destination for copper bar, rod and profile exports from Guatemala, with a 73% share of total exports. Moreover, copper bar, rod and profile exports to China exceeded the volume sent to the second major destination, Brazil (X tons), tenfold. The United States (X tons) ranked third in terms of total exports with a 6.7% share.

From 2012 to 2022, the average annual growth rate of volume to China totaled +68.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Brazil (+156.2% per year) and the United States (+28.1% per year).

In value terms, China ($X) remains the key foreign market for copper bars, rods and profiles exports from Guatemala, comprising 60% of total exports. The second position in the ranking was taken by the United States ($X), with a 21% share of total exports. It was followed by Brazil, with a 4.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value to China totaled +76.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+37.4% per year) and Brazil (+97.1% per year).

Export Prices by Country

The average export price for copper bars, rods and profiles stood at $X per ton in 2022, reducing by -29.8% against the previous year. In general, the export price showed a abrupt contraction. The most prominent rate of growth was recorded in 2017 when the average export price increased by 212%. The export price peaked at $X per ton in 2018; however, from 2019 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Ecuador ($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 Hong Kong SAR (+8.0%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Copper Bars, Rods and Profiles

Imports into Guatemala

In 2022, purchases abroad of copper bars, rods and profiles increased by 17% to X tons, rising for the second consecutive year after two years of decline. In general, imports continue to indicate a notable expansion. The pace of growth appeared the most rapid in 2013 when imports increased by 128%. Over the period under review, imports reached the peak figure at X tons in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

In value terms, copper bar, rod and profile imports surged to $X in 2022. Over the period under review, total imports indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of +5.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +77.7% against 2019 indices. The most prominent rate of growth was recorded in 2013 when imports increased by 71% against the previous year. As a result, imports attained the peak of $X; afterwards, it flattened through to 2022.

Imports by Country

Costa Rica (X tons), China (X tons) and the United States (X tons) were the main suppliers of copper bar, rod and profile imports to Guatemala, together accounting for 72% of total imports. Chile, Mexico, Brazil, Colombia and India lagged somewhat behind, together accounting for a further 24%.

From 2012 to 2022, the biggest increases were recorded for Chile (with a CAGR of +92.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Costa Rica ($X), the United States ($X) and China ($X) constituted the largest copper bar, rod and profile suppliers to Guatemala, with a combined 68% share of total imports. Chile, Brazil, Mexico, Colombia and India lagged somewhat behind, together comprising a further 26%.

In terms of the main suppliers, Chile, with a CAGR of +81.4%, saw the highest growth rate of 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

In 2022, the average import price for copper bars, rods and profiles amounted to $X per ton, picking up by 5.2% against the previous year. Over the period under review, the import price continues to indicate a pronounced expansion. The most prominent rate of growth was recorded in 2016 when the average import price increased by 60% against the previous year. The import price peaked in 2022 and is expected to retain growth in the near future.

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 India ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+24.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform