Iraq: Market for Copper Bars, Wire And Plates 2024

Market Size for Copper Bars, Wire And Plates in Iraq

The Iraqi market for copper bars, wire and plates expanded notably to $X in 2021, with an increase of 7.7% against the previous year. The market value increased at an average annual rate of +3.9% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2021, consumption stood at a somewhat lower figure.

Production of Copper Bars, Wire And Plates in Iraq

In value terms, copper bars, wire and plates production totaled $X in 2021 estimated in export price. The total output value increased at an average annual rate of +3.8% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2014 with an increase of 17% against the previous year. Copper bars, wire and plates production peaked at $X in 2019; however, from 2020 to 2021, production failed to regain momentum.

Exports of Copper Bars, Wire And Plates

Exports from Iraq

In 2021, after eight years of decline, there was growth in overseas shipments of copper bars, wire and plates, when their volume increased by 1.1% to X tons. In general, exports, however, recorded a abrupt downturn. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, copper bars, wire and plates exports skyrocketed to $X in 2021. Overall, exports, however, continue to indicate a abrupt descent. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Turkey (X tons) was the main destination for copper bars, wire and plates exports from Iraq, with a approx. 99.9% share of total exports.

From 2012 to 2021, the average annual growth rate of volume to Turkey totaled -17.2%.

In value terms, Turkey ($X) also remains the key foreign market for copper bars, wire and plates exports from Iraq.

From 2012 to 2021, the average annual rate of growth in terms of value to Turkey totaled -9.2%.

Export Prices by Country

In 2021, the average export price for copper bars, wire and plates amounted to $X per ton, increasing by 39% against the previous year. Over the period under review, export price indicated a prominent expansion from 2012 to 2021: its price increased at an average annual rate of +9.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, copper bars, wire and plates export price increased by +129.6% against 2012 indices. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

As there is only one major export destination, the average price level is determined by prices for Turkey.

From 2012 to 2021, the rate of growth in terms of prices for Turkey amounted to +9.7% per year.

Imports of Copper Bars, Wire And Plates

Imports into Iraq

In 2021, supplies from abroad of copper bars, wire and plates was finally on the rise to reach X tons after two years of decline. Overall, imports, however, continue to indicate a abrupt descent. The most prominent rate of growth was recorded in 2018 when imports increased by 128% against the previous year. Imports peaked at X tons in 2013; however, from 2014 to 2021, imports remained at a lower figure.

In value terms, copper bars, wire and plates imports soared to $X in 2021. In general, imports, however, recorded a pronounced contraction. The growth pace was the most rapid in 2018 when imports increased by 187%. Over the period under review, imports reached the peak figure at $X in 2013; however, from 2014 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, the United Arab Emirates (X tons) constituted the largest supplier of copper bars, wire and plates to Iraq, accounting for a 49% share of total imports. Moreover, copper bars, wire and plates imports from the United Arab Emirates exceeded the figures recorded by the second-largest supplier, Iran (X tons), threefold. The third position in this ranking was held by Turkey (X tons), with a 15% share.

From 2012 to 2021, the average annual growth rate of volume from the United Arab Emirates stood at +25.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Iran (+4.4% per year) and Turkey (-12.7% per year).

In value terms, the United Arab Emirates ($X) constituted the largest supplier of copper bars, wire and plates to Iraq, comprising 51% of total imports. The second position in the ranking was taken by Turkey ($X), with an 18% share of total imports. It was followed by Iran, with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of value from the United Arab Emirates stood at +26.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (-11.0% per year) and Iran (+1.1% per year).

Import Prices by Country

The average import price for copper bars, wire and plates stood at $X per ton in 2021, with an increase of 37% against the previous year. Over the last nine-year period, it increased at an average annual rate of +2.8%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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 Jordan ($X per ton), while the price for Kuwait ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Jordan (+10.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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