Iraq: Copper Wire Market 2024

Copper Wire Market Size in Iraq

In 2021, the Iraqi copper wire market was finally on the rise to reach $X for the first time since 2018, thus ending a two-year declining trend. In general, the total consumption indicated a buoyant expansion from 2012 to 2021: its value increased at an average annual rate of +6.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -6.0% against 2018 indices. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2021, consumption failed to regain momentum.

Copper Wire Production in Iraq

In value terms, copper wire production rose to $X in 2021 estimated in export price. Overall, the total production indicated a strong expansion from 2012 to 2021: its value increased at an average annual rate of +6.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -4.9% against 2018 indices. The most prominent rate of growth was recorded in 2017 when the production volume increased by 24%. Over the period under review, production attained the peak level at $X in 2018; however, from 2019 to 2021, production failed to regain momentum.

Copper Wire Exports

Exports from Iraq

In 2021, shipments abroad of copper wire was finally on the rise to reach X tons for the first time since 2012, thus ending a eight-year declining trend. In general, exports, however, continue to indicate a relatively flat trend pattern. Over the period under review, the exports reached the peak figure at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, copper wire exports surged to $X in 2021. Overall, exports continue to indicate a buoyant increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Turkey (X tons) was the main destination for copper wire exports from Iraq, accounting for a approx. 100% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of volume to Turkey was relatively modest.

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

From 2012 to 2021, the average annual growth rate of value to Turkey stood at +9.1%.

Export Prices by Country

The average copper wire export price stood at $X per ton in 2021, increasing by 38% against the previous year. In general, export price indicated a prominent expansion from 2012 to 2021: its price increased at an average annual rate of +9.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, copper wire export price increased by +132.3% 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 +9.8% per year.

Copper Wire Imports

Imports into Iraq

In 2021, the amount of copper wire imported into Iraq dropped rapidly to X tons, which is down by -17% compared with 2020 figures. Overall, imports continue to indicate a pronounced slump. The pace of growth was the most pronounced in 2018 when imports increased by 160%. Over the period under review, imports reached the peak figure at X tons in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

In value terms, copper wire imports skyrocketed to $X in 2021. Over the period under review, imports, however, showed a slight increase. The growth pace was the most rapid in 2018 with an increase of 260% against the previous year. As a result, imports reached the peak of $X. From 2019 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2021, the United Arab Emirates (X tons) constituted the largest supplier of copper wire to Iraq, with a 66% share of total imports. Moreover, copper wire imports from the United Arab Emirates exceeded the figures recorded by the second-largest supplier, Iran (X tons), fourfold. Turkey (X tons) ranked third in terms of total imports with an 8.4% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from the United Arab Emirates stood at +32.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Iran (+11.7% per year) and Turkey (-2.4% per year).

In value terms, the United Arab Emirates ($X) constituted the largest supplier of copper wire to Iraq, comprising 67% of total imports. The second position in the ranking was held by Iran ($X), with a 12% share of total imports. It was followed by Turkey, with a 9.8% share.

From 2012 to 2021, the average annual rate of growth in terms of value from the United Arab Emirates totaled +33.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Iran (+8.1% per year) and Turkey (-1.3% per year).

Import Prices by Country

The average copper wire import price stood at $X per ton in 2021, with an increase of 42% against the previous year. In general, import price indicated pronounced growth from 2012 to 2021: its price increased at an average annual rate of +4.4% 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 wire import price increased by +28.0% against 2018 indices. As a result, import price reached 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 ($X per ton), while the price for Saudi Arabia ($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 (+8.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform