Latin America and the Caribbean: Market for Copper Bars, Rods and Profiles 2024

Market Size for Copper Bars, Rods and Profiles in Latin America and the Caribbean

The Latin American market for copper bars, rods and profiles contracted modestly to $X in 2022, with a decrease of -3.3% against the previous year. Overall, consumption saw a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Production of Copper Bars, Rods and Profiles in Latin America and the Caribbean

In value terms, copper bar, rod and profile production fell to $X in 2022 estimated in export price. In general, production showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the production volume increased by 22%. The level of production peaked at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Exports of Copper Bars, Rods and Profiles

Exports in Latin America and the Caribbean

In 2022, overseas shipments of copper bars, rods and profiles increased by 11% to X tons, rising for the second consecutive year after three years of decline. The total export volume increased at an average annual rate of +1.4% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2021 when exports increased by 39%. Over the period under review, the exports reached the maximum in 2022 and are likely to see gradual growth in years to come.

In value terms, copper bar, rod and profile exports stood at $X in 2022. Total exports indicated mild growth from 2012 to 2022: its value increased at an average annual rate of +1.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +86.0% against 2020 indices. The pace of growth was the most pronounced in 2021 with an increase of 75%. Over the period under review, the exports reached the maximum in 2022 and are expected to retain growth in years to come.

Exports by Country

The shipments of the three major exporters of copper bars, rods and profiles, namely Brazil, Peru and Mexico, represented more than two-thirds of total export. Chile (X tons) took a 9.8% share (based on physical terms) of total exports, which put it in second place, followed by Guatemala (7.8%).

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Guatemala (with a CAGR of +56.9%), while the other leaders experienced mixed trends in the exports figures.

In value terms, Brazil ($X), Mexico ($X) and Peru ($X) constituted the countries with the highest levels of exports in 2022, together accounting for 89% of total exports. Chile and Guatemala lagged somewhat behind, together accounting for a further 9.6%.

In terms of the main exporting countries, Guatemala, with a CAGR of +47.0%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in Latin America and the Caribbean amounted to $X per ton, falling by -4% against the previous year. Over the period under review, the export price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the export price increased by 26%. As a result, the export price reached the peak level of $X per ton, and then declined in the following year.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Mexico ($X per ton), while Guatemala ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Chile (+1.9%), while the other leaders experienced more modest paces of growth.

Imports of Copper Bars, Rods and Profiles

Imports in Latin America and the Caribbean

In 2022, overseas purchases of copper bars, rods and profiles increased by 23% to X tons, rising for the second consecutive year after two years of decline. Over the period under review, imports, however, saw a relatively flat trend pattern. The volume of import peaked at X tons in 2014; however, from 2015 to 2022, imports remained at a lower figure.

In value terms, copper bar, rod and profile imports reduced slightly to $X in 2022. The total import value increased at an average annual rate of +2.0% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2021 with an increase of 51% against the previous year. As a result, imports attained the peak of $X, leveling off in the following year.

Imports by Country

Mexico prevails in imports structure, reaching X tons, which was near 61% of total imports in 2022. Chile (X tons) ranks second in terms of the total imports with a 6.8% share, followed by Brazil (6.4%) and Ecuador (5.1%). The following importers - Trinidad and Tobago (X tons), Argentina (X tons), Colombia (X tons) and Cuba (X tons) - together made up 13% of total imports.

Imports into Mexico increased at an average annual rate of +3.1% from 2012 to 2022. At the same time, Cuba (+15.5%), Colombia (+9.9%), Chile (+5.8%), Argentina (+4.4%) and Ecuador (+4.0%) displayed positive paces of growth. Moreover, Cuba emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +15.5% from 2012-2022. By contrast, Trinidad and Tobago (-10.6%) and Brazil (-13.4%) illustrated a downward trend over the same period. While the share of Mexico (+18 p.p.), Chile (+3.1 p.p.), Colombia (+2 p.p.), Ecuador (+1.8 p.p.) and Cuba (+1.8 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Trinidad and Tobago (-7.4 p.p.) and Brazil (-19.1 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) constitutes the largest market for imported copper bars, rods and profiles in Latin America and the Caribbean, comprising 68% of total imports. The second position in the ranking was held by Brazil ($X), with a 7.9% share of total imports. It was followed by Chile, with a 5.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Mexico stood at +5.9%. The remaining importing countries recorded the following average annual rates of imports growth: Brazil (-7.2% per year) and Chile (+6.7% per year).

Import Prices by Country

In 2022, the import price in Latin America and the Caribbean amounted to $X per ton, reducing by -19.2% against the previous year. Import price indicated notable growth from 2012 to 2022: its price increased at an average annual rate of +2.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, copper bar, rod and profile import price increased by +42.3% against 2019 indices. The pace of growth was the most pronounced in 2021 when the import price increased by 34%. As a result, import price attained the peak level of $X per ton, and then dropped notably in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Brazil ($X per ton), while Ecuador ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (+7.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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