Latin America and the Caribbean: Copper Market 2024

Copper Market Size in Latin America and the Caribbean

The Latin American copper market shrank slightly to $X in 2022, leveling off at the previous year. The market value increased at an average annual rate of +2.7% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Copper Production in Latin America and the Caribbean

In value terms, copper production totaled $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.3% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2017 with an increase of 28% against the previous year. As a result, production reached the peak level of $X. From 2018 to 2022, production growth failed to regain momentum.

Copper Exports

Exports in Latin America and the Caribbean

In 2022, approx. X tons of copper were exported in Latin America and the Caribbean; increasing by 28% against 2021 figures. Overall, exports, however, recorded a mild decrease. The volume of export peaked at X tons in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

In value terms, copper exports skyrocketed to $X in 2022. Over the period under review, exports, however, showed a mild descent. The growth pace was the most rapid in 2020 with an increase of 36% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Chile prevails in exports structure, reaching X tons, which was near 92% of total exports in 2022. It was distantly followed by Brazil (X tons), committing a 4.7% share of total exports. Peru (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to copper exports from Chile stood at -2.5%. At the same time, Brazil (+166.6%) displayed positive paces of growth. Moreover, Brazil emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +166.6% from 2012-2022. By contrast, Peru (-1.1%) illustrated a downward trend over the same period. While the share of Brazil (+4.7 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Chile (-5.5 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Chile ($X) remains the largest copper supplier in Latin America and the Caribbean, comprising 93% of total exports. The second position in the ranking was held by Brazil ($X), with a 4.6% share of total exports.

In Chile, copper exports plunged by an average annual rate of -1.6% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Brazil (+161.9% per year) and Peru (-2.0% per year).

Export Prices by Country

In 2022, the export price in Latin America and the Caribbean amounted to $X per ton, shrinking by -4.7% against the previous year. In general, the export price, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 an increase of 43% against the previous year. As a result, the export price reached the peak level of $X per ton, and then fell slightly in the following year.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Chile ($X per ton), while Peru ($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 (+0.9%), while the other leaders experienced a decline in the export price figures.

Copper Imports

Imports in Latin America and the Caribbean

In 2022, the amount of copper imported in Latin America and the Caribbean contracted sharply to X tons, reducing by -95% on 2021. In general, imports saw a abrupt contraction. The growth pace was the most rapid in 2018 when imports increased by 2,782%. The volume of import peaked at X tons in 2015; however, from 2016 to 2022, imports remained at a lower figure.

In value terms, copper imports dropped markedly to $X in 2022. Overall, imports showed a abrupt decrease. The most prominent rate of growth was recorded in 2018 with an increase of 1,855% against the previous year. Over the period under review, imports hit record highs at $X in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Mexico (X tons), distantly followed by Brazil (X tons), Colombia (X tons) and Chile (X tons) represented the major importers of copper, together mixing up 75% of total imports. The following importers - Curacao (X tons), Cuba (X tons), Cayman Islands (X tons), Trinidad and Tobago (X tons), Bahamas (X tons), Venezuela (X tons) and Paraguay (X tons) - together made up 16% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Paraguay (with a CAGR of +119.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Mexico ($X), Brazil ($X) and Colombia ($X) appeared to be the countries with the highest levels of imports in 2022, with a combined 65% share of total imports. Chile, Curacao, Venezuela, Bahamas, Trinidad and Tobago, Cayman Islands, Cuba and Paraguay lagged somewhat behind, together accounting for a further 20%.

Curacao, with a CAGR of +32.1%, saw the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per ton in 2022, growing by 38% against the previous year. Over the period under review, the import price saw a perceptible expansion. The growth pace was the most rapid in 2017 an increase of 84% against the previous year. The level of import peaked in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Curacao ($X per ton), while Paraguay ($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 (+5.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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