Latin America and the Caribbean: Market for Copper Ores And Concentrates 2024

Market Size for Copper Ores And Concentrates in Latin America and the Caribbean

In 2021, the Latin American copper ores and concentrates market increased by 14% to $X, rising for the second consecutive year after two years of decline. In general, consumption recorded a perceptible setback. Over the period under review, the market reached the maximum level at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Production of Copper Ores And Concentrates in Latin America and the Caribbean

In value terms, copper ores and concentrates production surged to $X in 2021 estimated in export price. The total production indicated notable growth from 2012 to 2021: its value increased at an average annual rate of +3.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +137.4% against 2016 indices. As a result, production reached the peak level and is likely to continue growth in the immediate term.

Exports of Copper Ores And Concentrates

Exports in Latin America and the Caribbean

In 2021, the amount of copper ores and concentrates exported in Latin America and the Caribbean rose sharply to X tons, with an increase of 13% on 2020. Total exports indicated a buoyant increase from 2012 to 2021: its volume increased at an average annual rate of +6.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -3.4% against 2019 indices. The most prominent rate of growth was recorded in 2016 when exports increased by 30% against the previous year. Over the period under review, the exports hit record highs at X tons in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

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

Exports by Country

Peru was the major exporter of copper ores and concentrates in Latin America and the Caribbean, with the volume of exports reaching X tons, which was near 46% of total exports in 2021. Chile (X tons) took a 22% share (based on physical terms) of total exports, which put it in second place, followed by Mexico (11%), Panama (9%) and Brazil (8.2%). Ecuador (X tons) followed a long way behind the leaders.

Exports from Peru increased at an average annual rate of +6.3% from 2012 to 2021. At the same time, Panama (+811.8%), Ecuador (+57.2%), Mexico (+11.6%), Brazil (+6.4%) and Chile (+4.3%) displayed positive paces of growth. Moreover, Panama emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +811.8% from 2012-2021. From 2012 to 2021, the share of Panama, Mexico and Ecuador increased by +9, +3.5 and +2.9 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Chile ($X), Peru ($X) and Mexico ($X) were the countries with the highest levels of exports in 2021, with a combined 86% share of total exports. These countries were followed by Brazil, Panama and Ecuador, which together accounted for a further 13%.

In terms of the main exporting countries, Panama, with a CAGR of +1,062.7%, recorded the highest growth rate of 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

The export price in Latin America and the Caribbean stood at $X per ton in 2021, picking up by 34% against the previous year. Over the period under review, the export price showed a relatively flat trend pattern. As a result, the export 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 exporting countries. In 2021, the country with the highest price was Chile ($X per ton), while Ecuador ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Panama (+27.5%), while the other leaders experienced more modest paces of growth.

Imports of Copper Ores And Concentrates

Imports in Latin America and the Caribbean

In 2021, approx. X tons of copper ores and concentrates were imported in Latin America and the Caribbean; which is down by -17.5% on 2020. Overall, imports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when imports increased by 37%. Over the period under review, imports attained the maximum at X tons in 2016; however, from 2017 to 2021, imports remained at a lower figure.

In value terms, copper ores and concentrates imports fell remarkably to $X in 2021. Over the period under review, imports continue to indicate a noticeable descent. The most prominent rate of growth was recorded in 2013 with an increase of 33% against the previous year. As a result, imports reached the peak of $X. From 2014 to 2021, the growth of imports failed to regain momentum.

Imports by Country

The countries with the highest levels of copper ores and concentrates imports in 2021 were Brazil (X tons), Mexico (X tons) and Aruba (X tons), together accounting for 92% of total import. It was distantly followed by Peru (X tons), committing a 4.8% share of total imports. Chile (X tons) held a little share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Aruba (with a CAGR of +22.1%), while imports for the other leaders experienced mixed trends in the imports figures.

In value terms, the largest copper ores and concentrates importing markets in Latin America and the Caribbean were Brazil ($X), Mexico ($X) and Peru ($X), together comprising 94% of total imports. These countries were followed by Chile and Aruba, which together accounted for a further 4.9%.

In terms of the main importing countries, Aruba, with a CAGR of +22.8%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced mixed trends in the imports figures.

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per ton in 2021, falling by -28.1% against the previous year. Overall, the import price saw a deep downturn. The pace of growth appeared the most rapid in 2018 an increase of 48% against the previous year. Over the period under review, import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Chile ($X per ton), while Aruba (less than $X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Chile (+2.2%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform