Oman: Market for Copper Bars, Wire And Plates 2024

Market Size for Copper Bars, Wire And Plates in Oman

In 2021, the Omani market for copper bars, wire and plates was finally on the rise to reach $X for the first time since 2018, thus ending a two-year declining trend. Over the period under review, consumption saw temperate growth. Copper bars, wire and plates consumption peaked at $X in 2013; however, from 2014 to 2021, consumption stood at a somewhat lower figure.

Exports of Copper Bars, Wire And Plates

Exports from Oman

In 2021, overseas shipments of copper bars, wire and plates increased by 24% to X tons, rising for the third consecutive year after five years of decline. Over the period under review, exports, however, saw a abrupt decrease. The growth pace was the most rapid in 2013 with an increase of 114% against the previous year. As a result, the exports reached the peak of X tons. From 2014 to 2021, the growth of the exports remained at a lower figure.

In value terms, copper bars, wire and plates exports skyrocketed to $X in 2021. Overall, exports, however, showed a abrupt setback. The most prominent rate of growth was recorded in 2013 when exports increased by 84%. As a result, the exports attained the peak of $X. From 2014 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

The United Arab Emirates (X tons), India (X tons) and Pakistan (X tons) were the main destinations of copper bars, wire and plates exports from Oman, together comprising 79% of total exports. These countries were followed by Saudi Arabia, Turkey, Qatar, South Korea, Yemen, Kuwait and Bahrain, which together accounted for a further 21%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by South Korea (with a CAGR of +25.4%), while the other leaders experienced mixed trend patterns.

In value terms, the United Arab Emirates ($X) remains the key foreign market for copper bars, wire and plates exports from Oman, comprising 74% of total exports. The second position in the ranking was taken by Pakistan ($X), with a 7.8% share of total exports. It was followed by South Korea, with a 6% share.

From 2012 to 2021, the average annual growth rate of value to the United Arab Emirates stood at +10.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Pakistan (-26.8% per year) and South Korea (+53.1% per year).

Export Prices by Country

The average export price for copper bars, wire and plates stood at $X per ton in 2021, increasing by 7.4% against the previous year. In general, the export price, however, saw a noticeable slump. The most prominent rate of growth was recorded in 2018 an increase of 28% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Bahrain ($X per ton), while the average price for exports to India ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Bahrain (+37.5%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Copper Bars, Wire And Plates

Imports into Oman

In 2021, after two years of decline, there was significant growth in purchases abroad of copper bars, wire and plates, when their volume increased by 27% to X tons. In general, imports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 185% 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 skyrocketed to $X in 2021. Over the period under review, imports saw a measured expansion. The pace of growth appeared the most rapid in 2017 when imports increased by 290%. Imports peaked 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) was the main supplier of copper bars, wire and plates to Oman, with a 96% share of total imports. It was followed by Belgium (X tons), with a 0.9% share of total imports. The third position in this ranking was held by India (X tons), with a 0.5% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from the United Arab Emirates amounted to +17.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Belgium (-30.7% per year) and India (-27.6% per year).

In value terms, the United Arab Emirates ($X) constituted the largest supplier of copper bars, wire and plates to Oman, comprising 97% of total imports. The second position in the ranking was taken by India ($X), with a 0.6% share of total imports. It was followed by Belgium, with a 0.4% share.

From 2012 to 2021, the average annual rate of growth in terms of value from the United Arab Emirates totaled +14.7%. The remaining supplying countries recorded the following average annual rates of imports growth: India (-24.6% per year) and Belgium (-35.5% per year).

Import Prices by Country

The average import price for copper bars, wire and plates stood at $X per ton in 2021, growing by 21% against the previous year. Overall, import price indicated a mild expansion from 2012 to 2021: its price increased at an average annual rate of +1.9% 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 import price increased by +41.4% against 2019 indices. The most prominent rate of growth was recorded in 2017 when the average import price increased by 37%. The import price peaked in 2021 and is expected to retain growth in years to come.

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 the UK ($X per ton), while the price for Belgium ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+10.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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