Pakistan: Copper Market 2024

Copper Market Size in Pakistan

For the fifth year in a row, the Pakistani copper market recorded decline in sales value, which decreased by -67% to $X in 2022. Overall, consumption continues to indicate a significant decline. The growth pace was the most rapid in 2017 with an increase of 1.8% against the previous year. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Copper Production in Pakistan

In value terms, copper production expanded to $X in 2022 estimated in export price. Over the period under review, production saw a deep setback. The most prominent rate of growth was recorded in 2019 when the production volume increased by 46%. Over the period under review, production reached the maximum level at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Copper Exports

Exports from Pakistan

After ten years of growth, overseas shipments of copper decreased by -25.5% to X tons in 2022. In general, exports, however, continue to indicate a significant increase. The pace of growth appeared the most rapid in 2014 when exports increased by 755%. The exports peaked at X tons in 2021, and then declined significantly in the following year.

In value terms, copper exports reduced modestly to $X in 2022. Overall, exports, however, enjoyed a significant increase. The pace of growth appeared the most rapid in 2014 with an increase of 768% against the previous year. Over the period under review, the exports hit record highs at $X in 2021, and then fell in the following year.

Exports by Country

China (X tons) was the main destination for copper exports from Pakistan, accounting for a 81% share of total exports. Moreover, copper exports to China exceeded the volume sent to the second major destination, Belgium (X tons), eightfold. The third position in this ranking was held by Hong Kong SAR (X tons), with a 5.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to China amounted to +113.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Belgium (+122.1% per year) and Hong Kong SAR (+128.0% per year).

In value terms, China ($X) remains the key foreign market for copper exports from Pakistan, comprising 75% of total exports. The second position in the ranking was held by Belgium ($X), with a 17% share of total exports. It was followed by Japan, with a 4.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value to China amounted to +123.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Belgium (+150.3% per year) and Japan (+75.5% per year).

Export Prices by Country

The average copper export price stood at $X per ton in 2022, increasing by 30% against the previous year. Overall, the export price enjoyed a resilient expansion. The pace of growth appeared the most rapid in 2021 when the average export price increased by 33%. The export price peaked in 2022 and is likely to see gradual growth in years to come.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Belgium ($X per ton), while the average price for exports to Hong Kong SAR ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Hong Kong SAR (+25.1%), while the prices for the other major destinations experienced more modest paces of growth.

Copper Imports

Imports into Pakistan

Copper imports into Pakistan rose sharply to X tons in 2022, with an increase of 14% on the previous year's figure. In general, imports, however, continue to indicate a deep setback. The growth pace was the most rapid in 2017 with an increase of 573% against the previous year. Over the period under review, imports reached the maximum at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, copper imports soared to $X in 2022. Over the period under review, imports saw a slight increase. The most prominent rate of growth was recorded in 2020 when imports increased by 938%. As a result, imports attained the peak of $X. From 2021 to 2022, the growth of imports failed to regain momentum.

Imports by Country

Malaysia (X tons), Kuwait (X tons) and Singapore (X tons) were the main suppliers of copper imports to Pakistan, with a combined 69% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Singapore (with a CAGR of +52.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Singapore ($X) constituted the largest supplier of copper to Pakistan, comprising 50% of total imports. The second position in the ranking was held by Malaysia ($X), with a 22% share of total imports. It was followed by the United States, with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Singapore amounted to +56.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+21.2% per year) and the United States (+20.6% per year).

Import Prices by Country

The average copper import price stood at $X per ton in 2022, increasing by 14% against the previous year. In general, the import price posted a significant increase. The most prominent rate of growth was recorded in 2020 when the average import price increased by 113% against the previous year. Over the period under review, average import prices hit record highs in 2022 and is likely to continue growth in the near future.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Singapore ($X per ton), while the price for Kuwait ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+17.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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