Philippines: Market for Copper Bars, Wire And Plates 2024

Market Size for Copper Bars, Wire And Plates in the Philippines

In 2021, the Philippine market for copper bars, wire and plates increased by 56% to $X for the first time since 2018, thus ending a two-year declining trend. Overall, consumption continues to indicate prominent growth. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Exports of Copper Bars, Wire And Plates

Exports from the Philippines

In 2021, overseas shipments of copper bars, wire and plates were finally on the rise to reach X tons after three years of decline. In general, exports, however, saw a mild reduction. Over the period under review, the exports reached the peak figure at X tons in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

In value terms, copper bars, wire and plates exports soared to $X in 2021. Overall, exports, however, saw a pronounced descent. The pace of growth appeared the most rapid in 2017 with an increase of 484% against the previous year. As a result, the exports attained the peak of $X. From 2018 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

China (X tons) was the main destination for copper bars, wire and plates exports from the Philippines, with a 59% share of total exports. Moreover, copper bars, wire and plates exports to China exceeded the volume sent to the second major destination, Indonesia (X tons), fourfold. Malaysia (X tons) ranked third in terms of total exports with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to China amounted to +30.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (+42.7% per year) and Malaysia (+52.5% per year).

In value terms, China ($X) emerged as the key foreign market for copper bars, wire and plates exports from the Philippines, comprising 83% of total exports. The second position in the ranking was held by Japan ($X), with a 7.5% share of total exports. It was followed by South Korea, with a 3.6% share.

From 2012 to 2021, the average annual rate of growth in terms of value to China totaled +49.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (-20.3% per year) and South Korea (-11.6% per year).

Export Prices by Country

The average export price for copper bars, wire and plates stood at $X per ton in 2021, reducing by -7.5% against the previous year. In general, the export price recorded a perceptible contraction. The pace of growth appeared the most rapid in 2017 an increase of 82% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2018 to 2021, the average export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Taiwan (Chinese) ($X per ton), while the average price for exports to Malaysia ($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 Thailand (+33.7%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Copper Bars, Wire And Plates

Imports into the Philippines

In 2021, purchases abroad of copper bars, wire and plates was finally on the rise to reach X tons after three years of decline. Overall, total imports indicated a remarkable increase from 2012 to 2021: its volume increased at an average annual rate of +7.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2016 when imports increased by 46%. Over the period under review, imports attained the peak figure at X tons in 2017; however, from 2018 to 2021, imports remained at a lower figure.

In value terms, copper bars, wire and plates imports soared to $X in 2021. Over the period under review, imports continue to indicate a buoyant expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

South Korea (X tons), Thailand (X tons) and China (X tons) were the main suppliers of copper bars, wire and plates imports to the Philippines, together accounting for 66% of total imports. Taiwan (Chinese), the United Arab Emirates, Japan, Malaysia, Indonesia and Australia lagged somewhat behind, together comprising a further 31%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the United Arab Emirates (with a CAGR of +68.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest copper bars, wire and plates suppliers to the Philippines were Thailand ($X), South Korea ($X) and Japan ($X), with a combined 56% share of total imports. These countries were followed by China, Taiwan (Chinese), the United Arab Emirates, Malaysia, Indonesia and Australia, which together accounted for a further 40%.

The United Arab Emirates, with a CAGR of +68.3%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average import price for copper bars, wire and plates amounted to $X per ton, growing by 35% against the previous year. Overall, import price indicated perceptible growth from 2012 to 2021: its price increased at an average annual rate of +3.3% 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 +75.5% against 2016 indices. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+6.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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