Philippines: Refined Copper Market 2025

Refined Copper Market Size in the Philippines

In 2022, the Philippine refined copper market increased by 2.5% to $X, rising for the second year in a row after two years of decline. Over the period under review, consumption continues to indicate a relatively flat trend pattern. Over the period under review, the market reached the maximum level at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Refined Copper Production in the Philippines

In value terms, refined copper production expanded slightly to $X in 2022 estimated in export price. Over the period under review, the total production indicated a tangible increase from 2012 to 2022: its value increased at an average annual rate of +3.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -2.1% against 2020 indices. The pace of growth appeared the most rapid in 2017 with an increase of 87% against the previous year. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Refined Copper Exports

Exports from the Philippines

In 2022, shipments abroad of refined copper (unwrought, not alloyed) decreased by -3.6% to X tons, falling for the second consecutive year after two years of growth. Over the period under review, exports, however, saw a prominent increase. The pace of growth was the most pronounced in 2017 with an increase of 801%. The exports peaked at X tons in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, refined copper exports contracted to $X in 2022. In general, exports, however, posted a strong increase. The pace of growth was the most pronounced in 2017 when exports increased by 1,083% against the previous year. Over the period under review, the exports hit record highs at $X in 2021, and then shrank in the following year.

Exports by Country

China (X tons), Thailand (X tons) and Vietnam (X tons) were the main destinations of refined copper exports from the Philippines, together comprising 81% of total exports. Indonesia, Malaysia, South Korea and Taiwan (Chinese) lagged somewhat behind, together accounting for a further 19%.

From 2012 to 2022, the biggest increases were recorded for Indonesia (with a CAGR of +28.2%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Thailand ($X) and Vietnam ($X) were the largest markets for refined copper exported from the Philippines worldwide, with a combined 81% share of total exports. Indonesia, Malaysia, South Korea and Taiwan (Chinese) lagged somewhat behind, together comprising a further 19%.

Indonesia, with a CAGR of +29.6%, recorded the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average refined copper export price amounted to $X per ton, falling by -8.7% against the previous year. Overall, export price indicated a mild expansion from 2012 to 2022: its price increased at an average annual rate of +1.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, refined copper export price increased by +58.5% against 2019 indices. The pace of growth appeared the most rapid in 2021 when the average export price increased by 60% against the previous year. As a result, the export price reached the peak level of $X per ton, and then reduced in the following year.

Average prices varied noticeably for the major export markets. In 2022, amid the top suppliers, the countries with the highest prices were Vietnam ($X per ton) and Taiwan (Chinese) ($X per ton), while the average price for exports to South Korea ($X per ton) and Thailand ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Vietnam (+1.7%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Copper Imports

Imports into the Philippines

In 2022, refined copper imports into the Philippines shrank significantly to X tons, with a decrease of -62% against 2021. Over the period under review, imports saw a deep downturn. The most prominent rate of growth was recorded in 2016 when imports increased by 67%. Imports peaked at X tons in 2021, and then reduced notably in the following year.

In value terms, refined copper imports contracted remarkably to $X in 2022. Overall, imports recorded a abrupt contraction. The most prominent rate of growth was recorded in 2021 with an increase of 68%. As a result, imports attained the peak of $X, and then shrank markedly in the following year.

Imports by Country

Japan (X tons), South Korea (X tons) and Taiwan (Chinese) (X tons) were the main suppliers of refined copper imports to the Philippines, with a combined 99% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Taiwan (Chinese) (with a CAGR of +31.8%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, Japan ($X), South Korea ($X) and Taiwan (Chinese) ($X) appeared to be the largest refined copper suppliers to the Philippines, with a combined 99% share of total imports.

In terms of the main suppliers, Taiwan (Chinese), with a CAGR of +38.2%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average refined copper import price stood at $X per ton in 2022, standing approx. at the previous year. Over the period under review, import price indicated a slight expansion from 2012 to 2022: its price increased at an average annual rate of +1.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, refined copper import price increased by +55.2% against 2019 indices. The most prominent rate of growth was recorded in 2014 an increase of 63% against the previous year. Over the period under review, average import prices reached the peak figure in 2022 and is likely to see steady growth in years to come.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Australia ($X per ton), while the price for Japan ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Australia (+18.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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