Portugal: Copper Market 2024

Copper Market Size in Portugal

The Portuguese copper market expanded to $X in 2022, with an increase of 2.2% against the previous year. The market value increased at an average annual rate of +4.1% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Copper consumption peaked at $X in 2020; afterwards, it flattened through to 2022.

Copper Production in Portugal

In value terms, copper production totaled $X in 2022 estimated in export price. In general, the total production indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +10.3% 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 -6.0% against 2020 indices. The pace of growth was the most pronounced in 2013 with an increase of 75%. Copper production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Copper Exports

Exports from Portugal

In 2022, overseas shipments of copper were finally on the rise to reach X tons for the first time since 2018, thus ending a three-year declining trend. Over the period under review, exports, however, continue to indicate a precipitous slump. The most prominent rate of growth was recorded in 2016 with an increase of 2,183%. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, copper exports surged to $X in 2022. In general, exports, however, faced a dramatic descent. The most prominent rate of growth was recorded in 2016 when exports increased by 2,290% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Cabo Verde (X tons) was the main destination for copper exports from Portugal, with a 63% share of total exports. Moreover, copper exports to Cabo Verde exceeded the volume sent to the second major destination, Ireland (X kg), twofold.

From 2012 to 2022, the average annual growth rate of volume to Cabo Verde totaled +390.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Ireland (+57.6% per year) and Brazil (+80.8% per year).

In value terms, Ireland ($X), Cabo Verde ($X) and Brazil ($X) constituted the largest markets for copper exported from Portugal worldwide, with a combined 84% share of total exports.

Cabo Verde, with a CAGR of +332.9%, saw the highest rates of growth with regard to the value of exports, in terms of 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 copper export price amounted to $X per ton, which is down by -57.1% against the previous year. Over the period under review, the export price recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 when the average export price increased by 68% against the previous year. The export price peaked at $X per ton in 2016; however, from 2017 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Brazil ($X per ton), while the average price for exports to Cabo Verde ($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 Brazil (+47.2%), while the prices for the other major destinations experienced a decline.

Copper Imports

Imports into Portugal

In 2022, supplies from abroad of copper was finally on the rise to reach X tons after two years of decline. In general, imports posted a prominent expansion. The most prominent rate of growth was recorded in 2014 when imports increased by 60%. Over the period under review, imports reached the peak figure at X tons in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, copper imports soared to $X in 2022. Overall, imports posted prominent growth. The most prominent rate of growth was recorded in 2014 when imports increased by 70% against the previous year. Imports peaked at $X in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Spain (X tons) constituted the largest supplier of copper to Portugal, with a 65% share of total imports. Moreover, copper imports from Spain exceeded the figures recorded by the second-largest supplier, Italy (X tons), twofold. The third position in this ranking was taken by the Netherlands (X kg), with a 1.4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Spain amounted to +15.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+12.6% per year) and the Netherlands (-15.3% per year).

In value terms, the largest copper suppliers to Portugal were Spain ($X), Italy ($X) and the Netherlands ($X), with a combined 91% share of total imports.

Italy, with a CAGR of +15.2%, recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

In 2022, the average copper import price amounted to $X per ton, almost unchanged from the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2018 when the average import price increased by 24%. As a result, import price reached the peak level of $X per ton. From 2019 to 2022, the average import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+12.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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