Global Copper Market 2024

Copper Market Size

In 2022, the global copper market increased by 2.1% to $X, rising for the second consecutive year after two years of decline. The market value increased at an average annual rate of +2.5% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed in certain years. Global consumption peaked in 2022 and is expected to retain growth in the near future.

Copper Production

In value terms, copper production declined to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.2% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2018 with an increase of 28%. As a result, production attained the peak level of $X. From 2019 to 2022, global production growth remained at a somewhat lower figure.

Copper Exports

Exports

In 2022, global exports of copper rose markedly to X tons, growing by 12% against the previous year. Overall, total exports indicated a prominent expansion from 2012 to 2022: its volume increased at an average annual rate of +6.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -2.4% against 2020 indices. The growth pace was the most rapid in 2017 with an increase of 30% against the previous year. The global exports peaked at X tons in 2020; afterwards, it flattened through to 2022.

In value terms, copper exports fell modestly to $X in 2022. In general, exports enjoyed a buoyant increase. The pace of growth appeared the most rapid in 2017 with an increase of 61% against the previous year. The global exports peaked at $X in 2021, and then declined modestly in the following year.

Exports by Country

In 2022, Zambia (X tons) represented the main exporter of copper, mixing up 36% of total exports. It was distantly followed by Chile (X tons), Namibia (X tons), Bulgaria (X tons) and Democratic Republic of the Congo (X tons), together making up a 44% share of total exports. Tanzania (X tons), South Korea (X tons) and South Africa (X tons) held a little share of total exports.

Exports from Zambia increased at an average annual rate of +14.2% from 2012 to 2022. At the same time, Tanzania (+49.8%), South Korea (+46.7%), South Africa (+38.9%), Namibia (+35.0%) and Bulgaria (+6.5%) displayed positive paces of growth. Moreover, Tanzania emerged as the fastest-growing exporter exported in the world, with a CAGR of +49.8% from 2012-2022. Democratic Republic of the Congo experienced a relatively flat trend pattern. By contrast, Chile (-2.5%) illustrated a downward trend over the same period. While the share of Zambia (+19 p.p.), Namibia (+12 p.p.), Tanzania (+3.1 p.p.), South Korea (+2.2 p.p.) and South Africa (+2.1 p.p.) increased significantly in terms of the global exports from 2012-2022, the share of Democratic Republic of the Congo (-4.7 p.p.) and Chile (-23.5 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Zambia ($X), Chile ($X) and Namibia ($X) appeared to be the countries with the highest levels of exports in 2022, with a combined 67% share of global exports. Bulgaria, Democratic Republic of the Congo, South Korea, Tanzania and South Africa lagged somewhat behind, together comprising a further 22%.

South Korea, with a CAGR of +54.7%, saw the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices by Country

The average copper export price stood at $X per ton in 2022, with a decrease of -13.4% against the previous year. Overall, the export price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the average export price increased by 42%. As a result, the export price attained the peak level of $X per ton, and then contracted in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Bulgaria ($X per ton), while Tanzania ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+5.5%), while the other global leaders experienced more modest paces of growth.

Copper Imports

Imports

Global copper imports soared to X tons in 2022, increasing by 15% against the year before. Over the period under review, total imports indicated buoyant growth from 2012 to 2022: its volume increased at an average annual rate of +6.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +22.6% against 2019 indices. The pace of growth appeared the most rapid in 2013 with an increase of 17% against the previous year. Over the period under review, global imports attained the peak figure in 2022 and are expected to retain growth in years to come.

In value terms, copper imports expanded sharply to $X in 2022. Overall, imports showed a buoyant increase. The pace of growth appeared the most rapid in 2017 with an increase of 40%. Over the period under review, global imports hit record highs in 2022 and are likely to see gradual growth in years to come.

Imports by Country

In 2022, China (X tons) was the key importer of copper, constituting 60% of total imports. India (X tons) held the second position in the ranking, followed by Belgium (X tons) and Canada (X tons). All these countries together held approx. 27% share of total imports. The following importers - Germany (X tons), South Korea (X tons) and Namibia (X tons) - together made up 9.3% of total imports.

Imports into China increased at an average annual rate of +8.4% from 2012 to 2022. At the same time, Namibia (+73.4%), India (+22.7%), Canada (+21.9%) and Germany (+4.6%) displayed positive paces of growth. Moreover, Namibia emerged as the fastest-growing importer imported in the world, with a CAGR of +73.4% from 2012-2022. Belgium experienced a relatively flat trend pattern. By contrast, South Korea (-2.4%) illustrated a downward trend over the same period. While the share of China (+10 p.p.), India (+8.7 p.p.), Canada (+5 p.p.) and Namibia (+2.3 p.p.) increased significantly in terms of the global imports from 2012-2022, the share of South Korea (-3.4 p.p.) and Belgium (-8.7 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported copper worldwide, comprising 58% of global imports. The second position in the ranking was taken by India ($X), with a 12% share of global imports. It was followed by Belgium, with a 9.7% share.

In China, copper imports expanded at an average annual rate of +9.5% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: India (+23.9% per year) and Belgium (+0.3% per year).

Import Prices by Country

In 2022, the average copper import price amounted to $X per ton, approximately mirroring the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 40% against the previous year. As a result, import price reached the peak level of $X per ton, and then declined in the following year.

Average prices varied somewhat amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Namibia ($X per ton) and Germany ($X per ton), while South Korea ($X per ton) and China ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Namibia (+6.7%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Platform

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