ASEAN: Copper Market 2024

Copper Market Size in ASEAN

The ASEAN copper market contracted to $X in 2022, approximately mirroring the previous year. The total consumption indicated a pronounced expansion from 2012 to 2022: its value increased at an average annual rate of +4.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +1.3% against 2020 indices. The level of consumption peaked at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Copper Production in ASEAN

In value terms, copper production dropped modestly to $X in 2022 estimated in export price. The total production indicated buoyant growth from 2012 to 2022: its value increased at an average annual rate of +5.3% 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 +0.5% against 2020 indices. The most prominent rate of growth was recorded in 2016 when the production volume increased by 75%. Over the period under review, production reached the maximum level at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

Copper Exports

Exports in ASEAN

In 2022, shipments abroad of copper decreased by -8.2% to X tons, falling for the second consecutive year after two years of growth. Over the period under review, exports, however, posted a resilient expansion. The pace of growth was the most pronounced in 2014 with an increase of 542% against the previous year. The volume of export peaked at X tons in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

In value terms, copper exports fell modestly to $X in 2022. In general, exports, however, saw buoyant growth. The pace of growth appeared the most rapid in 2016 with an increase of 1,633% against the previous year. Over the period under review, the exports hit record highs at $X in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

Exports by Country

Cambodia (X tons), Thailand (X tons) and the Philippines (X tons) represented roughly 76% of total exports in 2022. Singapore (X tons) ranks next in terms of the total exports with a 12% share, followed by Malaysia (7%). Indonesia (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by the Philippines (with a CAGR of +84.4%), while the other leaders experienced more modest paces of growth.

In value terms, Cambodia ($X), the Philippines ($X) and Singapore ($X) appeared to be the countries with the highest levels of exports in 2022, with a combined 81% share of total exports. Thailand, Indonesia and Malaysia lagged somewhat behind, together comprising a further 18%.

In terms of the main exporting countries, Thailand, with a CAGR of +94.9%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in ASEAN stood at $X per ton in 2022, growing by 5.1% against the previous year. In general, the export price, however, showed a slight slump. The most prominent rate of growth was recorded in 2016 when the export price increased by 225%. As a result, the export price reached the peak level of $X per ton. From 2017 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the Philippines ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cambodia (+14.8%), while the other leaders experienced more modest paces of growth.

Copper Imports

Imports in ASEAN

After two years of growth, purchases abroad of copper decreased by -40% to X tons in 2022. Overall, imports, however, enjoyed a pronounced expansion. The pace of growth was the most pronounced in 2021 when imports increased by 411% against the previous year. As a result, imports attained the peak of X tons, and then reduced markedly in the following year.

In value terms, copper imports declined significantly to $X in 2022. In general, imports recorded a noticeable decline. The pace of growth appeared the most rapid in 2021 with an increase of 118%. Over the period under review, imports reached the maximum at $X in 2013; however, from 2014 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Cambodia (X tons) was the largest importer of copper, constituting 63% of total imports. Thailand (X tons) ranks second in terms of the total imports with a 14% share, followed by Malaysia (8.2%). Singapore (X tons), Indonesia (X tons), Lao People's Democratic Republic (X tons) and Vietnam (X tons) took a minor share of total imports.

From 2012 to 2022, average annual rates of growth with regard to copper imports into Cambodia stood at -50.0%. At the same time, Indonesia (+20.0%) and Thailand (+9.0%) displayed positive paces of growth. Moreover, Indonesia emerged as the fastest-growing importer imported in ASEAN, with a CAGR of +20.0% from 2012-2022. Vietnam experienced a relatively flat trend pattern. By contrast, Lao People's Democratic Republic (-6.3%), Singapore (-8.6%) and Malaysia (-15.8%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Cambodia, Thailand and Indonesia increased by +63, +6.2 and +3.1 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Thailand ($X), Cambodia ($X) and Malaysia ($X) appeared to be the countries with the highest levels of imports in 2022, together accounting for 67% of total imports. Singapore, Indonesia, Vietnam and Lao People's Democratic Republic lagged somewhat behind, together accounting for a further 30%.

In terms of the main importing countries, Indonesia, with a CAGR of +25.9%, saw the highest rates of growth with regard to 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 import price in ASEAN stood at $X per ton in 2022, with an increase of 37% against the previous year. Over the period under review, the import price, however, recorded a drastic downturn. Over the period under review, import prices hit record highs at $X per ton in 2013; however, from 2014 to 2022, import prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+5.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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