MENA: Copper Market 2024

Copper Market Size in MENA

In 2022, the MENA's copper market increased by X% to $X, rising for the second consecutive year after three years of decline. The market value increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The level of consumption peaked in 2022 and is expected to retain growth in the near future.

Copper Production in MENA

In value terms, copper production contracted slightly to $X in 2022 estimated in export price. Over the period under review, production saw a relatively flat trend pattern. The growth pace was the most rapid in 2017 when the production volume increased by X% against the previous year. The level of production peaked at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Copper Exports

Exports in MENA

Copper exports contracted remarkably to X tons in 2022, with a decrease of X% against 2021 figures. Overall, exports, however, continue to indicate a measured increase. The most prominent rate of growth was recorded in 2016 with an increase of X% against the previous year. The volume of export peaked at X tons in 2021, and then dropped sharply in the following year.

In value terms, copper exports reduced sharply to $X in 2022. Over the period under review, exports, however, enjoyed a remarkable increase. The growth pace was the most rapid in 2019 with an increase of X% against the previous year. Over the period under review, the exports hit record highs at $X in 2021, and then shrank markedly in the following year.

Exports by Country

Iran dominates exports structure, accounting for X tons, which was near X% of total exports in 2022. The United Arab Emirates (X tons) held an X% share (based on physical terms) of total exports, which put it in second place, followed by Turkey (X%).

Iran was also the fastest-growing in terms of the refined copper exports, with a CAGR of X% from 2012 to 2022. At the same time, Turkey (X%) displayed positive paces of growth. By contrast, the United Arab Emirates (X%) illustrated a downward trend over the same period. While the share of Iran (X p.p.) increased significantly in terms of the total exports from 2012-2022, the share of the United Arab Emirates (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Iran ($X) remains the largest copper supplier in MENA, comprising X% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with an X% share of total exports.

In Iran, copper exports expanded at an average annual rate of X% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: the United Arab Emirates (X% per year) and Turkey (X% per year).

Export Prices by Country

In 2022, the export price in MENA amounted to $X per ton, reducing by X% against the previous year. Export price indicated a moderate increase from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, copper export price increased by X% against 2016 indices. The growth pace was the most rapid in 2021 an increase of X% against the previous year. As a result, the export price attained the peak level of $X per ton, and then reduced slightly in the following year.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Iran ($X per ton), while Turkey ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (X%), while the other leaders experienced mixed trends in the export price figures.

Copper Imports

Imports in MENA

In 2022, purchases abroad of refined copper increased by X% to X tons, rising for the second year in a row after three years of decline. The total import volume increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The volume of import peaked at X tons in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

In value terms, copper imports skyrocketed to $X in 2022. Total imports indicated a pronounced increase from 2012 to 2022: its value increased at an average annual rate of X% 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 X% against 2020 indices. The pace of growth was the most pronounced in 2021 with an increase of X% against the previous year. Over the period under review, imports reached the peak figure in 2022 and are likely to continue growth in the near future.

Imports by Country

Turkey (X tons) and the United Arab Emirates (X tons) dominates imports structure, together achieving X% of total imports. Saudi Arabia (X tons) held a X% share (based on physical terms) of total imports, which put it in second place, followed by Egypt (X%).

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by the United Arab Emirates (with a CAGR of X%), while imports for the other leaders experienced mixed trends in the imports figures.

In value terms, the largest copper importing markets in MENA were Turkey ($X), the United Arab Emirates ($X) and Egypt ($X), together comprising X% of total imports.

In terms of the main importing countries, the United Arab Emirates, with a CAGR of X%, 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 mixed trends in the imports figures.

Import Prices by Country

The import price in MENA stood at $X per ton in 2022, therefore, remained relatively stable against the previous year. Overall, the import price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of X%. As a result, import price attained the peak level of $X per ton, leveling off in the following year.

Average prices varied somewhat amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Egypt ($X per ton) and Turkey ($X per ton), while Saudi Arabia ($X per ton) and the United Arab Emirates ($X per ton) were amongst the lowest.

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

Source: IndexBox Platform

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