MENA: Copper Market 2024

Copper Market Size in MENA

In 2022, the MENA's copper market decreased by -1.1% to $X, falling for the fifth consecutive year after six years of growth. The total consumption indicated a measured expansion from 2012 to 2022: its value increased at an average annual rate of +4.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -18.8% against 2017 indices. As a result, consumption reached the peak level of $X. From 2018 to 2022, the growth of the market failed to regain momentum.

Copper Production in MENA

In value terms, copper production reduced to $X in 2022 estimated in export price. Overall, production saw a pronounced slump. The growth pace was the most rapid in 2017 when the production volume increased by 100% against the previous year. As a result, production attained the peak level of $X. From 2018 to 2022, production growth failed to regain momentum.

Copper Exports

Exports in MENA

After three years of growth, overseas shipments of copper decreased by -3.6% to X tons in 2022. Over the period under review, exports, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 with an increase of 92% against the previous year. The volume of export peaked at X tons in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

In value terms, copper exports dropped to $X in 2022. Overall, exports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when exports increased by 74%. Over the period under review, the exports reached the maximum at $X in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

Exports by Country

The United Arab Emirates was the key exporting country with an export of about X tons, which recorded 48% of total exports. Iran (X tons) took the second position in the ranking, followed by Morocco (X tons). All these countries together took approx. 47% share of total exports. Oman (X tons) held a relatively small share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Morocco (with a CAGR of +9.3%), while the other leaders experienced mixed trends in the exports figures.

In value terms, the largest copper supplying countries in MENA were the United Arab Emirates ($X), Morocco ($X) and Iran ($X), with a combined 95% share of total exports.

Morocco, with a CAGR of +10.8%, recorded the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

In 2022, the export price in MENA amounted to $X per ton, reducing by -8.4% against the previous year. In general, the export price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the export price increased by 33% against the previous year. As a result, the export price reached the peak level of $X per ton, and then fell in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Morocco ($X per ton), while Iran ($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 (+1.7%), while the other leaders experienced mixed trends in the export price figures.

Copper Imports

Imports in MENA

Copper imports contracted notably to X tons in 2022, dropping by -46.2% on 2021 figures. Overall, imports continue to indicate a sharp reduction. The pace of growth appeared the most rapid in 2019 with an increase of 337% against the previous year. The volume of import peaked at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, copper imports dropped rapidly to $X in 2022. In general, imports recorded a dramatic slump. The growth pace was the most rapid in 2019 with an increase of 140%. Over the period under review, imports reached the peak figure at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, the United Arab Emirates (X tons) represented the key importer of copper, making up 47% of total imports. It was distantly followed by Turkey (X tons) and Israel (X tons), together committing a 38% share of total imports. Tunisia (X tons), Kuwait (X tons), Iran (X tons) and Yemen (X tons) took a minor share of total imports.

From 2012 to 2022, the biggest increases were recorded for Kuwait (with a CAGR of +31.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest copper importing markets in MENA were Turkey ($X), the United Arab Emirates ($X) and Israel ($X), with a combined 73% share of total imports. Tunisia, Kuwait, Iran and Yemen lagged somewhat behind, together comprising a further 14%.

In terms of the main importing countries, Kuwait, with a CAGR of +24.8%, recorded the highest growth rate of 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, increasing by 5.6% against the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 an increase of 121%. Over the period under review, import prices reached the peak figure at $X per ton in 2018; however, from 2019 to 2022, import prices failed to regain momentum.

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 Tunisia ($X per ton), while Yemen ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (+3.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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