GCC: Copper Market 2024

Copper Market Size in GCC

In 2022, the GCC copper market increased by X% to $X, rising for the third year in a row after two years of decline. Overall, consumption continues to indicate a buoyant increase. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Copper Production in GCC

In value terms, copper production amounted to $X in 2022 estimated in export price. Overall, production showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when the production volume increased by X% against the previous year. As a result, production reached the peak level of $X. From 2014 to 2022, production growth remained at a lower figure.

Copper Exports

Exports in GCC

In 2022, the amount of refined copper exported in GCC fell significantly to X tons, declining by X% on the year before. In general, exports showed a perceptible downturn. The pace of growth was the most pronounced in 2019 when exports increased by X% against the previous year. As a result, the exports attained the peak of X tons. From 2020 to 2022, the growth of the exports failed to regain momentum.

In value terms, copper exports fell sharply to $X in 2022. Overall, exports continue to indicate a mild reduction. The pace of growth was the most pronounced in 2019 with an increase of X%. The level of export peaked at $X in 2021, and then declined markedly in the following year.

Exports by Country

The United Arab Emirates prevails in exports structure, reaching X tons, which was near X% of total exports in 2022. It was distantly followed by Saudi Arabia (X tons), achieving a X% share of total exports.

The United Arab Emirates was also the fastest-growing in terms of the refined copper exports, with a CAGR of X% from 2012 to 2022. Saudi Arabia (X%) illustrated a downward trend over the same period. While the share of the United Arab Emirates (X p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Saudi Arabia (X p.p.) displayed negative dynamics.

In value terms, the United Arab Emirates ($X) remains the largest copper supplier in GCC, comprising X% of total exports. The second position in the ranking was taken by Saudi Arabia ($X), with a X% share of total exports.

In the United Arab Emirates, copper exports remained relatively stable over the period from 2012-2022.

Export Prices by Country

In 2022, the export price in GCC amounted to $X per ton, surging by X% against the previous year. Export price indicated measured growth 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 most prominent rate of growth was recorded in 2017 an increase of X% against the previous year. Over the period under review, the export prices reached the maximum in 2022 and is expected to retain growth in years to come.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while Saudi Arabia amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (X%).

Copper Imports

Imports in GCC

In 2022, overseas purchases of refined copper increased by X% to X tons, rising for the second consecutive year after three years of decline. Over the period under review, imports showed a strong increase. The volume of import peaked at X tons in 2017; however, from 2018 to 2022, imports failed to regain momentum.

In value terms, copper imports skyrocketed to $X in 2022. Overall, imports continue to indicate a remarkable increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

The United Arab Emirates represented the main importer of refined copper in GCC, with the volume of imports amounting to X tons, which was approx. X% of total imports in 2022. It was distantly followed by Saudi Arabia (X tons), achieving a X% share of total imports. Bahrain (X tons) and Oman (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to copper imports into the United Arab Emirates stood at X%. At the same time, Bahrain (X%) displayed positive paces of growth. Moreover, Bahrain emerged as the fastest-growing importer imported in GCC, with a CAGR of X% from 2012-2022. By contrast, Oman (X%) and Saudi Arabia (X%) illustrated a downward trend over the same period. While the share of the United Arab Emirates (X p.p.) and Bahrain (X p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Oman (X p.p.) and Saudi Arabia (X p.p.) displayed negative dynamics.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported refined copper in GCC, comprising X% of total imports. The second position in the ranking was held by Saudi Arabia ($X), with a X% share of total imports. It was followed by Bahrain, with a X% share.

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

Import Prices by Country

The import price in GCC stood at $X per ton in 2022, picking up by X% against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the import price increased by X%. The level of import peaked in 2022 and is likely to see gradual growth in the immediate term.

Average prices varied somewhat amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Bahrain ($X per ton) and Oman ($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 Bahrain (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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