GCC: Copper Market 2024

Copper Market Size in GCC

In 2023, the GCC copper market was finally on the rise to reach $X after two years of decline. Over the period under review, consumption, however, saw a abrupt decrease. Over the period under review, the market attained the maximum level at $X in 2016; however, from 2017 to 2023, consumption stood at a somewhat lower figure.

Copper Production in GCC

In value terms, copper production rose significantly to $X in 2023 estimated in export price. Over the period under review, production recorded a strong increase. The pace of growth appeared the most rapid in 2013 when the production volume increased by X%. Over the period under review, production hit record highs at $X in 2021; however, from 2022 to 2023, production failed to regain momentum.

Copper Exports

Exports in GCC

In 2023, the amount of refined copper exported in GCC contracted to X tons, waning by X% against the previous year. Overall, exports, however, posted a noticeable increase. The pace of growth appeared the most rapid in 2019 with an increase of X% against the previous year. As a result, the exports reached the peak of X tons. From 2020 to 2023, the growth of the exports remained at a somewhat lower figure.

In value terms, copper exports shrank to $X in 2023. In general, exports, however, posted a noticeable expansion. The growth pace was the most rapid in 2018 with an increase of X% against the previous year. The level of export peaked at $X in 2019; however, from 2020 to 2023, the exports stood at a somewhat lower figure.

Exports by Country

The United Arab Emirates prevails in exports structure, finishing at X tons, which was near X% of total exports in 2023. Saudi Arabia (X tons) and Oman (X tons) held a little share of total exports.

Exports from the United Arab Emirates increased at an average annual rate of X% from 2012 to 2023. At the same time, Saudi Arabia (X%) displayed positive paces of growth. Moreover, Saudi Arabia emerged as the fastest-growing exporter exported in GCC, with a CAGR of X% from 2012-2023. By contrast, Oman (X%) illustrated a downward trend over the same period. From 2012 to 2023, the share of the United Arab Emirates increased by X percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

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 expanded at an average annual rate of X% over the period from 2012-2023. The remaining exporting countries recorded the following average annual rates of exports growth: Saudi Arabia (X% per year) and Oman (X% per year).

Export Prices by Country

The export price in GCC stood at $X per ton in 2023, surging by X% against the previous year. Export price indicated tangible growth from 2012 to 2023: its price increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, copper export price increased by X% against 2016 indices. The pace of growth was the most pronounced in 2014 an increase of X%. The level of export peaked in 2023 and is likely to continue growth in the near future.

Average prices varied somewhat amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Oman ($X per ton), while Saudi Arabia ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Oman (X%), while the other leaders experienced mixed trends in the export price figures.

Copper Imports

Imports in GCC

In 2023, after six years of decline, there was significant growth in overseas purchases of refined copper, when their volume increased by X% to X tons. In general, imports, however, saw a abrupt shrinkage. The volume of import peaked at X tons in 2016; however, from 2017 to 2023, imports stood at a somewhat lower figure.

In value terms, copper imports skyrocketed to $X in 2023. Over the period under review, imports, however, recorded a drastic downturn. The level of import peaked at $X in 2017; however, from 2018 to 2023, imports stood at a somewhat lower figure.

Imports by Country

In 2023, Saudi Arabia (X tons) was the key importer of refined copper, constituting X% of total imports. The United Arab Emirates (X tons) took the second position in the ranking, distantly followed by Oman (X tons), Bahrain (X tons) and Kuwait (X tons). All these countries together took near X% share of total imports.

Imports into Saudi Arabia decreased at an average annual rate of X% from 2012 to 2023. At the same time, Bahrain (X%) and Kuwait (X%) displayed positive paces of growth. Moreover, Bahrain emerged as the fastest-growing importer imported in GCC, with a CAGR of X% from 2012-2023. Oman experienced a relatively flat trend pattern. By contrast, the United Arab Emirates (X%) illustrated a downward trend over the same period. Bahrain (X p.p.), Oman (X p.p.), Kuwait (X p.p.) and the United Arab Emirates (X p.p.) significantly strengthened its position in terms of the total imports, while Saudi Arabia saw its share reduced by X% from 2012 to 2023, respectively.

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

In Saudi Arabia, copper imports shrank by an average annual rate of X% over the period from 2012-2023. In the other countries, the average annual rates were as follows: the United Arab Emirates (X% per year) and Oman (X% per year).

Import Prices by Country

In 2023, the import price in GCC amounted to $X per ton, rising by X% against the previous year. Overall, the import price saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 an increase of X% against the previous year. As a result, import price reached the peak level of $X per ton. From 2022 to 2023, the import prices failed to regain momentum.

Average prices varied somewhat amongst the major importing countries. In 2023, major importing countries recorded the following prices: in Bahrain ($X per ton) and Saudi Arabia ($X per ton), while the United Arab Emirates ($X per ton) and Kuwait ($X per ton) were amongst the lowest.

From 2012 to 2023, 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