COPPER MARKET OF THE PHILIPPINES – GROWING OR SINKING?
GLOBAL COPPER MARKET – ANALYTICAL TRENDS AND ANALYSIS
Before starting the report, we would like to mention that the Global Copper market is a total of all the products derived from all types (primary or secondary), forms (rods, wires, sheets), and applications (electronics, power generation) of copper products.
Copper is a very versatile metal that can be used in a variety of things and forms. Due to this USP, copper started coming into use from 8000 BC. Copper can be used
in its native form too and is widely used as the conductor of electricity in various mechanical tools and automobiles. This metal is also used in a variety of alloys. The global copper market was valued at close to USD 305000 million in the year 2021 and is projected to cross USD 450000 million in the year 2029 with a CAGR growth of 5%.
PHILIPPIANS COPPER MARKET
According to the Philippines Trade Data reports, copper is one of the major traded products in and out of the Philippines in the recent few years. It has been observed that copper and copper items are the 26th most important imported products of the Philippines, on the other hand, exports of these same items make copper the 4th most favorite exporting item from the Philippines.
The past years’ trends of copper imports and exports are as follows:
IMPORTS AND EXPORTS OF COPPER TO AND FROM THE PHILIPPINES (2018-22)
In the last 5 years, the imports of copper as per the Philippines Import Data went up by 28.04% whereas, the exports made by the Philippines as recorded in the Philippines Export Data report grew by 62.14%. Overall, the bilateral trade between both nations rose by 49.54% in the last five years.
MAJOR EXPORT PARTNERS OF THE PHILIPPINES – 2022
Based on the Philippines Export Data report, the top countries to whom the Philippines exported copper the most in the year 2022 were:
• China (USD 1 billion)
• Thailand (USD 553.59 million)
• Vietnam (USD 165.02 million)
• Malaysia (USD 129 million)
• Indonesia (USD 128.31 million)
• Korea (USD 112.03 million)
• Taiwan (USD 86.08 million)
Other major copper export partners of the Philippines in 2022 were Australia, Germany, and India.
MAJOR IMPORT PARTNERS OF THE PHILIPPINES – 2022
Just like exports, the Philippines also Imports copper items and products from different nations across the world. The top Import partners of the Philippines as per the Philippines Import Data report for the year 2022 were:
• Japan (USD 225.86 million)
• Korea (USD 195.6 million)
• Thailand (USD 189.91 million)
• China (USD 138.97 million)
• Taiwan (USD 84.61 million)
• Malaysia (USD 54.59 million)
• Vietnam (USD 53.54 million)
Apart from these top nations, other major import partners of the Philippines were the UAE, Indonesia, the USA, and Singapore.
FUTURE PROSPECTS – FORECAST AND CONCLUSION
Copper is one of the most amazing metals that are available on earth and whose market value is growing at a CAGR of 5%. It is expected that in the case of the Philippines, the in and out of copper in all forms and types would increase in the coming years. Just as exports of copper grew by almost 50%, it makes the forecast clearer that in the coming years, the export value will rise further.
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Source url: https://usexportdata.blogspot.com/2023/06/copper-market-ofphilippines-growing-or.html