Price for Copper; Refined and Copper Alloys, Unwrought in Venezuela - 2022

Price for Copper; Refined and Copper Alloys, Unwrought in Venezuela (FOB) - 2022

The average export price for copper; refined and copper alloys, unwroughts stood at $6,334 per ton in 2022, picking up by 4.9% against the previous year. Overall, export price indicated a measured increase from 2012 to 2022: its price increased at an average annual rate of +4.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, export price for copper; refined and copper alloys, unwroughts increased by +36.5% against 2020 indices. The pace of growth appeared the most rapid in 2021 an increase of 30%. The export price peaked in 2022 and is expected to retain growth in years to come.

Average prices varied somewhat for the major overseas markets. In 2022, amid the top suppliers, the highest price was recorded for prices to China ($6,405 per ton) and Italy ($6,267 per ton), while the average price for exports to Colombia ($4,929 per ton) and the United States ($5,679 per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Colombia (+29.1%), while the prices for the other major destinations experienced more modest paces of growth.

Price for Copper; Refined and Copper Alloys, Unwrought in Venezuela (CIF) - 2022

In 2022, the average import price for copper; refined and copper alloys, unwroughts amounted to $5,864 per ton, dropping by -4.6% against the previous year. Overall, the import price recorded a noticeable decline. The pace of growth was the most pronounced in 2017 when the average import price increased by 34% against the previous year. Over the period under review, average import prices attained the maximum at $9,104 per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Peru ($10,773 per ton), while the price for Chile totaled $4,446 per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Peru (+1.5%).

Exports of Copper; Refined and Copper Alloys, Unwrought in Venezuela

Exports of copper; refined and copper alloys, unwroughts from Venezuela fell modestly to 3K tons in 2022, approximately reflecting 2021. In general, exports, however, continue to indicate prominent growth. The most prominent rate of growth was recorded in 2021 when exports increased by 105%. As a result, the exports attained the peak of 3.1K tons, leveling off in the following year.

In value terms, exports of copper; refined and copper alloys, unwroughts totaled $19M in 2022. Over the period under review, exports, however, posted a significant increase. The pace of growth was the most pronounced in 2021 with an increase of 166% against the previous year. Over the period under review, the exports of hit record highs in 2022 and are expected to retain growth in the near future.

Export of Copper; Refined and Copper Alloys, Unwrought in Venezuela (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
China	9.8	6.2	17.6	18.3	23.1%
Italy	0.4	0.5	0.6	0.7	20.5%
United States	0.2	0.2	0.3	0.3	14.5%
Others	0.2	0.1	0.1	0.1	-20.6%
Total	10.7	7.0	18.5	19.3	21.7%

Top Export Markets for Copper; Refined and Copper Alloys, Unwrought from Venezuela in 2022:

China (2849.3 tons)
Italy (111.6 tons)
United States (52.2 tons)

Imports of Copper; Refined and Copper Alloys, Unwrought in Venezuela

For the third year in a row, Venezuela recorded decline in purchases abroad of copper; refined and copper alloys, unwroughts, which decreased by -68.2% to 34 tons in 2022. Over the period under review, imports faced a dramatic curtailment. The smallest decline of -43.6% was in 2021.

In value terms, imports of copper; refined and copper alloys, unwroughts fell sharply to $201K in 2022. In general, imports recorded a dramatic decrease. The smallest decline of -44.9% was in 2021.