Surge In India's Copper Imports Driven By Post-Pandemic Demand
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Copper imports in India increased in CY22 because of higher demand in construction, real estate, consumer goods, and the industrial sector. Majorly, copper scrap, semi-finished goods, copper ores/concentrates, and finished goods caused the increase. India’s copper exports to China decreased, and those from the US to India also fell, because of the increase in demand for copper in construction, automotive, and electric vehicle (EV) industries.
Copper Imports
India’s copper imports increased by 24% in the calendar year 2022 (CY22), as the demand for copper in the industrial, consumer durables, and electricity infrastructure sectors rose significantly in the wake of the pandemic. In CY22, the nation acquired 2,054,220 tons, compared to 1,686,500 mt in CY21.
Copper Ores Imports
Copper ores/concentrate increased by 29% to 1.12 mnt of the overall imports in CY22. The main copper ore exporters to India, Chile and Indonesia, exported sizable quantities of ores/concentrates, which contributed to the total rise in import volumes. Chile increased its copper exports by 20% from CY21 to 404,971 t in CY22, while Indonesia’s exports decreased by 269,255 t from CY21 to CY22 (from 180,106 t to 404,971 t).
Semi-Finished And Finished Products Imports
In CY22, imports of semi-finished goods grew by 20% to 400,682 t, while imports of finished goods increased by 9% to 249,428 t. India’s exports fell because of the increased demand for copper in the building, automotive, and electric vehicle (EV) industries.
Copper Scrap Imports
Tanzania significantly increased the amount of copper scrap imported, which grew by 10% to 274,703 tons in CY22. Tanzania increased its shipments to India by 87%, from 85,463 tons in CY21 to 159,926 tons in CY22.
Insight
In CY22, copper shipments from the US to India fell by 35% to 164,553 mt, while those from India to China fell by 52% to 89,184 t. Due to increased demand in the local market from industries like automotive, EV, and construction, exports have decreased.
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