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Belgium’s Copper Imports Jump to $1.5B, with Rising Supplies from Bulgaria and Spain

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Belgium’s Copper Imports Jump to $1.5B, with Rising Supplies from Bulgaria and Spain

IndexBox has just published a new report: ‘Belgium – Copper – Market Analysis, Forecast, Size, Trends and Insights’. Here is a summary of the report’s key findings.

Belgium’s copper imports spiked by +14.9% y-o-y to $1.5B in 2020. In physical terms, imports rose by +3.2% y-o-y, reaching 175K tonnes. Bulgaria supplies nearly half of the total copper volume imported to Belgium. In 2020, Belgium’s purchases from Bulgaria and Spain recorded significant growth. The average copper import price increased by +11% y-o-y to $8,266 per tonne last year. 

Belgium’s Copper Imports by Country

In 2020, approx. 175K tonnes of copper were imported into Belgium, growing by +3.2% compared with the previous year. In value terms, copper imports rose by +14.9% y-o-y to $1.5B (IndexBox estimates) in 2020.

In 2020, Bulgaria (84K tonnes) constituted the largest copper supplier to Belgium, accounting for a 48% share of total imports. Moreover, copper imports from Bulgaria exceeded the figures recorded by the second-largest supplier, Spain (41K tonnes), twofold. Namibia (27K tonnes) ranked third in terms of total imports with a 15% share.

In value terms, Bulgaria ($734M) constituted the largest supplier of copper to Belgium, comprising 51% of total imports. The second position in the ranking was occupied by Namibia ($251M), with a 17% share of total imports, and it was followed by Spain, with a 16% share.

In 2020, the purchases from Bulgaria grew by +48.9% y-o-y in physical terms and by +59.5% y-o-y in value terms. The supplies from Spain rose by +13.8% y-o-y in physical terms and by +26.9% y-o-y in value terms.

In 2020, the average copper import price amounted to $8,266 per tonne, picking up by +11% against the previous year. There were significant differences in the average prices amongst the major supplying countries. In 2020, the country with the highest price was Germany, while the price for Spain was amongst the lowest. In 2020, the most notable rate of growth in terms of prices was attained by Germany, while the prices for the other significant suppliers experienced more modest paces of growth.

Source: IndexBox Platform