The import of refined copper and copper alloys to the UK has experienced significant fluctuations and a general downtrend from 2013 to 2023, decreasing from $302.88 million in 2013 to $122.5 million in 2023. The yearly variation shows considerable volatility, including a high of -45.87% in 2014 and an increase of 81.63% in 2016. The past two years show a decline of -11.13% in 2022 and -12.27% in 2023. The five-year CAGR from 2018 to 2023 is -9.96%, signaling a consistent reduction in import value.
Future forecasts for the next five years (2024-2028) indicate a continuing decline with an average annual decrease of approximately -20.47%, leading to a total reduction of about -68.18%. By 2028, the import value is expected to fall to $32.998 million.
- Important Trends to Watch for:
- Market stabilization efforts and governmental policies affecting the demand and supply chain.
- The impact of alternative materials and recycling practices on copper imports.
- Global economic factors and trade agreements impacting copper import prices and volume.
