RIO DE JANEIRO, Feb 28, 2011 (Dow Jones Commodities News via Comtex) -- Brazil's imports of copper products leapt 55.7% last year in value terms as products flooded in from China and the U.S. to feed growing domestic demand, Brazil's copper products association Sindicel said Monday.
Copper products imports in 2010 were worth $944 million, up from $606.4 million in 2009, Sindicel said in a statement. Exports also grew 27.5% in value terms to $569.8 million in 2010, although export performance was negatively affected by the U.S. dollar's depreciation, Sindicel president Sergio Aredes said.
Imports of copper products have exceeded exports since 2008, according to Sindicel. China and the U.S. supplied, respectively, 30.2% and 15% of Brazil's total copper products imports in 2010. Meanwhile, Argentina and Chile were the biggest export customers for Brazilian copper wires and cable, taking, respectively, 43% and 6.4% of Brazil's exports of these products.
"Imports are set to grow further in 2011, particularly in conductors and wires," Aredes said. "Exports will continue to be hit by the undervalued dollar, with volumes below 2010's levels," Aredes said.