Brief Analysis of Copper Rod and Wire Exports in Q2 2024 [SMM Analysis]

According to data from the General Administration of Customs, the exports of refined copper wire with a maximum cross-sectional dimension >6mm was 19,865.6 mt in Q2 2024, up 64% YoY, compared to 7,149.1 mt in Q3 2023 (HS code 74081100).

The exports of copper rod and wire in Q2 2024 saw a substantial increase. The total volume of the top ten countries accounted for 96% of China's exports. Among them, the Philippines (ranking first, 5,416 mt, up 52% YoY), Thailand (ranking second, 4,215 mt, up 46% YoY), and Malaysia (ranking fourth, 1,620 mt, up 63% YoY) remained the main destinations for China's copper rod exports.

Worthy of attention is the rapid growth in exports of copper rod and wire to Saudi Arabia in 2024. According to customs data, the volume of copper rod and wire imported by Saudi Arabia from China in Q2 was 3,538 mt (0 mt in the same period of 2023), jumping to the third position among export destinations. Based on the latest data, Saudi Arabia's GDP growth rate for the year is expected to reach 4.4%, far exceeding the previous forecast of 2.6%. This growth is mainly due to a significant increase in non-oil activities and substantial government spending in infrastructure, local industries, and services. In 2024, Saudi Arabia has made active investments in national infrastructure construction, housing security, and energy security. The advancement of large infrastructure projects has significantly increased its demand for copper rod and wire, which is expected to maintain high growth throughout the year.