Refined Copper Export of Venezuela: A Detailed Analysis of the Shifting Trends of 2024

The refined copper exports of Venezuela have recorded several fluctuations in their export trade rate, with China being the primary destination of exports. The recent trade statistics have reported that the refined copper production increased by approximately 5% in the first quarter of 2024, driven by the robust performance in countries like China and the Democratic Republic of Congo. Venezuela Import Data says the economy has been introducing diversification in the export portfolio beyond traditional oil revenues, which shares a crucial contribution of refined copper exports to the national GDP value. There has been an upward trajectory in the annual contribution by around 4.5% CAGR in 2024 from the previous year.

The growth is in alignment with the global trends of refined copper due to the continuous efforts by the government authorities, and diversification as a solidifying contributor to revenue generation. The refined copper exports from Venezuela have recorded an annual trade rate of 9 billion US dollars in the same year. Import Globals Venezuela Trade Data gives a detailed analysis of the regional shipments of refined copper from its transportation ports to the leading importing destinations for highlighting the potential marketing zones that can be referred to the business holders for their valuable marketing tools to take decisions based on latest planned strategies adopted by the competitors in the international market. The data is used in the trade market for rapid recovery of losses and fast growth.

THE GOVERNMENT INITIATIVES SUPPORTING THE EXPORT OF REFINED COPPER FROM VENEZUELA IN 2024

The Venezuelan government has introduced several initiatives to counter the refined copper exports positively in the annual revenue generation share. The enactment of the law for the promotion of non-oil exports was introduced for the enhancement of the competitiveness of non-oil exports. It streamlines export-related processes to reduce the bureaucratic hurdles and also increase the investment in facilities that support the export capacity of non-oil goods.

The extension of import tax exemptions for production inputs, The Venezuelan government has extended import tax exemptions for certain goods to facilitate the importation of essential production inputs. The easing of sanctions was to increase Venezuelan demand in the international market and financial system, facilitating the export of refined copper and attracting foreign investment into the sector.

THE LEADING VARIANTS OF REFINED COPPER EXPORTED FROM VENEZUELA IN 2024

Venezuela has recently introduced diversification in its refined copper exports to counter the annual trade revenue generation positively. The sector has solidified its position as a leading contributor with an annual trade share of around 5.8% in precious stone exports. According to the Venezuela Export Data, the top 10 leading variants of refined copper exported from the nation in 2024 are,

  1. Unwrought Refined Copper — Export trade value of Unwrought Refined Copper from Venezuela in 2024–2.4 billion US dollars
  2. Copper Plates, Sheets, and Strips — Export trade value of Copper Plates, Sheets, and Strips from Venezuela in 2024–1.6 billion US dollars
  3. Copper Tubes and Pipes — Export trade value of Copper Tubes and Pipes from Venezuela in 2024–1 billion US dollars
  4. Copper Wire — Export trade value of Copper Wire from Venezuela in 2024–876 million US dollars
  5. Copper Scrap– Export trade value of Copper Scrap from Venezuela in 2024–724 million US dollars
  6. Copper Rods and Bars — Export trade value of Copper Rods and Bars from Venezuela in 2024–654 million US dollars
  7. Insulated Copper Wire and Cables — Export trade value of Insulated Copper Wire and Cables from Venezuela in 2024–478 million US dollars
  8. Refined Copper Alloys– Export trade value of Refined Copper Alloys from Venezuela in 2024–342 million US dollars
  9. Copper Foil — Export trade value of Copper Foil from Venezuela in 2024–278 million US dollars
  10. Copper Powder and Flakes — Export trade value of Copper Powder and Flakes from Venezuela in 2024–126 million US dollars

THE TOP 10 LEADING EXPORT TRADE PARTNERS OF VENEZUELA FOR REFINED COPPER IN 2024

Venezuela has started trading its refined copper with different traders worldwide to increase the foreign investors’ engagement in the specific commodity. According to the Venezuela Customs Data, the top 10 export trade partners of Venezuela for refined copper in 2024 are,

  1. United States — The export trade value of refined copper from Venezuela to the United States in 2024–2.1 billion US dollars

Top 5 variants of refined copper exported

1. Cathodes

2. Wire bars

3. Billets

4. Cakes

5. Ingots

2. China — The export trade value of refined copper from Venezuela to China in 2024–1.4 billion US dollars

Top 5 variants of refined copper exported

1. Copper ingots

2. Copper billets

3. Rods

4. Granules

5. Copper sheet

3. Spain — The export trade value of refined copper from Venezuela to Spain in 2024–1 billion US dollars

Top 5 variants of refined copper exported

1. Copper ingots

2. Copper plate

3. Perforated copper sheets

4. Laminated copper sheets

5. Copper blanks

4. Brazil — The export trade value of refined copper from Venezuela to Brazil in 2024–786 million US dollars

Top 5 variants of refined copper exported

1. Litz wire

2. Stranded copper wire

3. Bare copper wire

4. Magnet wire

5. Seamless copper pipes

5. Turkey — The export trade value of refined copper from Venezuela to Turkey in 2024–654 million US dollars

Top 5 variants of refined copper exported

1. Coiled copper tubing

2. Copper foil

3. Battery-grade copper foil

4. Copper dust

5. Electrolytic copper powder

  1. India — The export trade value of refined copper from Venezuela to India in 2024–478 million US dollars

Top 5 variants of refined copper exported

1. Copper tape

2. Copper foil for PCBs

3. Conductive copper ink

4. Square copper rods

5. Copper tubing scrap

7. Netherlands — The export trade value of refined copper from Venezuela to the Netherlands in 2024–342 million US dollars

Top 5 variants of refined copper exported

1. Flat copper bars

2. Millberry copper

3. Oxygen-free high conductivity

4. Copper elbows

5. Leaded copper

8. Singapore — The export trade value of refined copper from Venezuela to Singapore in 2024–287 million US dollars

Top 5 variants of refined copper exported

1. Copper ingots from scrap

2. Tellurium copper

3. Refined copper from e-waste

4. Copper paste

5. Pre-patinated copper sheets

9. Colombia — The export trade value of refined copper from Venezuela to Colombia in 2024–165 million US dollars

Top 5 variants of refined copper exported

1. Copper connectors

2. Copper battery tabs

3. Copper coins

4. RF shielding copper foil

5. Copper roofing sheets

10. Italy– The export trade value of refined copper from Venezuela to Italy in 2024–128 million US dollars

Top 5 variants of refined copper exported

1. Leaded copper

2. Copper wire scrap

3. Copper busbars

4. Copper hex rods

5. Copper busbars

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