HS Code:
The 'Containing mainly copper' category, often classified under HS Code 7403 (Refined copper and copper alloys, unwrought), encompasses products primarily composed of copper, including refined copper, copper alloys, and master alloys of copper. This category is critical in global trade due to copper's essential role in electrical conductivity, construction, and industrial applications. Products in this category are used in manufacturing wires, cables, pipes, and other infrastructure materials.
Total Trade Volume
USD 90 billion
Data from 2022
Source
United Nations Comtrade Database
USD 18 billion
20% of total trade of total trade
Increasing
USD 12 billion
13.3% of total trade of total trade
Increasing
USD 10 billion
11.1% of total trade of total trade
Stable
USD 8 billion
8.9% of total trade of total trade
Stable
USD 7 billion
7.8% of total trade of total trade
Increasing
Average Rate
3.5%
Highest Rate
10% (imposed by certain developing economies to protect domestic industries)
Lowest Rate
0% (under free trade agreements such as USMCA and EU-Chile FTA)
Rising demand for copper due to renewable energy projects
Increased trade volume as copper is essential for solar panels, wind turbines, and electric vehicles
2021-2023
Price volatility due to geopolitical tensions and supply chain disruptions
Fluctuations in trade volumes and shifts in sourcing strategies by major importers
2022
Technological advancements in copper recycling
Growing trade in recycled copper, reducing dependency on raw ore exports
2020-2023
Chile implemented a progressive tax on copper exports to fund social programs, impacting global supply chains.
April 2023
Potential increase in copper prices and shift of trade to other exporters like Peru
The EU's Green Deal has spurred demand for copper in renewable energy infrastructure, leading to higher imports.
January 2023
Strengthened trade ties with major exporters like Chile and Peru
Recent negotiations have reduced tariffs on copper imports to the US from China, boosting trade volumes.
September 2022
Increased imports of copper alloys to the US for industrial use