HS Code:
The 'Copper and articles thereof' category, classified under HS Code 74, encompasses raw copper, refined copper, copper alloys, and a wide range of copper products such as wire, plates, sheets, tubes, pipes, and fittings. Copper is a critical industrial metal due to its excellent conductivity, corrosion resistance, and malleability, making it essential in electrical wiring, plumbing, and renewable energy technologies. This category is vital to global trade as copper is a key material in infrastructure development, electronics, and green energy solutions like electric vehicles and solar panels.
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
5.2%
Highest Rate
25% (imposed by certain developing economies on refined copper imports)
Lowest Rate
0% (under free trade agreements like EU-Chile FTA)
Rising demand for copper in renewable energy
Increased trade volumes as countries invest in solar, wind, and electric vehicle infrastructure, driving up copper imports in manufacturing hubs like China and Europe.
2021-2023
Supply chain disruptions due to geopolitical tensions
Trade flows have been affected by export restrictions and mining slowdowns in key producing countries, leading to price volatility and shifts in sourcing strategies.
2022
Focus on sustainable mining practices
Growing pressure on exporters to adopt eco-friendly extraction methods, influencing trade policies and increasing costs for non-compliant producers.
2020-2023
Chile introduced a progressive tax on copper exports to fund social programs, impacting global supply chains and raising prices.
April 2023
Potential reduction in export volumes from Chile, redirecting demand to other producers like Peru and Australia.
The modernized EU-Chile trade agreement reduced tariffs on copper imports to the EU, strengthening trade ties.
December 2022
Increased copper exports from Chile to Europe, benefiting EU's green energy initiatives.
China ramped up copper imports to secure raw materials for its manufacturing and infrastructure projects amid global supply concerns.
Mid-2023
Boosted demand and prices for copper, particularly benefiting Latin American exporters.