HS Code:
The 'Of copper' category, typically classified under HS Code 74, encompasses a wide range of products made primarily of copper, including copper wire, plates, sheets, tubes, pipes, and fittings. Copper is a critical industrial metal due to its excellent electrical and thermal conductivity, corrosion resistance, and malleability. It is widely used in electrical wiring, plumbing, industrial machinery, and renewable energy technologies such as solar panels and wind turbines. Global trade in copper products is driven by demand in construction, electronics, and energy sectors, with significant influence from economic growth and infrastructure development in emerging markets.
Total Trade Volume
USD 90 billion
Data from 2022
Source
United Nations Comtrade Database, International Trade Centre (ITC)
USD 18 billion
20% of total trade of total trade
Increasing
USD 15 billion
16.7% 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 6 billion
6.7% of total trade of total trade
Decreasing
Average Rate
5.2% ad valorem
Highest Rate
12% (applied by certain developing countries to protect domestic industries)
Lowest Rate
0% (under free trade agreements like EU-USMCA or in WTO member countries with MFN status)
Rising demand for copper in renewable energy applications
Increased trade volume as countries invest in green technologies like electric vehicles and solar panels, driving up copper wire and component exports
2021-2023
Price volatility due to supply chain disruptions
Global supply chain issues, including mining disruptions in South America, have led to fluctuating copper prices, affecting trade profitability
2020-2022
Shift toward recycling and sustainable copper production
Growing emphasis on recycled copper products in trade, especially in the EU, reducing reliance on raw copper imports
2019-2023
The United States introduced a 10% tariff on specific copper products from China, citing unfair trade practices and overcapacity in the Chinese market.
May 2023
Likely to shift trade flows, with US importers seeking alternative suppliers from countries like Chile and Peru, potentially increasing costs.
Chile announced a temporary export tax on copper to fund domestic social programs, aiming to balance national revenue with global trade commitments.
January 2023
May lead to higher global copper prices and encourage buyers to diversify supply sources, impacting Chile's market share.
The European Union's Green Deal initiatives have accelerated investments in renewable energy infrastructure, increasing imports of copper products for wind and solar projects.
March 2023
Positive for exporters like Peru and Chile, with long-term contracts being signed to secure supply for EU markets.