HS Code:
Refined copper (HS Code: 7403) includes copper products that have been purified through processes like electrolysis or fire refining. This category encompasses cathodes, wire bars, billets, and other forms of refined copper used primarily in electrical wiring, construction, and manufacturing of electronics due to its excellent conductivity and corrosion resistance. It is a critical material in the global economy, especially in industries transitioning to renewable energy and electric vehicles.
Total Trade Volume
25.5 million metric tons
Data from 2022
Source
International Trade Centre (ITC) and UN Comtrade Database
5.8 million metric tons
22.7% of total trade of total trade
Increasing
2.5 million metric tons
9.8% of total trade of total trade
Increasing
2.2 million metric tons (export); 5.0 million metric tons (import)
8.6% (export); 19.6% (import) of total trade of total trade
Stable (export); increasing (import)
1.8 million metric tons (import dominant)
7.1% of total trade of total trade
Stable
1.5 million metric tons
5.9% of total trade of total trade
Decreasing
Average Rate
2.5% ad valorem
Highest Rate
8% (imposed by certain developing economies on imports)
Lowest Rate
0% (under free trade agreements like EU-Chile FTA or USMCA)
Rising demand due to green energy transition
Increased need for refined copper in electric vehicles, wind turbines, and solar panels has boosted trade volumes by 15% from 2020 to 2022.
2022
Supply chain disruptions
Labor strikes in major producers like Chile and Peru, combined with geopolitical tensions, have led to temporary shortages and price volatility.
2021-2022
Shift towards recycling
Growing emphasis on circular economy has increased the share of recycled copper in trade, reducing dependency on mined copper in regions like Europe.
2023
Chile implemented a progressive tax on copper production to fund social programs, potentially increasing export prices.
May 2023
Could lead to a 5-10% rise in refined copper prices globally, affecting importing countries like China and the EU.
The EU and Chile finalized an updated trade agreement, reducing tariffs on refined copper to 0% and securing supply for European manufacturers.
December 2022
Strengthens EU's access to sustainable copper, critical for its green energy goals, while boosting Chile's export revenue.
China raised its import quotas for refined copper to meet domestic demand for electronics and infrastructure projects.
March 2023
Likely to sustain high import volumes, stabilizing prices in exporting countries like Peru and Chile.