HS Code:
Uranium or thorium ores and concentrates (HS Code: 2612) encompass raw materials primarily used for nuclear energy production and certain industrial applications. Uranium ore, often in the form of yellowcake after initial processing, is the primary source for nuclear fuel, while thorium, though less commonly used, is explored for its potential in next-generation nuclear reactors. These materials are critical to the global energy sector, particularly in countries with significant nuclear power infrastructure. Trade in this category is heavily influenced by geopolitical factors, energy policies, and stringent regulatory frameworks due to the sensitive nature of nuclear materials.
Total Trade Volume
Approximately $2.5 billion USD
Data from 2022
Source
United Nations Comtrade Database and International Trade Centre (ITC)
$1.1 billion USD
44% of total trade of total trade
Increasing
$600 million USD
24% of total trade of total trade
Stable
$400 million USD
16% of total trade of total trade
Increasing
$200 million USD
8% of total trade of total trade
Stable
$150 million USD
6% of total trade of total trade
Decreasing
Average Rate
2.5% ad valorem
Highest Rate
5% (applied by certain countries with strict import controls)
Lowest Rate
0% (under free trade agreements or for IAEA-monitored shipments)
Rising demand for uranium due to global push for clean energy
Increased trade volumes as countries expand nuclear power capacity to meet carbon neutrality goals
2021-2023
Geopolitical tensions affecting supply chains
Disruptions in trade from major producers like Kazakhstan due to regional conflicts or sanctions
2022
Exploration of thorium as an alternative nuclear fuel
Gradual increase in thorium ore trade, though still a niche market compared to uranium
2020-2023
Kazakhstan, the world's largest uranium producer, announced plans to boost output by 10% in response to growing global demand for nuclear fuel.
March 2023
Likely to stabilize global uranium prices and increase export volumes to Europe and Asia
The European Union introduced stricter import controls on uranium and thorium ores to enhance security and compliance with non-proliferation standards.
July 2023
Potential delays in trade flows to EU countries and increased compliance costs for exporters
New mining projects in South Australia received approval, aiming to position the country as a key supplier amid rising clean energy needs.
September 2023
Expected to increase Australia's market share in global uranium trade over the next 5 years