Trade Trends
Global exports of copper ores and concentrates totaled $55.47B in 2019. By 2023, the figure surged to $89.41B, followed by a decline to $80.25B in 2024. This reflects a 61.2% increase between 2019 and 2023, a 44.6% increase between 2019 and 2024, and a 10.2% drop from 2023 to 2024. All values are expressed in USD.
The strong growth through 2023 was driven by elevated copper prices, increased demand from energy transition technologies, and expanded mining output in key regions. The decline in 2024 may reflect price normalization, logistical constraints, or delayed project ramp-ups. Despite the dip, the five-year trajectory remains positive, with several exporters consolidating their positions and others entering the market with accelerated growth.
Top Trading Countries
The five leading copper ore exporters in 2024 were:
- Chile exported $31.29B in 2024 and $17.63B in 2019, showing a 77.4% increase. Chile retained its top position.
- Peru reached $20.49B in 2024 and $12.19B in 2019, up 68%. Peru remained second.
- Australia recorded $4.17B in 2024 and $4.29B in 2019, a 2.8% decrease. Australia held third place.
- Brazil moved $4.16B in 2024 and $2.33B in 2019, up 78.9%. Brazil rose to fourth.
- Mexico exported $3.72B in 2024 and $2.34B in 2019, a 58.9% increase. Mexico climbed to fifth.
Brazil and Mexico overtook Canada and the United States in 2024 due to stronger growth rates.
On the Rise
Several smaller countries showed consistent growth in copper ore exports between 2019 and 2024:
- Serbia expanded from $0.42M in 2019 to $1.66B in 2024, marking a 395,000% increase.
- Philippines increased from $580M to $1.31B, up 125%.
- Ecuador grew from $31.62M to $1.11B, a 3,400% rise.
- South Korea moved from $261M to $685M, up 162.3%.
- Turkey rose from $175M to $662M, a 278% increase.
These countries, while not among the top five, demonstrated relevant and sustained export expansion.
Disclaimer
These insights are based on available trade data and may not represent the full market reality.
