Copper Market - Chile’s Exports of Unrefined Copper Drop 15% but Still Tough to Beat

Basic Precious Metals July 27, 2015
Author: Alexander Romanenko
Chief Executive Officer

copper market

Despite some negative dynamics, Chile continued to dominate the global unrefined copper trade. In 2014, Chile exported 436.8 kt of unrefined copper totaling $3B, 15% under the previous year. Its primary trading partner was China, where it supplied 40% of its total exports on the copper market in value terms, accounting for 30% of China's total imports.

From 2007 to 2014, Chile was a net exporter of unrefined copper. Over the period under review, exports consistently exceeded imports in value terms. However, in physical terms, the difference was less pronounced due to high import prices.

Bulgaria and Spain were among the other main global suppliers of unrefined copper in 2014. However, the fastest growing exporters from 2007 to 2014 were Germany (+108% per year) and Belgium (+14% per year). With this huge leap in exports, Germany significantly strengthened its position in the global export structure.

In 2014, Chile's top 5 trading partners were China, Australia, the Republic of Korea, Canada and Belgium, with a combined share 92.4% of Chile's exports. The share of China increased significantly (+37 percentage points), while the share of Belgium illustrated negative dynamics (-8 percentage points).

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Source: World: Unrefined Copper And Copper Anodes For Electrolytic Refining - Market Report. Analysis and Forecast to 2020