MAY2025

Globaltradeupdate

PolicyInsights

Focusoncriticalminerals:Copperinthenewgreenanddigitaleconomy

KEYTAKEAWAYS

Copperisastrategic

commodityintheenergy

transitionandthedigital

economy,yetsupplyconstraintsandlongprojectleadtimes

revealstructuralshortfalls.

Restrictivetrademeasuresandtariffbarriersarestiflingvalueadditioninproducing

countries,trappingthemintheroleofprimaryexporters.

Recyclingwillbevital.With

primaryoutputfallingshortand80newminesneededby2030,copperscrapisfastbecomingastrategicmaterial.

Fordevelopingeconomies,miningandexportingoreisnolongerenough.Tocapturerealvalue,theymustrefine,

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manufactureandsell—notjustdigandship.

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Copperiscentraltotheglobaltransitionstowardrenewableenergyandadigitallyconnectedeconomy.Itsunparalleledconductivityandversatilitymakeitcrucialforkeyindustriessuchasconstruction,electronics,renewableenergy,transportation,anddefense.Asdemandrises—projectedtoincreasebyover40percentby2040—theglobalcoppermarketfacesmountingpressurefromsupplylimitations,geopoliticaluncertainties,increasingtradetensionsanddecliningoregrades.

Tomeetthisdemand,coordinatedpolicyactionisessential.Thisincludesacceleratingminedevelopment,expandingrefiningandmanufacturingcapacities,scalinguprecyclingefforts,and,mostimportantly,supportingproducercountriestotransformtheirrawmaterials.Bypromotingdomesticprocessing,integrationintoregionalandglobalvaluechains,andindustrialtransformation,thesenationscancapturegreatervalueandenhancetheirroleintheglobalsupplychain.

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Understandingthe

structureoftheglobalcoppersupplychain

Theglobalcoppersupplychainconsistsofseveralstages,beginningwithoreextraction,movingtoprocessingandproductionofrefinedcopper(Figure1).Theextractionstageinvolvestheinitialbeneficiationofcopperoresandunrefinedcopper.Processingincludesthesmeltingofcopperoresandunrefinedcopperintocoppermattes,blisters,andanodes.Attherefiningstage,anodesaretransformedintorefinedcopper,whichisthenusedtomanufactureindustrialproducts.Copper’sexceptionalproperties—outstandingelectricalandthermalconductivity,malleability,andcorrosionresistance—makeitavitalmaterialforvariousindustries.1

Figure1

Coppersupplychain

ScrapSul?deoreOxideore

Resources

Pyrometallurgy

Hydrometallurgy

(Sx-Ewprocess)

Processing

(Electrore?ning)

Coppercathode

Primaryproducts

Semi-fabricatedproducts

(castings,sheet,tube,wirerod)

Enduses

Industry,construction,transport,electricalapplications

Source:InternationalEnergyAgency(2021).TheRoleofCriticalMineralsinCleanEnergyTransitions.Paris:IEA.

1Copperiswidelyusedinelectricalwiringandelectronicproducts,motors,batteriesandharnessesforelectricvehicles,facilitatingthetransmissionofelectricalpowerbetweencomponentsaswellasinmachineryandequipment,consumerandgeneralproducts,andconstructionmaterials.

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AnotablefeatureofthissupplychainisChina’sroleasamajorprocessinghub(Figure2).2Intheupstreamsegmentofthesupplychain,ChileandPerutogetheraccountfornearlyhalfofglobalcopperoreandconcentrateexports(26percentand21percent,respectively).ZambiaandtheDemocraticRepublicoftheCongoarekeyexportersofunrefinedcopper,withChinabeingthedestinationformostoftheseexports(60percent).Furtherdownstream,Chinaalsostandsasthelargestimporterofrefinedcopper,followedbytheUnitedStates,India,andBrazil.

Figure2

Chinastandsoutasaprocessinghubforcopper

Tradeflowsandmajorexportersandimporters,2023

Extraction

Processing

Refining

Refinedcopper

Copperoresand

Coppermattes

Refinedcopper

forindustrialuse

unrefinedcopper

56%oftotalexports

56%oftotalexports

43%oftotalexports

Copper

ores

(HS2603)

Unrefined

copper

(HS7402)

Source:Authors’calculationsbasedondatafromUNComtrade.

Note:Thefigureshowstradebetweencountriesintermsofexportsandimports,withoutlocalproduction.

Thetradedataareasreportedinthefollowing4-digitHSCodes:2603,7402,7401and7403.Thefirstnoderepresentstheshareofexportsofthemainexportingcountriesofrawmaterial.

2Thefigureshowsmajorbilateralcoppertradeflowsin2023.Thewidthsoftheseflowsrepresenttheshareofthebilateraltradeintotalexportsineachprocessingstage.Eachlineconnectstheexportingcountrywiththeimportingcountry.Onlythetopthreeexportsandimportersarepresented.

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Theworld’scopperreserves

Fivecountriesholdover50percentoftheworld’stotalreserves(Figure3).Chilepossessesthelargestcopperreserves,withabout20percent.AustraliaandPerueachaccountfor10percent,whiletheDemocraticRepublicoftheCongoandtheRussianFederationeachhold8percent.Theremaining44percentisspreadacrossothernations.TheDemocraticRepublicoftheCongohaslargelyuntappedreservesofhigh-gradecopper,offeringsignificantgrowthpotential.

Figure3

Over50percentofreservesareconcentratedinfivecountries

Countrieswithmajorreservesofcopper,percentage,2024

Chile(20)

Others(44)

Australia(10)

Peru(10)

Democratic

RussianFederation

(8)

RepublicoftheCongo(8)

Source:UNCTADbasedondatafromU.S.GeologicalSurvey.

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Thedemandforcopper

Globaldemandforcopperisexpectedtogrowbyover40percentbetween2023and2040,drivenlargelybythetransitiontocleanenergyandtherapidexpansionofdigitaleconomies.Someprojectionssuggestthatthedemandforcopperincleanenergytechnologiesalonecouldtripleby2040.Meetingthisneedwouldrequiremorethan10milliontonsofadditionalcopper—almosthalfthetotalglobalsupplyin2023.3

Thisgrowingdemandhighlightstheurgentneedformajorinvestmentsinnewcopperminingprojects,especiallyasexistingoregradesdecline,andsupplybecomesmoreconstrained.Tostayontrackfornet-zeroemissionsby2030,theworldmayneedtodevelopapproximately80newcoppermines,requiringupto$250billionininvestments.4,5

In2023,nearlyhalfofglobalcopperconsumptionwasdrivenbybuildingconstructionandconsumerelectronics(Figure4).Theremainingdemandcamefrominfrastructure,transport,industrialequipment,andothersectors.

Figure4

Buildingconstructionandelectronicsdrivecopperdemand

Sharesofmajordemandsectors,percentage,2023

Others(9)

Building

Construction(26)

Industrialequipment(12)

Transport(13)

Consumerand

Infrastructure (powerandtelecom)(17)

generalproducts,cooling,and

electronic(23)

Source:UNCTADbasedonInternationalCopperStudyGroup(ICSG)(2024).TheWorldCopperFactbook

2024.Lisbon:ICSG.Availableat:

/copper-factbook/

3InternationalEnergyAgency(IEA),GlobalCriticalMineralsOutlook2024,Paris:IEA,2024.

4

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-countries

5

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-transition-demand-may-need-copper-mines-capex-of-250-bil-to-2030-bhp

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Copperproduction:minedandrefined

Globalcopperproductioncanbecategorizedasminedandrefined.Mineproductionreferstoextractionofcopperoresfromtheearth,markingtheupstreamsector.Refineryproduction,ontheotherhand,involvestheprocessingofminedoreintopure,usablecopper.

Mineproduction

Developingcountriesplayacentralroleintheglobalcopperindustry,particularlyinmining.In2024,Chileledglobalcoppermineproductionwithapproximately23percentofthetotal,producing

5.3millionmetrictons.TheDemocraticRepublicoftheCongoandPerufollowed,contributing

14percent(3.3millionmetrictons)and11percent(2.6millionmetrictons),respectively.(Figure5)Together,thethreecountriesaccountedfornearlyhalfoftheworld’scopperoutput.

TheDemocraticRepublicoftheCongoisrapidlystrengtheningitspositionasaleadingcopperproducer,thankstothehighqualityofitsreserves—somemineshavecoppergradesexceeding3percent,wellabovetheglobalaverageof0.6–0.8percent.6Between2016and2024,thecountrynearlytripleditsmineproduction,showingitsabilitytorespondtorisingglobaldemand.Incontrast,Chile’scopperproductiondeclinedby5percentduringthesameperiod.

Figure5

MineproductionhassurgedintheDemocraticRepublicoftheCongo

Coppermineproductionbymajorproducers,thousandmetrictons,2013-2024

UnitedStatesofAmericaChileChinaDemocraticRepublicoftheCongoPeruOthers

7000

6000

5000

4000

3000

2000

1000

World

25000

20000

15000

10000

5000

Source:UNCTADbasedondatafromU.S.GeologicalSurvey.

Note:Rightaxisreferstoworldminingproduction.

6

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Refineryproduction

Globalcopperrefineryproductiongrewsignificantlyfrom10.8millionmetrictonsin1990to26.5millionmetrictonsin2023.Thisincludes4.5millionmetrictonsfromsecondaryrefining,whichusesrecycledcopper(scrap).MuchofthisexpansionhasbeendrivenbyChina,whichhasbecometheworld’sleadingcopperrefiner,accountingfor45percentofglobaloutput.China’srapidgrowthhasbeenthemainforcebehindAsia’sriseasthedominantregionincopperrefining.Withanannualoutputexceeding12millionmetrictons,Chinanowholdsthelargestcopperrefiningcapacityworldwide.(Figure6)

Significantregionalshiftshaveaccompaniedthisglobalexpansion.Africa’sshareofglobalcopperrefiningrosemodestlyfrom7percentto9percent,ledbyincreasedcapacityintheDemocraticRepublicoftheCongoandZambia.Meanwhile,theAmericasexperiencedasteepdecline,withtheirsharefallingfrom39percentin1990tojust15percentin2023.Europealsosawamarkeddecrease,from32percentto14percent,whileOceania’sshareedgeddownfrom3percentto2percent

Figure6

RefineryproductioninAsiatripledin30years,ledbyChina

Globalcopperrefineryproduction,1990and2023

AmericaEuropeAsiaAfricaOceania

19902023

73

92

19

39

14

10.8millionmetrictons

26.6millionmetrictons

15

60

32

Source:InternationalCopperStudyGroup.

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Chinahasbyfarthelargestcopperrefiningcapacityintheworld,producingover12millionmetrictonsannually(Figure7).

Figure7

Globalrefineryproductionincreasedbyover10percentinthelastfiveyears

Globalcopperrefineryproductiontrends,thousandmetrictons,2019-2024

UnitedStatesofAmerica

World

Others

ChinaChileDemocraticRepublicoftheCongo

27500

27000

14000

12000

26500

10000

26000

25500

25000

8000

6000

24500

4000

24000

23500

2000

Source:UNCTADbasedondatafromU.S.GeologicalSurvey.

Note:Rightaxisreferstoworldrefineryproduction.

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Countrieswithasignificantshareoftheirtotalexportscomingfromrefinedcopperandcopperalloys(Figure8).

Figure8

Chileleadsasthemainexporterofrefinedcopperandcopperalloys

Shareofcountry’srefinedcopperandcopperalloysexportinglobalexportsofrefinedcopperandcopperalloys,percentage,2022and2023

Percentageoftotalexports,2022Percentageoftotalexports,2023

Chile21.1

20.8

DemocraticRepublicoftheCongo

13.3

14.5

Japan

6.8

7.5

RussianFederation●

7.4

6.4

RepublicoftheCongo

3.7

4.3

Kazakhstan●

4.4

4.2

Australia

3.6

3.8

Peru

2.9

3.6

Poland

2.9

3.2

RepublicofKorea3.0

2.1

Source:UNCTADbasedondatafromUNComtrade.

Note:4-digitlevelHSCode,7403.

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MajorrefineriesarelistedinFigure9.TheGuixirefineryinChinaleadswithacapacitythatexceeds1millionmetrictonsperyear,whichaddsto8Chineserefineriesthatoverallproducemorethan5.57millionmetrictonsperyear.

Figure9

MostleadingcopperrefineriesarelocatedinChina

Majorrefineriesintheworld,capacityinthousandmetricstons,2024

1,100

700

700

600

600

500

495

470

460

460

450

450

450

450

450

440

440

420

416

415

Guixi(China) JinchuanGansu(China)ShandongFanyuan(China)

DayeHuberi(China)YangguC&D(China)

Adani(India)

Jinchuan(Fangchenggang)(China)

HeadingCopper(China) JinlongTondu(China)PyshmaRe?nery(Russia)

Amarillo(UnitedStatesofAmerica)ChinalcoSoutheastCopper(China)

Chiquicamatamine(Chile)

TenkeFugurme(TheDemocraticRepublicoftheCongo)

ToyoNiihama(Japan)LasVantanas(Chile)

OsmanRe?nary(RepublicofKorea)

Birla(India)

Hamburg(Germany)ElPaso(UnitedStatesofAmerica)

Source:InternationalCopperStudyGroup.

Fluctuatingglobalcopperstockpiles

Geopoliticaltensionsandlogisticalchallengescansignificantlydisruptcoppersupplychains,oftenreflectedinfluctuatingstockpilelevels.InearlyJune2024,forinstance,copperstockpilesregisteredwiththeShanghaiFuturesExchange(ShFE)surgedtoa51-monthhighof339,964metrictons.7Typically,risingstockpilessuggestthatsupplyisoutpacingdemand,whiledeclininglevelsmayindicateshortagesorstrongerdemand.However,theaccumulationobservedinJune2024defiedseasonalpatterns,asinflowstotheShFE

7

/markets/commodities/chinas-vast-copper-overhang-will-clear-one-way-or-another

-russell-2024-06-13/

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continuedduringaperiodwhencopperisusuallybeingshippedout.Thisatypicalbuildupwasdrivenbyacombinationoffactors,includingheadwindsinkeycopper-consumingsectorssuchashousingconstructionandmanufacturing.8

Valueadditionincopper

Valueadditiondoesnotautomaticallytranslateintohigherprofits,asitdoesnotaccountforfactorssuchasproductioncosts.However,itoftenreflectsgreatereconomicvalue.Enhancingvaluethroughdomesticprocessingcanalsostrengthenkeymacroeconomicindicators,suchasthetradebalance.Moreover,valueadditionsupportsindustrialdevelopment,jobcreation,andtechnologicalprogressinresource-producingcountries.Byinvestingindownstreamprocessingandmanufacturingcapabilities,thesecountriescanboosttheirglobalcompetitivenessandreducerelianceonrawmaterialexports.Inthecaseofcopper,valueadditionislargelyconcentratedintheproductionofcopperwire,whichaccountsfor63percentoftotalfirstuse.(Figure10).

Figure10

Copperwirerepresentsthemainfirst-use

Shareoffirst-use(semisproduction)ofcopper,percentage,2023

Rods,barsand

sections(9)

Flatrolledproducts(plate,sheetandstrip)(11)

●

Tube(12)

Source:InternationalCopperStudyGroup.

Foil(5)

●

Wire(63)

8

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Understandingtradeinvalue-addedcopperproducts

China,Germany,JapanandtheUnitedStatesarethemainexportersinvalue-addedcopper.MajorexportmarketsincludedevelopingmarketslikeIndiaandSoutheastAsia,aswellastheEuropeanUnion.Fourofthetopfiveexportersofcopperwirearedevelopedcountries.(Figure11)

Figure11

Germanyleadsasthemaincopperwireexporter

Shareofcountry’scopperwireexportinglobalexportsofcopperwire,percentage,2022and2023

Percentageoftotalexports2022Percentageoftotalexports2023

13.2

13.4

Germany

10.59.4

UnitedArabEmirates

Canadate)6.7

7.0

UnitedStatesofAmerica6.1

6.1

Belgium5.8

6.3

Italy5.6

6.0

Spain5.3

5.8

Poland

4.5

4.7

Malaysia

3.7

3.1

3.5

Türkiye

3.4

Source:UNCTADbasedondatafromUNComtrade.

Note:4-digitlevelHSCode,7408.

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Thevalueofrecycledcopper:wasteandscraps

Theprojectedshortfallincoppersupplytomeetgrowingglobaldemandunderscorestheneedforsustainablealternativeswithlowerenvironmentalimpact.Onepromisingsolutioniscopperrecycling,whichpreservesthemetal’sphysicalandchemicalpropertieswithoutdegradation.Recyclingalsorequiressignificantlylessenergythanminingandrefiningnewlyextractedcopper,leadingtolowergreenhousegasemissions.

Asindustriesincreasinglyprioritizesustainabilityandcirculareconomyprinciples,recycledcopperisplayingavitalroleinmeetingdemand.Countriescanalsoderiveeconomicbenefitsbyexportingcopperscraptonationswithadvancedrecyclinginfrastructure.

AccordingtotheInternationalCopperStudyGroup,nearlyone-thirdofglobalcopperusein2023camefromrecycledsources.Developedcountriesaretheprimaryexportersofcopperwasteandscrapforrecycling.(Figure12)In2023,theUnitedStatesaloneaccountedfor14.5percentoftheseexports,followedbyGermany(6.7percent),Japan(6.7percent),Malaysia(5percent),andtheNetherlands(3.7percent)

Figure12

TheUnitedStatesleadscopperwasteandscrapsexports

Shareofcountry’scopperwasteandscrapsexportinglobalexportsofcopperwasteandscraps,percentage,2022and2023

Percentageoftotalexports2022Percentageoftotalexports2023

UnitedStatesofAmerica14.9

14.5

Germany●

6.7

6.7

Japan

5.5

6.7

Malaysia

5.1

5.0

Netherlands二

4.5

3.7

UnitedKingdomofGreatBritainandNorthernIreland

4.5

4.5

France(b

4.4

4.3

Thailand

4.4

4.5

SaudiArabia

3.5

3.5

Mexico2.72.8

Source:UNCTADbasedondatafromUNComtrade.

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Note:4-digitlevelHSCode,7404.

Coppersupplychainsandtrade:

globaltrends

Overthepasttwodecades,theglobalcoppersupplychainhasundergoneaprofoundgeopoliticalrealignment,markedbyChina’srapidascentfromamajorimportertotheleadingplayeracrossmultiplestagesofthevaluechain.By2023,Chinaaccountedfor60percentofglobalimportsofcopperoresandconcentrates,reflectingitsroleastheworld’sprimaryrefininghub.Simultaneously,traditionalexporterssuchasBotswana,Brazil,ChileandPeruhaveseentheirsharesdecline,whilenewplayers,includingtheDemocraticRepublicoftheCongoandGermany,haveemergedaskeyexportersofrefinedcopperandcoppermattes,respectively.Germany,notably,transitionedfrombeingthetopimporterofcoppermattesin2003totheirleadingexporterby2023.TheseshiftsunderscoreabroadertrendofconsolidationofrefiningcapacityinAsiaandpartsofEurope.

Thesignificantshiftintradepatternsincoppermarkets

Overthepasttwodecades,globalcoppertradepatternshaveundergoneasignificanttransformation,particularlyintheimportsofcopperoreandunrefinedcopper.In2003,Japanledtheworldasthetopimporter,accountingfor26percentofglobalimports,whileChinaheldacomparativelysmallershareat17percent.(Figure13)However,by2023,thisdynamichadshifteddramatically,withChinaemergingasthedominantimporter,commanding60percentoftheglobalmarket.Incontrast,Japan’ssharedwindledtojust10percent.ThisshiftreflectsChina’sleadingroleintheglobalcoppersupplychainandhighlightsbroaderchangesinthegeographyofindustrialdemand.

Figure13

ChinaovertookJapanasmainglobalimporter,accountingnowfor60percentofglobalcopperoreandunrefinedcopperimports

Mainimportersofcopperoreandunrefinedcopper,percentage,2003and2023

JapanChinaRepublicofKoreaOthers

20032023

24

26

46

6

60

10

17

11

Source:UNCTADbasedondatafromUNComtrade.

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Likewise,thelandscapeofcoppermatteexportsalsochangedconsiderably.In2003,Botswana(25percent),Brazil(16percent),andMexico(9percent)weretheleadingexporters,collectivelyaccountingfornearlyhalfofglobalexports.By2023,however,Germanyhadtakentheleadwith34percentofexports,followedbyMexico(14percent)andCanada(8percent),whileBotswanaandBrazilhaddroppedoutofthetoptenaltogether.(Figure14)

Theseshiftsinbothimportandexportpatternshighlighttheevolvingglobalgeographyofcopperproduction,trade,andconsumption,drivenbyeconomicgrowth,industrialpolicy,andshiftingsupplychainstrategies.

Figure14

Germanyleadscoppermattesexports

Mainexportersofcoppermattes,percentage,2003and2023

20032023

Botswana

Germany

(34)

(25)

Others

Others

(50)

(44)

Brazil(16)Mexico(9)

Mexico

Canada

(14)

(8)

Source:UNCTADbasedondatafromUNComtrade.

In2023,Germanywastheleadingimporterofcoppermattes(25percentoftotalimports).(Figure15)By2023,itwasnolongeranimporter,butaleadingexporter.Thetopimportersofcoppermattesin2023includedBelgium(36percent),theRepublicofKorea(32percent)andChina(16percent).

Figure15

Germanytransitionsfromleadingimportertoexporterofcoppermattes

Mainimportersofcoppermattes,percentage,2003and2023

2003

2023

Others

Germany

(25)

(16)·

Belgium

(36)

Others

(43)

China(16).

RepublicofKorea

(32)

Zimbabwe

(23)

Australia

(9)

Source:UNCTADbasedondatafromUNComtrade.

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Chileremainedtheprimaryexporterofrefinedcopperinthelasttwodecades,thoughitssharedecreasedfrom40to21percent.(Figure16)TheDemocraticRepublicoftheCongoemergedasasignificantexporterofrefinedcopper,accountingfor15percentin2023.Thetopimportersremainedlargelyunchanged,althoughChina’ssharedoubled.(Figure17)TheUnitedStatesandItalyremainthesecondandthirdlargestimporters.

Figure16

Newplayersdominatetherefinedcoppermarket

Mainexportersofrefinedcopper,percentage,2003and2023

2003

Chile(40)

Others

(49)

Peru(6)

Russian

Federation

(5)

2023

Chile

(21)

Others

(57)

DemocraticRepublicoftheCongo

(15)Japan(7)

Source:UNCTADbasedondatafromUNComtrade.

Figure17

Althoughaleadingproducer,Chinareliesonrefinedcopperimports

Mainimportersofrefinedcopper,2003and2023

ChinaUnitedStatesofAmericaItalyOthers

20032023

40

46

61

68

20

10

9

Source:UNCTADbasedondatafromUNComtrade.

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Theshiftinglandscapeoftheglobalcoppermarket:

opportunitiesandchallengesfordevelopingeconomies

Asglobaldemandforcopperintensifies—drivenbytheenergytransition,digitalization,andtheexpansionofgreentechnologies—developingeconomieswithabundantcopperreserves,suchasChile,Peru,andtheDemocraticRepublicoftheCongo,arescalingupinvestmentsinmininginfrastructure.Theseeffortsincludelaunchingnewprojects,modernizingexistingfacilities,andexpandingdomesticprocessingcapabilitiestoproducerefinedcopperandsemi-finishedgoods.Byfosteringindustrialgrowthandreducingdependencyonrawmaterialexports,thesecountriesaimtocapturegreatervaluefromtheirnaturalresources.

However,realizingtheseambitionsinvolvesovercomingarangeofstructuralchallenges.Copper-dependenteconomiesremainvulnerabletoexternalshocks,includingcommoditypricevolatility,traderestrictions,andshiftsinglobaldemand.Moreover,disparitiesineconomiccomplexityhighlightunevenreadinessforindustrialupgrading.Forexample,whileIndonesiaexhibitsrelativelyadvancedindustrialcapabilities,withahigheconomiccomplexityscore,countrieslikeZambiaandtheDemocraticRepublicoftheCongolagsignificantlybehind.Bridgingthisgapwillrequireacombinationoftargetedpublicpolicy,investmentininfrastructureandworkforceskills,andstrongerregionaleconomicintegration.

Tariffs

The2023MostFavouredNation(MFN)tarifflandscapeforcopperproductsunderscoresthecomplexityofinternationaltradeinthesector.Whilerefinedcopperandunwroughtalloystypicallyfacelowimporttariffs—oftenbelow2percentinmajormarketssuchastheUnitedStatesandChina—tariffsincreasesharplyforsemi-finishedandvalue-addedcopperproducts.Forinstance,tariffsoncopperwire,sheets,tubes,andpipescanreachupto8percentintheRepublicofKoreaand7.5percentinIndia.(Table1)Theseelevatedratesreflectstrategiceffortsbyimportingnationstoprotectandpromotedomesticdownstreamindustries,thereby

discouragingprocessinginresource-richexportingcountries.Thispatternoftariffescalation

reinforcesglobalvaluechainasymmetries,entrenchingtheroleofdevelopingeconomiesassuppliersofrawmaterialswhilelimitingtheirparticipationinhigher-valuemanufacturing.

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Table1

SimpleaverageMostFavouredNationtariffratesabymaincopperimportersin2023

(percentage)

Refinedcopperandcopperalloys,

unwrought

Copperwire

Copperplates,sheetsandstrip,ofathicknessex

Coppertubeandpipes

Coppertubeorpipefittings

CountryTariff

CountryTariff

CountryTariff

CountryTariff

CountryTariff

Switzerland

0.02

South

Africa

0.80

Thailand

1.50

Thailand

1.50

United

Statesof

America

3.00

United

Statesof

America

1.00

United

Statesof

America

2.50

United

Statesof

America

2.40

United

Kingdom

4.00

Australia

5.00

Japan

1.30

Austria

4.80

Japan

3.00

Czechia

4.80

Austria

5.20

China

1.80

Italy

4.80

Czechia

4.80

France

4.80

Belgium

5.