In the midst of Russia-Ukraine hostilities, various regional markets have seen a spike in the intensity of several commodities, owing to growing inflation. Many commodities, such as oil and copper, have been discovered to be growing, resulting in a surge in inflation as tensions have eased.
Copper prices rose on Tuesday as Russia returned its stationed forces from the Ukraine border to their barracks. The financial markets soared as both countries de-escalated their hostilities and raised copper prices. Will this have an effect on the volatility of copper traded across countries?
Global Imports and Export of Copper
Imports of copper give information on the worldwide market for copper as well as demand from other countries. Even with the worldwide trade standstill during the epidemic in 2020, copper prices climbed in the recent decade, as seen in the graph below.
With the HS Code classification for copper in Chapter 74, the time period given extends from 2011 to 2020. The import and export values for copper in the worldwide market are represented in the shown import-export data for copper below. Copper imports peaked in 2011, with a total value of $191.34 billion, and peaked in 2016, with a total value of $124.09 billion for 2020.
In contrast, the largest exports were in 2011, valued at $185.04 billion, while the lowest was in 2016, valued at $117.93 billion for 2020. Pay close attention to the data in the table below.
| Year Reference | Total Imports Value in USD ($) | Total Exports Value in USD ($) |
| 2011 | $191.34 Billion | $185.04 Billion |
| 2012 | $180.58 Billion | $171.86 Billion |
| 2013 | $171.92 Billion | $163.42 Billion |
| 2014 | $163.74 Billion | $154.21 Billion |
| 2015 | $137.56 Billion | $130.16 Billion |
| 2016 | $124.09 Billion | $117.93 Billion |
| 2017 | $151.42 Billion | $145.83 Billion |
| 2018 | $169.94 Billion | $162.01 Billion |
| 2019 | $152.90 Billion | $146.26 Billion |
| 2020 | $153.94 Billion | $149.59 Billion |
Countries that import and export copper
The following table shows the copper importing and exporting locations for the year 2020. China (31.5%), Germany (6.5%), the United States (5.9%), Italy (4%), and South Korea (3%), among other importing nations, were the leading copper importers in 2020. Chile (10.5 percent), Germany (7.7%), Japan (6.2%), the Democratic Republic of Congo (6.2%), and the United States (4.3%) were the leading copper exporting countries in 2020.
China consumes the most copper, accounting for around 54 percent of world consumption in 2020. Copper is used in China for the transmission of power, wiring, and turbines. China can only use up to 16 percent of its entire copper production to fulfill local demand, thus it buys more than it produces and has the greatest exports.
Top Importing Countries
| Top Importing Countries | Value in USD ($) | Year Reference |
| United States of America | $9.06 Billion | 2020 |
| Italy | $6.19 Billion | 2020 |
| China | $48.54 Billion | 2020 |
| Germany | $10.07 Billion | 2020 |
| South Korea | $5.06 Billion | 2020 |
Top Exporting Countries
| Top Exporting Countries | Value in USD ($) | Year Reference |
| DR Congo | $9.24 Billion | 2020 |
| Chile | $15.71 Billion | 2020 |
| Japan | $9.34 Billion | 2020 |
| United States of America | $6.45 Billion | 2020 |
| Germany | $11.52 Billion | 2020 |
Copper import and export values increased in 2020, as indicated in the import-export data for copper above, despite supply chain interruptions during the epidemic.
When the limits and lockdown were released in 2021, the values went much higher. According to our trade data analysts, the rise in copper prices, if it reaches a high level in the global market, will continue to cause volatility in the near future.
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