That dollar amount reflects a 61.1% increase from five years earlier in 2019 when exported copper was worth $58.6 billion.
Year over year, globally exported copper flatlined via a 0.4% gain compared to $94.1 billion starting from 2022.
The 5 biggest exporters of copper ore are Chile, Peru, Indonesia, Australia and Mexico. Collectively, that concentrated group of suppliers shipped over three-fifths (61.1%) of the total value for exported copper ore during 2023.
Copper is a relatively soft, malleable and ductile metal which is the preferred electrical conductor for most forms of electrical wiring with one caveat. Copper is excluded from overhead electric power transmission where aluminum is often chosen.
While roughly half of mined copper is used in electrical wires and cables, copper serves as an essential component in electrical motors, as well as a corrosion-resistant and weatherproof building material notably for roofs, spires, rain gutters and doors.
Applying a continental lens, over half (54.2%) of worldwide copper ore exports came from suppliers in Latin America excluding Mexico but including the Caribbean. Asia was the source for another 21.9% of the global total, ahead of 10.1% worth of copper ore exported from North America.
Smaller percentages of international sales originated from Australia and Papua New Guinea in Oceania (5.7%), Europe (4.2%) and Africa (4%).
For research purposes, the 4-digit Harmonized Tariff System code prefix is 2603 for copper ores and concentrates.
Copper Ore Exports by Country
Below are the 25 countries that exported the highest dollar value worth of copper ore during 2023.
- Chile: US$23.9 billion (25.3% of exported copper ore)
- Peru: $20 billion (21.2%)
- Indonesia: $8.3 billion (8.8%)
- Australia: $4.5 billion (4.7%)
- Mexico: $3.7 billion (3.9%)
- Brazil: $3.5 billion (3.7%)
- Canada: $3.2 billion (3.4%)
- Kazakhstan: $3.1 billion (3.2%)
- Mongolia: $2.63 billion (2.8%)
- United States: $2.61 billion (2.8%)
- Panama: $2.5 billion (2.6%)
- Democratic Republic Congo: $2.2 billion (2.4%)
- South Korea: $1.5 billion (1.6%)
- Serbia: $1.35 billion (1.4%)
- Ecuador: $1.24 billion (1.3%)
- Russia: $959.9 million (1%)
- Taiwan: $953.7 million (1%)
- Papua New Guinea: $903.6 million (1%)
- Spain: $782.1 million (0.8%)
- Philippines: $741.8 million (0.8%)
- Saudi Arabia: $659.3 million (0.7%)
- Malaysia: $530.4 million (0.6%)
- Botswana: $506.8 million (0.5%)
- Georgia: $494.4 million (0.5%)
- Türkiye: $492.9 million (0.5%)
By value, the listed 25 countries shipped 96.5% of copper ore globally exported in 2023.
Among the top exporters, the fastest-growing exporters of copper ore since 2022 were: Philippines (up 84.6%), Botswana (up 57.7%), Kazakhstan (up 29.7%) and Brazil (up 26.3%).
Those countries that posted declines in their export sales of copper ore were led by: Indonesia (down -9.9% from 2022), Saudi Arabia (down -9.9%), Canada (down -8.8%), Türkiye (down -5.8%) and Ecuador (down -4.3%).
Countries Exporting Highest Volumes of Copper by Shipment Weight
The following listing reveals which countries shipped the greatest tonnage of copper ore during 2023.
By shipment value, the listed top exporters accounted for 86.2% of all copper ore sold on international markets.
- Chile: 11,819,681 tons of exported copper (up 2.3% from 2022)
- Peru: 9,964,312 tons (up 20.7%)
- Indonesia: 2,987,611 tons (down -4.7%)
- Mexico: 2,729,482 tons (up 74.2%)
- Kazakhstan: 2,003,104 tons (up 39.7%)
- Mongolia: 1,524,819 tons (up 4.9%)
- Australia: 1,451,452 tons (down -11.3%)
- Brazil: 1,352,314 tons (up 29.1%)
- Panama: 1,164,260 tons (down -10.5%)
- Serbia: 959,923 tons (down -19.4%)
- Democratic Republic Congo: 790,324 tons (down -14.3%)
- South Korea: 693,075 tons (down -7%)
- Ecuador: 610,020 tons (up 0.6%)
- Spain: 529,212 tons (down -40.7%)
- Russia: 514,180 tons (down -13.2%)
Double-digit increases in copper ore exports by shipment weight were recorded by shippers in Mexico (up 74.2% since 2022), Kazakhstan (up 39.7%), Brazil (up 29.1%) and Peru (up 20.7%).
Posting year-over-year declines were copper suppliers in Spain (down -40.7% from 2022), Serbia (down -19.4%), Democratic Republic of the Congo (down -14.3%), Russia (down -13.2%), Australia (down -11.3%) then Panama (down -10.5%).
Average Unit Prices for Exported Copper Ore
The worldwide average price for exported copper ore was US$2,141 per ton during 2023.
That global average reflects 520.6% inflation compared to $345 per ton for 2019. However, the annual percentage change for copper ore exports is a -4.5% drop from an average $2,242 for 2022.
The list below is sorted in ascending order for the top 15 exporters of copper ore by dollar value.
- Chile: US$2,018 per ton of exported copper (up 1.1% from 2022)
- Peru: $2,006 per ton (down -2.1%)
- Indonesia: $2,787 per ton (down -5.5%)
- Australia: $3,078 per ton (down -1.3%)
- Mexico: $1,361 per ton (down -32%)
- Brazil: $2,563 per ton (down -2.2%)
- Canada: $9,480 per ton (up 7.8%)
- Kazakhstan: $1,532 per ton (down -7.2%)
- Mongolia: $1,722 per ton (down -8.5%)
- United States of America: $7,633 per ton (down -11%)
- Panama: $2,121 per ton (down -1.4%)
- Democratic Republic Congo: $2,809 per ton (up 0.2%)
- South Korea: $2,204 per ton (up 3.8%)
- Serbia: $1,405 per ton (down -7%)
- Ecuador: $2,030 per ton (down -4.8%)
Among the top copper ore suppliers by total dollar value, the lowest average prices are charged by Mexico ($1,361 per ton), Kazakhstan ($1,532 per ton), Serbia ($1,405 per ton) and Mexico ($1,361 per ton).
The most expensive copper ore exports in 2023 were shipped by Canada ($9,480 per ton), the United States of America ($7,633 per ton) and Australia ($3,078).
Countries Generating Highest Surpluses Trading Copper
The following countries posted the highest positive net exports for copper ore during 2023. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports. Thus, the statistics below present the surplus between the value of each country’s copper ore exports and its import purchases for that same commodity.
- Chile: US$23.8 billion (net export surplus up 3.4% since 2022.
- Peru: $19.9 billion (up 19.5%)
- Indonesia: $8.3 billion (down -9.9%)
- Australia: $4.3 billion (down -15.2%)
- Brazil: $3.4 billion (up 30.4%)
- Mexico: $3.2 billion (up 28.7%)
- Kazakhstan: $2.9 billion (up 42.8%)
- Mongolia: $2.63 billion (down -4%)
- United States of America: $2.57 billion (down -11.7%)
- Panama: $2.47 billion (down -11.7%)
- Canada: $2.47 billion (down -1.5%)
- Democratic Republic Congo: $2.2 billion (down -14.1%)
- Serbia: $1.3 billion (down -29.2%)
- Ecuador: $1.2 billion (down -4.3%)
- Papua New Guinea: $903.6 million (up 1%)
World leader Chile generated the highest surplus in the international trade of copper ore. In turn, this positive cashflow confirms strong competitive advantage under this specific product category for South America’s seventh-largest country by population.
Countries Incurring Worst Deficits Trading Copper
The following countries posted the highest negative net exports for copper ore during 2023. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports. Thus, the statistics below present the deficit between the value of each country’s copper ore import purchases and its exports for that same commodity.
- mainland China: -US$60.7 billion (net export deficit up 7.7% since 2022.
- Japan: -$11.8 billion (down -14.8%)
- South Korea: -$4.3 billion (down -13.9%)
- Germany: -$3.3 billion (up 24.5%)
- India: -$3 billion (down -6.6%)
- Philippines: -$2.5 billion (up 200.6%)
- Spain: -$1.7 billion (up 82.5%)
- Bulgaria: -$1.6 billion (down -15%)
- Sweden: -$888.8 million (up 8.2%)
- Finland: -$869.9 million (down -15.4%)
- Poland: -$658.5 million (up 20.4%)
- Namibia: -$212.9 million (up 54.8%)
- Uzbekistan: -$126.3 million (down -51.1%)
- Zambia: -$62.7 million (down -76.4%)
- Netherlands: -$61.9 million (up 12,580%)
The People’s Republic of China incurred the highest deficit in the international trade of copper ore. In turn, this negative cashflow highlights China’s strong competitive disadvantage for this specific product category but also signals opportunities for copper ore-supplying countries that help satisfy the powerful demand from the rapidly expanding Chinese economy.
Copper Ore Exporting Companies
Below is a sampling including the world’s largest copper ore producers. Show within parenthesis is the country where the business is headquartered.
- Donner Metals (Canada)
- First Quantum Minerals (Canada)
- Freeport-McMoRan (United States)
- Grupo México (Mexico)
- Hindustan Copper (India)
- Hudbay Minerals (Canada)
- KAZ Minerals (Kazakhstan)
- KGHM (Poland)
- Konkola Copper Mines (Zambia)
- Lundin Mining (Canada)
- Minera Escondida (Chile)
- MMG Limited (Australia)
- OZ Minerals (Australia)
- Palabora Mining Company (South Africa)
- Teck Resources (Canada)
The Chilean firm Minera Escondida operates the world’s highest-producing copper ore mine.
See also Chile’s Top 10 Exports, Iron Ore Exports by Country, Top Tin Exporters, Iron Ore Imports by Country and China’s Top 10 Imports
Research Sources:
Central Intelligence Agency, The World Factbook Field Listing: Exports – Commodities. Accessed on September 3, 2024
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on September 3, 2024
International Trade Centre, Trade Map. Accessed on September 3, 2024
Investopedia, Net Exports Definition. Accessed on September 3, 2024
Wikipedia, Copper. Accessed on September 3, 2024
Wikipedia, Copper mining companies. Accessed on September 3, 2024