$24.3B
Copper ore exports (HS 260300)
2023
China
Top destination
72.1% of copper ore exports · 2023
+5.2%
YoY growth vs 2022
$23.1B (2022) → $24.3B (2023)
$29.6B
Peak export year
2021 — high copper prices
$17.5B
China import value
2023 — 72.1% share
Top Importers of Chilean Copper Ore — 2023
% of total HS 260300 export value · 2023 · Max = $17.5B (China)
China dependency
China absorbs 72.1% of Chile's copper ore exports — a single destination accounting for $17.5B of $24.3B in total 2023 copper ore export revenue. Japan is a distant second at 14.8% ($3.6B). The remaining top importers — South Korea ($1.1B), India ($683M), Germany ($410M), Spain ($345M) — collectively represent less than 11% of total value.
Export Value Trend 2019–2023 (HS 260300)
Total copper ore export value (USD billions). Max = $29.6B (2021).
2019
$17.5B
$17.5B
2020
$21.1B
$21.1B
2021
$29.6B
$29.6B
2022
$23.1B
$23.1B
2023
$24.3B
$24.3B
2021 peak driven by record copper prices
Export value surged to $29.6B in 2021 — a 40.2% jump from 2020 — driven by elevated copper prices rather than a volume surge. The 2022 correction to $23.1B followed a normalization of LME prices from their 2021 highs. By 2023, value recovered modestly to $24.3B (+5.2% YoY), consistent with stabilizing demand from China's manufacturing sector.
Top Importers: 2022 vs 2023
| Country | Value 2022 (USD B) | Share 2022 | Value 2023 (USD B) | Share 2023 |
|---|---|---|---|---|
| China | $15.6B | 67.6% | $17.5B | 72.1% |
| Japan | $4.0B | 17.2% | $3.6B | 14.8% |
| South Korea | $1.0B | 4.4% | $1.1B | 4.5% |
| India | $830M | 3.6% | $683M | 2.8% |
| Spain | $471M | 2.0% | $345M | 1.4% |
| Germany | $409M | 1.8% | $410M | 1.7% |
China's share increased in 2023
China's share of Chilean copper ore imports grew from 67.6% (2022) to 72.1% (2023) — a 4.5 pp increase — while Japan's share fell from 17.2% to 14.8%. India and Spain both declined in both value and share, while Germany held roughly flat. The concentration in China deepened even as total export value grew year-over-year.
Key Findings
Extreme China concentration
China's 72.1% share of Chilean copper ore imports in 2023 represents $17.5B of $24.3B in total exports — a structural concentration that leaves Chilean mining revenues highly exposed to Chinese industrial demand cycles and policy shifts.
Recovery after 2021 peak
After the 2021 price-driven peak of $29.6B and the 2022 correction to $23.1B, exports recovered to $24.3B in 2023 (+5.2%). Chile remains the world's largest copper producing country and HS 260300 is one of its most valuable export products.
Japan losing ground
Japan's share fell from 17.2% (2022) to 14.8% (2023), and its absolute import value declined from $4.0B to $3.6B — a 10% contraction. Japanese copper ore imports from Chile have been declining relative to China as East Asian smelting capacity shifts northward.
Price sensitivity dominates volume
The 2019–2023 swing from $17.5B to a $29.6B peak and back to $24.3B reflects price movements more than volume change. Chile's position as the top global copper ore exporter is structurally stable; revenue volatility is primarily driven by LME copper price cycles.