Chile Leads Global Lithium and Copper Exports in 2024

Chile Copper Mining

Copper exports strengthen Chile’s global leadership

Chile maintained its position as the world’s leading copper exporter in 2024, driving both value and volume. The Chile lithium and copper exports reached over $50bn, accounting for 15pc of global copper trade, according to Subrei. The country produced 5.3mn t of copper, or 23pc of global output, with state-owned Codelco contributing 1.44mn t. Chile dominated shipments of copper concentrates and cathodes, with the EU sourcing 39pc of its cathode imports from Chile and India receiving a third of its concentrates from Chilean producers.

Lithium exports secure global dominance

Although second to Australia in lithium production, Chile led the world in lithium carbonate equivalent (LCE) exports. The Chile lithium and copper exports accounted for 78pc of global LCE trade, worth $2.6bn. Chile produced 285,000t of LCE in 2024, with SQM maintaining exclusive production and sales of lithium hydroxide domestically. Major markets for Chile’s LCE included China, the US, the EU and Japan, while lithium hydroxide exports were focused on Brazil and the US.

Chile also led in molybdenum, securing the top spot in exports of molybdenum oxides and hydroxides with a 40pc share, and roasted oxides with 33pc of global trade. It ranked fourth globally in ferro-molybdenum exports, reinforcing its role as a critical supplier of strategic minerals.

The Metalnomist Commentary

Chile’s dual dominance in lithium and copper exports highlights its pivotal role in global supply chains for energy transition metals. However, this dependence on a narrow set of commodities exposes the country to price volatility and geopolitical risk. Strategic investment in downstream processing and value-added production could strengthen Chile’s industrial resilience.