In charts: How copper demand shows US' increasing import dependence

Benchmark analysis of copper demand data highlights the increasing reliance in the West – and particularly in the US – on imported goods. It also draws attention to the proportion of Chinese copper consumption that is due to the export of manufactured goods.

This comes despite the US' continued efforts to decrease its import dependence. Although the country used Section 232 investigations to tackle copper imports, a significant amount of copper enters the country through end use products such as cars and washing machines, suggesting the US's issue isn't just copper production, but the later stages of the value of the supply chain.

Semis and end-use demand difference demonstrates import dependence

Disparities between total semis demand (that is, the copper demand from the domestic production of copper semis) and end-use demand (copper consumed via the purchase and installation of downstream goods in the country) show that China’s growth in copper demand has come in part due to its growing exports of both semi-products and end-use goods like cars and washing machines. The growing difference between the US’ demand for copper and its end-use consumption, meanwhile, implies that it is increasingly reliant on imports of such goods.

Despite US end-use demand for copper growing by over a million tonnes in the last 15 years, all of that growth in demand has been met by the import of both semi-products and end use goods. Copper contained in imports into the US now accounts for over 50% of end-use copper demand.

US demand statistics highlight the growing importance of consumer goods in end-use copper demand in the US. End-use copper demand is increasing faster than total demand because many goods like aircons and fridges are imported into the US.

The EU provides a significant contrast. The bloc manufactures a significant amount more of its own end-use copper demand at 88%, though this has fallen from 96% in 2010. It remains far less reliant on imports than the US.

China, meanwhile, shows the inverted trend, with end-use copper demand growing more slowly than total demand, indicating an increase in the export of semi-products and copper containing goods.

Some of this change is attributable to the import and export of semi-products, with the US increasingly importing copper semi-products like wire rod, and China increasingly exporting those same goods.

In the last 15 years, China has moved from being a net importer of copper semi-product to the tune of 468kt to a net exporter at 420kt. In the same period, the US’ net imports of semi-products have increased from 60kt in 2010 to 228kt in 2025.

The section 232 investigation initiated last year resulted in a 50% tariff on copper semis imports. This is aimed at reversing the trend of increasing in US semis imports, and the second half of 2025 did show an immediate decrease.

This articles draws on data and analysis from Benchmark's Copper Service. To find out more, fill in the form below and one of the team will be in touch: