Mexican Copper Exports Maintain Their Shift Toward Asia Despite Trade Tensions
The Mexican mining industry, especially the copper sector, continues to show strong export performance with a clear preference for Asian markets, despite the recent imposition of U.S. tariffs on certain semi-processed copper products. The main destination for copper extracted in Mexico is no longer its northern neighbor, but Pacific powerhouses like China, Japan, Taiwan, and South Korea, which pay higher prices and absorb the bulk of shipments.
The U.S. measure, implemented in August 2024 by the Republican administration, raised tariffs on imports of copper tubes, sheets, and other manufactured products to 50%. However, it excluded minerals, concentrates, scrap, and refined copper from Mexico. According to data from the Bank of Mexico, in 2024 Mexico’s exports of copper and copper products totaled $2.455 billion, of which about 60% was shipped to the United States. Nonetheless, the impact of the tariffs affects only a specific segment of these products, representing just 38% of shipments, while the rest remain exempt.
The real driver of Mexico’s mining industry lies in the export of copper ores and concentrates, which generated $4.925 billion in 2024. Over 60% of this trade went to Asian markets, particularly China, which imported more than $2.3 billion in Mexican copper during the year. By contrast, the United States took in only a small fraction—about half a million dollars. This fact underscores a diversification of trade that reduces risk from restrictive measures by Washington and strengthens ties with commercial partners thousands of miles away.
On a global scale, Latin America—with Chile, Peru, Canada, and Mexico—remains essential for supplying the U.S. market, which relies on imports for 45% of its annual copper needs. Despite efforts by the White House to boost national security and cut reliance on foreign sources, experts point out that copper self-sufficiency for the U.S. remains a distant goal and is unlikely to be reached in the short term, even with ambitious investment plans.
Copper has taken on increasing strategic importance worldwide because of its key role in the energy transition, the rollout of modern electric grids, and the production of clean technologies and electric mobility. Demand for the metal is rising amid the boom in data centers and digital infrastructure projects, putting pressure on global supply and driving up prices. China, meanwhile, is consolidating its position not only as a major buyer but also as the dominant refiner of copper sourced from Latin America.
In Mexico, national copper production reached 717,332 tons in 2024, a 2.6% increase from the previous year. The state of Sonora accounts for the bulk of extraction, followed by Zacatecas and San Luis Potosí. The sector is led by Grupo México, followed by Capstone Copper, Nemisa, Peñoles, and Minera Frisco. Copper represents roughly 26.5% of the national mining sector’s value, second only to gold and silver. Mining contributes 2.77% to the country’s GDP and 8.7% to industrial GDP, underscoring its importance as a driver of regional economic growth.
The outlook indicates that Mexico’s strategy has been pragmatic in light of shifts in international trade rules. By diversifying its markets and bolstering export capacity toward Asia, the Mexican economy is reducing its vulnerability to bilateral tensions with the U.S., while taking advantage of opportunities in the growing Asian market.
In conclusion, Mexico’s copper industry has shown adaptability in response to changes in international trade policy, redirecting its exports toward East Asia and solidifying its relevance as a global supplier. The trend suggests that Asia will continue to gain importance as a destination, while U.S. self-sufficiency challenges remain, for now, a secondary concern for Mexican producers.
