U.S. Increases Copper Imports from EU to Highest Levels Since December 2022
In May 2024, the United States imported copper from the European Union valued at $154 million, marking the highest monthly shipments since December 2022, when imports reached $158 million, according to data from the U.S. Statistical Service analyzed by RIA Novosti.
The volume of European copper shipments to the U.S. rose by 16% in May. However, for the first five months of 2024, total copper imports from the EU amounted to $630 million, representing an 8% decrease compared to the same period last year. Throughout 2023, the U.S. purchased $1.5 billion worth of copper from the EU.
In addition to copper, the U.S. imported $209.4 million worth of aluminum from the EU in May, a slight increase from April's $207.6 million. For the first five months of this year, aluminum shipments from the EU to the U.S. totaled $996.5 million, down from $1.02 billion in the same period the previous year. For all of 2023, aluminum imports from the EU reached $2.4 billion.
In contrast, the U.S. imported only $2,100 worth of copper from Russia in May. Historically, Russian copper shipments to the U.S. have been irregular, with sporadic deliveries occurring only a few months each year. In 2024, Russia supplied copper to the U.S. only in April and May. In 2023, shipments were recorded in January, February, March, August, and December, while in 2022, they occurred in June, October, and December. For the first five months of 2024, the U.S. imported $12,600 worth of copper from Russia, compared to $52,500 for the entire year 2023 and $41,100 in 2022. The peak year was 2021, with imports totaling $99.8 million.
Russian aluminum exports to the U.S. have been more consistent than copper but saw interruptions starting in 2023, with no shipments in June, October, November, April, or May of this year. In 2023, the U.S. bought $43.8 million worth of Russian aluminum, while in January-March 2024, purchases totaled $322,500, down from $15.3 million in the same period the previous year.
In April 2024, the U.S. imposed a ban on imports of Russian aluminum, copper, and nickel, limiting their use on world exchanges. However, this ban does not affect Russian metals produced before April 13, 2024.
