SMM January 23 News:
According to data from the General Administration of Customs, China's copper foil import volume in December 2024 was approximately 8,294.30 mt, up 4.03% YoY and up 18.37% MoM. From January to December 2024, China's cumulative copper foil import volume was about 91,128.77 mt, down 0.87% YoY.
In December 2024, China's copper foil import value was $146.9323 million, up 14.01% YoY and up 17.57% MoM. From January to December 2024, the cumulative import value of copper foil was $1.5785 billion, up 7.94% YoY.
In December 2024, China's copper foil export volume was approximately 3,510.86 mt, down 1.56% YoY and down 40.40% MoM. From January to December 2024, the cumulative export volume of copper foil was about 51,593 mt, up 10.60% YoY.
In December 2024, China's copper foil export value was $45.087 million, up 13.93% YoY and down 39.41% MoM. From January to December 2024, the cumulative export value of copper foil was $636.0228 million, up 17.01% YoY.
In December 2024, due to the significant growth in China's copper foil imports and the sharp pullback in exports, the trade deficit in imports and exports was approximately $101.85 million, a substantial MoM increase of about $51.29 million compared to November's $50.56 million.
By country, the main import sources of China's copper foil (excluding copper alloy foil) in December 2024 were Taiwan, China (4,163.7 mt), Malaysia (936.37 mt), and Luxembourg (556.86 mt).
The main export destinations of China's copper foil (excluding copper alloy foil) in December 2024 were Egypt (763.97 mt), Indonesia (398.31 mt), and South Korea (348.18 mt).
On the import side, industry orders from emerging high-end sectors such as AI showed strong performance, driving demand for imports. Additionally, as copper foil imports are often priced based on the M-1 month, the pullback in copper prices in November spurred some stockpiling demand.
The sharp pullback in copper foil export volume in December was mainly due to policy impacts. On November 15, 2024, the Ministry of Finance and the State Taxation Administration announced that, starting from December 1, 2024, export tax rebates for products such as aluminum semis and copper semis would be canceled. Copper foil and copper clad laminate (CCL) for printed circuits were included in the list of products with canceled export tax rebates, leading to a rush in export orders by enterprises in late November.
