November 2024 Copper Foil Customs Details: Export Volume Increased Significantly Due to Policy Impact [SMM Analysis]

SMM, December 20:

    According to data from the General Administration of Customs, China's copper foil imports in November 2024 were approximately 7,007.25 mt, down 8.84% YoY and 0.61% MoM. From January to November 2024, China's cumulative copper foil imports were about 82,834.47 mt, down 1.33% YoY.

    In November 2024, China's copper foil import value was $124.9771 million, up 0.21% YoY and 0.21% MoM. From January to November 2024, the cumulative import value of copper foil was $1.4316 billion, up 7.35% YoY.

    In November 2024, China's copper foil exports were approximately 5,890.81 mt, up 63.76% YoY and 28.61% MoM. From January to November 2024, the cumulative export volume of copper foil was about 48,082.14 mt, up 11.61% YoY.

    In November 2024, China's copper foil export value was $74.418 million, up 83.47% YoY and 32.15% MoM. From January to November 2024, the cumulative export value of copper foil was $590.9358 million, up 17.25% YoY.

    Due to the significant growth in China's copper foil exports in November 2024, the trade deficit in imports and exports was approximately $50.56 million, a sharp decrease of about $17.85 million MoM from $68.41 million in the previous month.

    By country, the main importers of China's copper foil (excluding copper alloy foil) in November 2024 were Taiwan, China (3,647.86 mt), Malaysia (777.96 mt), and Luxembourg (441.01 mt).

    The main export destinations for China's copper foil (excluding copper alloy foil) in November 2024 were Thailand (1,692.03 mt), Vietnam (514.54 mt), and South Korea (474.54 mt).

    In November, China's copper foil imports slightly declined MoM, while exports saw significant growth. 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. After the policy implementation, export orders under Ordinary Trade will lead to a 13% increase in costs for enterprises. As a result, there was a rush to fulfill export orders in late November.

    After the implementation of the new policy, China's copper foil exports are expected to decline in the future. For the copper foil industry, the already surplus capacity situation may worsen, accelerating the clearing of industry capacity and the trend toward high-end products, thereby reducing future dependence on copper foil imports.

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