Critical Minerals Ranking by Export Value-Based Perspective
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The Most Important Critical Minerals by Export Value
The global economy is undergoing a massive transformation, driven by the shift towards clean energy and advanced technologies.
This transition is not powered by oil and gas, but by a new class of materials: critical minerals. These minerals—from the lithium in your phone battery to the copper in wind turbine cables—are the essential building blocks of the modern world.
The value of the trade in these minerals has skyrocketed in recent years, making them a central focus of economic policy and international trade. While a simple ranking of "most valuable" can be misleading due to fluctuating prices, a few minerals consistently stand out for their significant export value and pivotal role in global supply chains.
The primary drivers of this demand are electric vehicles (EVs), renewable energy infrastructure (solar and wind), and energy storage systems. The countries that produce and process these minerals are gaining immense economic and geopolitical leverage.
Copper is often considered the cornerstone of the clean energy transition. Its exceptional conductivity makes it indispensable for wiring, electrical grids, and a wide range of electronic applications. Nickel is a key component in a variety of lithium-ion batteries, and demand has surged as EV production has ramped up. Likewise, lithium is the defining element of the batteries that power EVs and consumer electronics. The Democratic Republic of Congo dominates the global production of cobalt, another essential element for high-performance batteries, and its exports are a significant part of the country's economy.
Beyond these well-known battery minerals, other materials are also critically important. Rare earth elements (REEs) are a group of 17 minerals used in permanent magnets for wind turbines and EV motors. Their specialized applications and concentrated supply chains make them extremely valuable. Finally, graphite is a critical component of battery anodes, with demand set to grow exponentially with the expansion of the EV market.
The export of these minerals, both in their raw form and as processed materials, is a multi-billion dollar business. As countries race to secure their supply chains and build out their domestic industries, the value of this trade will only continue to rise.
6 Most Critical Minerals by Export Value
| Mineral | Primary Use | Major Exporters (Recent Data) | Export Value (Approximate) |
| Copper | Wiring, electrical grids, EV cables, electronics | Chile, Peru, Indonesia, DR Congo | $102.4 billion (Global export of ore in 2024) |
| Nickel | EV batteries (cathodes), stainless steel, alloys | Philippines, Finland, New Caledonia, Russia | $3.64 billion (Global export of ore in 2024) |
| Lithium | EV batteries, consumer electronics, energy storage | Australia, Chile, Argentina, Brazil | $6.4 billion+ (Chile's exports of processed lithium in 2023) |
| Cobalt | EV batteries, high-strength alloys, catalysts | Democratic Republic of Congo, Canada, Finland, Belgium | $5.27 billion (Global export of ores/metals in 2023) |
| Rare Earth Elements | Permanent magnets for wind turbines and EVs, electronics | China, Thailand, Japan, United States | $96 million (China's exports of specific REE in 2024) |
| Graphite | EV batteries (anodes), lubricants, steel manufacturing | China, Mozambique, Madagascar, Brazil | $402 million (China's exports in 2023) |
Note: This table provides an overview based on general trends and major players in the global market. Specific export values and rankings can change annually and are dependent on market prices and global demand.
The escalating demand for these critical minerals has reshaped global economics, turning them into a new currency of geopolitical influence. The future of energy security is no longer solely tied to oil fields, but to the mines and processing plants that produce lithium, cobalt, and rare earths. As nations and corporations race to secure their supply chains, a new era of investment, resource nationalism, and strategic partnerships is emerging. The challenge ahead is to manage this surge in demand sustainably, ensuring that the transition to a clean energy future is not only technologically feasible but also economically equitable and environmentally responsible for all.
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Global Export Value of Copper
Copper, a fundamental material in modern industry, plays a crucial role in everything from construction and electronics to transportation and renewable energy technologies. Its high conductivity, malleability, and resistance to corrosion make it an essential resource, driving a significant global trade market. The value of this market is heavily influenced by a combination of mining output, refining capacity, and global demand.
Over recent years, the global export value of copper has seen considerable growth, driven by a surge in demand from rapidly developing economies and the global push towards electrification and a green energy transition. This article provides an overview of the global copper export market, highlighting the key players and their contributions to this vital industry.
Leading Copper Exporting Countries
The global copper export market is dominated by a few key nations with vast mineral reserves and robust mining and processing industries. These countries not only supply copper ore and concentrates, but also refined copper and various copper products.
Table: Top 10 Global Copper Exporters (based on recent data)
| Rank | Country | Export Value (Copper Ore and Concentrates) |
| 1 | Chile | ~$24.2 billion (2023) |
| 2 | Peru | ~$19.9 billion (2023) |
| 3 | Indonesia | ~$8.55 billion (2023) |
| 4 | Brazil | ~$4.2 billion (2024) |
| 5 | Australia | ~$4.1 billion (2024) |
| 6 | Mexico | ~$3.9 billion (2024) |
| 7 | Canada | ~$3.8 billion (2024) |
| 8 | Mongolia | ~$3.3 billion (2024) |
| 9 | Kazakhstan | ~$3.2 billion (2024) |
| 10 | DR Congo | ~$3 billion (2024) |
Note: Data from multiple sources, including the Observatory of Economic Complexity (OEC), TrendEconomy, and Tendata. Values are approximate and can fluctuate based on market conditions.
Chile: As the world's leading copper producer, Chile consistently ranks as the top exporter of copper ore and concentrates. The country's massive copper reserves and long-standing mining industry are the pillars of its export dominance.
Peru: Following Chile, Peru is another South American powerhouse in the copper market. Its substantial reserves and production capacity make it a major global supplier, with exports primarily destined for China and other key manufacturing hubs.
Indonesia: Indonesia has emerged as a significant player in the global copper market, leveraging its rich mineral deposits. The country has been actively pursuing policies to increase domestic refining and processing, which could impact future export patterns.
The Dynamics of Copper Trade
The trade of copper is multifaceted, involving different forms of the metal. While copper ore and concentrates (raw materials) constitute a significant portion of the trade, refined copper and other processed products also represent a substantial and valuable part of the market. For instance, countries like the Democratic Republic of the Congo and Japan are major exporters of refined copper, with the former's exports of this product being particularly significant to its economy.
The global supply chain for copper is highly concentrated, with a few geographies dominating extraction. At the same time, a single country, China, accounts for a substantial portion of global copper processing capacity, making it the world's largest importer of copper ore and refined copper. This dynamic highlights the interconnected and sometimes vulnerable nature of the global copper market.
Future Outlook
The demand for copper is projected to continue its upward trajectory, driven by the global energy transition, which relies heavily on copper for electric vehicles, solar panels, and wind turbines. This rising demand, coupled with potential supply chain risks such as resource nationalism and geopolitical instability, is expected to keep the copper market a focal point of the global commodities trade.
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The Global Nickel Export Value
The global nickel export market is a dynamic and essential component of international trade, driven by the metal's wide range of industrial applications, from stainless steel production to electric vehicle batteries. The market for nickel ores and concentrates was valued at approximately US3.64billionin2024,experiencinga5.74.14 billion.
The market landscape is dominated by a few key players. Indonesia is a significant producer, but its government has implemented a ban on raw nickel ore exports to encourage domestic processing and add value to its products. This policy has led to a dramatic increase in its nickel export value, soaring from $5.4 billion in 2013 to $35.6 billion in 2022. The Philippines, a neighboring country, has also been a major exporter of nickel, though it is also starting to invest in downstream processing facilities to follow Indonesia's lead.
The following table details the top nickel exporting countries and their export values in 2024 based on the latest available data.
Top Global Nickel Exporters (2024)
| Rank | Country | Export Value (US$ Millions) | Share of Global Exports |
| 1 | Philippines | 1,000 | 28.7% |
| 2 | Finland | 424.6 | 11.7% |
| 3 | New Caledonia | 340.7 | 9.4% |
| 4 | Russia | 333.4 | 9.2% |
| 5 | Zambia | 323.7 | 8.9% |
| 6 | Brazil | 231.6 | 6.4% |
| 7 | Namibia | 207.8 | 5.7% |
| 8 | Canada | 155.3 | 4.3% |
| 9 | United States | 138.2 | 3.8% |
| 10 | Australia | 119.9 | 3.3% |
Note: Data from Tendata, 2024. Excludes some processed nickel products.
Conclusion
The global nickel export market is undergoing a significant transformation, driven by shifts in national policies, evolving industrial demands, and a persistent market surplus. While traditional uses in stainless steel still dominate, the surging demand for nickel in electric vehicle (EV) batteries is rapidly reshaping the landscape.
Countries with abundant nickel reserves, such as Indonesia and the Philippines, are increasingly moving to ban or restrict the export of raw ore in favor of domestic processing. This strategy, as seen with Indonesia's meteoric rise in processed nickel exports, is designed to capture more of the value chain. This shift creates both opportunities and challenges, pushing importers, particularly China, to invest in downstream facilities in these resource-rich nations.
Despite this strategic pivot and the growing demand from the green energy transition, the market is currently facing a persistent oversupply. The International Nickel Study Group (INSG) has noted a growing surplus through 2025, which has put downward pressure on nickel prices. This oversupply, primarily fueled by a surge in Indonesian production, has led to a re-evaluation of projects in other countries, such as Australia.
Looking ahead, the long-term outlook for nickel remains strong. The ongoing global push toward decarbonization ensures that demand from the battery sector will continue to grow at a rapid pace. However, the market's future will be defined by a complex interplay of factors: the success of new processing technologies, the stability of key supply chains concentrated in a few countries, and the balance between supply and demand as the world transitions to a more electrified future.
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Global Export Value of Lithium
Lithium, often referred to as "white gold," has rapidly become one of the most strategically important commodities in the world. Its indispensable role in the manufacturing of lithium-ion batteries—the power source for electric vehicles (EVs), consumer electronics, and grid-scale energy storage—has fueled a dramatic surge in demand and a highly dynamic export market.
The global lithium trade is characterized by two primary forms: mineral concentrates (primarily spodumene) and processed chemical compounds (such as lithium carbonate and lithium hydroxide). Countries with vast mineral deposits or brine resources dominate the raw material export market, while others with advanced refining capabilities lead the export of value-added chemical compounds.
The market has experienced extreme volatility in recent years. After a period of soaring prices that peaked in late 2022, the market entered a phase of oversupply, leading to a significant drop in prices throughout 2023 and early 2024. Despite this, the long-term outlook remains bullish, with projections for a significant increase in demand driven by the global energy transition.
Leading Lithium Exporting Countries
The following table provides a breakdown of the top global exporters of lithium, combining data for both raw minerals and processed compounds.
Table: Top 10 Global Lithium Exporters (2023)
| Rank | Country | Export Value (US$ Millions) | Primary Export Form |
| 1 | Chile | $6,400+ | Lithium Carbonate & Hydroxide |
| 2 | Australia | $6,000+ | Spodumene Concentrate |
| 3 | China | $2,700+ | Processed Compounds, Batteries |
| 4 | Argentina | $441 | Lithium Carbonate |
| 5 | Republic of Korea (South Korea) | $328 | Lithium Carbonate & Hydroxide |
| 6 | United States | $138 | Processed & Refined Forms |
| 7 | Brazil | $3.8 | Lithium Carbonate |
| 8 | Belgium | $72.9 | Processed & Refined Forms |
| 9 | Germany | $52.6 | Processed & Refined Forms |
| 10 | France | $37.8 | Processed & Refined Forms |
Note: Data from multiple sources, including the World Integrated Trade Solution (WITS) and the Observatory of Economic Complexity (OEC). Values are approximate and can vary based on the specific form of lithium being measured.
Chile: A dominant player in the "lithium triangle" of South America, Chile's exports are primarily from its vast brine resources in the Atacama Desert. The country is the world's leading exporter of lithium carbonate and hydroxide, showcasing its strength in downstream processing.
Australia: As the world's largest producer of hard-rock lithium (spodumene), Australia's exports are primarily in the form of raw mineral concentrates. The majority of this output is shipped to China for further processing into battery-grade chemicals.
China: While a significant lithium producer, China's true dominance in the global market lies in its refining and processing capacity. The country is the world's largest exporter of refined lithium compounds and has become the hub for converting raw materials into final battery-grade products.
Future Outlook
The global lithium market is on a trajectory of sustained growth, with projections for demand to outstrip current production capacity by the end of the decade. The market is expected to tighten in the coming years as producers cut back on output in response to recent price drops and as demand from the EV sector continues to climb. This will likely lead to a new wave of investment in both new mining projects and downstream processing facilities. As a result, the dynamics of the lithium trade will continue to evolve, with countries vying for a strategic position in the clean energy supply chain.
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Global Export Value of Cobalt
Cobalt, a silvery-blue metal, has emerged as one of the most critical elements in the global push towards a green energy future. Its primary use as a key component in lithium-ion batteries—particularly those powering electric vehicles (EVs) and portable electronic devices—has propelled its demand and significantly shaped its export market. Beyond batteries, cobalt is also vital in superalloys for aerospace, magnetic materials, and catalysts.
The global cobalt export market is characterized by a unique supply chain, with a highly concentrated source of raw material and a more diversified processing landscape. This concentration often leads to geopolitical and ethical considerations, particularly concerning mining practices in the primary producing regions.
The export value of cobalt can fluctuate significantly based on global demand, supply chain stability, and commodity prices. However, the long-term trend indicates a sustained increase due to the continued growth of the EV sector and renewable energy storage solutions.
Leading Cobalt Exporting Countries
The following table details the top global exporters of cobalt, including both raw materials (ores and concentrates) and processed forms (unwrought cobalt, oxides, and other compounds).
Table: Top 10 Global Cobalt Exporters (2022 Data)
| Rank | Country | Export Value (US$ Millions) | Primary Export Form |
| 1 | Democratic Republic of Congo (DRC) | $3,500+ | Ores and Concentrates |
| 2 | Canada | $420 | Unwrought Cobalt, Oxides |
| 3 | Norway | $380 | Unwrought Cobalt |
| 4 | Finland | $350 | Unwrought Cobalt, Oxides |
| 5 | Australia | $280 | Ores and Concentrates |
| 6 | Belgium | $250 | Refined Cobalt |
| 7 | Madagascar | $200 | Ores and Concentrates |
| 8 | Russia | $180 | Unwrought Cobalt |
| 9 | France | $150 | Refined Cobalt |
| 10 | China | $120 | Refined Cobalt |
Note: Data from the Observatory of Economic Complexity (OEC) and other trade data sources for 2022, as more recent comprehensive global data is still being compiled. Values are approximate and can vary based on specific product categories included.
Democratic Republic of Congo (DRC): The DRC is by far the dominant force in the global cobalt market, accounting for over 70% of the world's mined cobalt production. Its exports are primarily in the form of raw ores and concentrates, which are then shipped to other countries, mainly China, for refining and processing.
Canada, Norway, and Finland: These countries are significant exporters of unwrought (unrefined) cobalt and various cobalt compounds. They often process raw materials sourced from other nations, demonstrating their crucial role in the midstream of the cobalt supply chain.
Australia and Madagascar: Like the DRC, these nations are important sources of cobalt ores and concentrates, contributing to the global supply of raw materials for the refining industry.
China: While not a top miner of cobalt, China plays an absolutely critical role as the world's leading refiner and processor of cobalt. It imports vast quantities of raw cobalt from the DRC and other countries, transforming it into battery-grade chemicals and other high-value products. Therefore, while its direct export of raw cobalt may be lower, its influence on the global cobalt market is immense.
Future Outlook
The demand for cobalt is projected to continue its strong growth trajectory, driven primarily by the escalating production of EVs and renewable energy storage solutions. The industry is actively seeking to address supply chain concerns, including ethical sourcing and environmental impact, by exploring new mining techniques and recycling initiatives. Efforts are also underway to develop battery chemistries that reduce or eliminate cobalt content, but for the foreseeable future, cobalt remains an indispensable element in many high-performance battery applications. The dynamics of its export market will continue to be a key indicator of the pace of the global energy transition.
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Global Export Value of Rare Earth Elements
Rare Earth Elements (REEs) are a group of 17 chemically similar metallic elements that are critical to numerous high-tech and green energy applications. Despite their name, most REEs are not particularly rare in the Earth's crust; however, they are rarely found in economically viable concentrations, making their extraction and processing challenging. Their unique magnetic, catalytic, and optical properties make them indispensable in products ranging from smartphones and wind turbines to electric vehicles, defense systems, and medical imaging.
The global export market for REEs is highly strategic and has been subject to significant geopolitical and economic dynamics. The market includes both raw rare earth concentrates and separated, high-purity rare earth oxides and metals. The value chain for REEs is complex, involving mining, beneficiation, separation, and finally, alloying and magnet production.
For many years, the market has been dominated by a single country, leading to concerns about supply security and price volatility. However, efforts are underway globally to diversify the supply chain and establish independent processing capabilities.
Leading Rare Earth Element Exporting Countries
The following table presents the top global exporters of Rare Earth Elements. It's important to note that comprehensive, up-to-the-minute global trade data specifically for "rare earth elements" can be complex, as exports often fall under various HS codes for concentrates, oxides, and metals. The data below reflects the most dominant players based on available trade statistics for various forms of REEs.
Table: Top Global Rare Earth Element Exporters (Approximate Values, Recent Years)
| Rank | Country | Export Value (US$ Millions) | Primary Export Form |
| 1 | China | $2,000 - $3,000+ | Concentrates, Oxides, Metals, Alloys |
| 2 | Malaysia | $150 - $250 | Refined Oxides, Metals |
| 3 | Australia | $100 - $200 | Concentrates (Spodumene containing REEs) |
| 4 | Myanmar | $50 - $100 | Concentrates |
| 5 | United States | $40 - $80 | Processed Oxides/Compounds |
| 6 | Estonia | $30 - $60 | Separated REE Oxides |
| 7 | Japan | $20 - $50 | Refined Oxides/Compounds (often re-exports) |
| 8 | Vietnam | $10 - $30 | Concentrates |
| 9 | Thailand | $5 - $20 | Refined Oxides/Compounds |
| 10 | France | $5 - $15 | Refined Oxides/Compounds |
Note: Data from various sources including the Observatory of Economic Complexity (OEC), USGS, and industry reports. Values are approximate and can fluctuate significantly year-on-year due to market dynamics and specific product classifications. Precise, consolidated global export data for all 17 REEs across all forms can be challenging to obtain.
China: For decades, China has been the undisputed leader in the global REE market, controlling the vast majority of the world's production and processing capacity. Its dominance spans from mining raw ores to the sophisticated separation and refining of individual rare earth oxides and metals. While other countries have deposits, China's cost-effective production and established infrastructure have given it a strong competitive advantage.
Malaysia: Malaysia plays a significant role in the processing and refining of rare earth materials, often importing concentrates for further separation and export of higher-value oxides and metals.
Australia: As a major miner of rare earth-bearing minerals (like monazite and bastnasite), Australia primarily exports concentrates, which are then processed in other countries. It is a key player in diversifying the global raw material supply.
Myanmar: Myanmar has emerged as an increasingly important, albeit often unregulated, source of rare earth concentrates, particularly for heavy rare earth elements. Its exports primarily go to China for processing.
Future Outlook
The strategic importance of Rare Earth Elements will only continue to grow with the accelerating global demand for advanced technologies and the transition to a low-carbon economy. Concerns over supply chain resilience have spurred significant investments in new REE mining and processing projects outside of China, particularly in North America, Europe, and Australia.
The market is expected to witness increased diversification of supply, technological advancements in extraction and separation, and a greater emphasis on recycling REEs from end-of-life products. While China will likely maintain a strong position, the coming years will see a more multipolar rare earth market as nations strive for greater self-sufficiency and security in these vital resources.
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Global Export Value of Graphite
Graphite, a crystalline form of carbon, is one of the most in-demand materials in the 21st century's technological landscape. While traditionally used in steelmaking, lubricants, and refractory materials, its role as the primary anode material in lithium-ion batteries has made it a critical mineral for the electric vehicle (EV) and energy storage revolutions.
The global graphite export market is segmented into natural and synthetic graphite, each with its own supply chain and leading players. Natural graphite is mined directly from the earth, while synthetic graphite is produced from petroleum coke and other carbon-based materials. The market's value is subject to fluctuations based on global demand, particularly from the automotive and electronics industries, as well as shifts in a few key nations' trade policies.
In 2023, the total global trade in graphite (natural and synthetic) was valued at approximately $720 million, reflecting a decline from the previous year, which was largely attributed to a market oversupply and the implementation of export restrictions by China. This strategic move by China, the world's leading producer and processor, highlights the geopolitical significance of this material.
Leading Global Graphite Exporters
The following table provides a breakdown of the top global exporters of graphite, combining data for both natural and synthetic forms.
Table: Top 10 Global Graphite Exporters (2023)
| Rank | Country | Export Value (US$ Millions) | Primary Export Form |
| 1 | China | $402 | Natural & Synthetic |
| 2 | Mozambique | $71 | Natural Flake |
| 3 | Madagascar | $48.3 | Natural Flake |
| 4 | Japan | $24.7 | Natural & Synthetic |
| 5 | Brazil | $21.3 | Natural Crystalline |
| 6 | United States | $18.1 | Natural & Synthetic |
| 7 | Germany | $15.6 | Processed/Refined |
| 8 | Canada | $13.5 | Natural & Synthetic |
| 9 | India | $12.7 | Natural Amorphous |
| 10 | Belgium | $11.2 | Refined/Processed |
Note: Data from The Observatory of Economic Complexity (OEC) and other trade data sources. Values are approximate and can vary based on specific product categories included (e.g., natural vs. synthetic).
China: China is the dominant force in the global graphite market, not only as the largest miner but also as the leading processor and exporter of both natural and synthetic graphite. The country's export controls, implemented in late 2023, are a clear indication of its strategic position in the supply chain for battery-grade materials.
Mozambique and Madagascar: These African nations have emerged as major players in the natural graphite market, particularly for high-quality flake graphite. They have attracted significant foreign investment and are key to the global effort to diversify supply chains away from a single dominant source.
Japan, Germany, and the United States: While not major producers of natural graphite, these countries have significant industrial capacity to process and refine both natural and synthetic graphite into high-purity, value-added products. Their exports often represent processed and refined graphite, a crucial step in the battery manufacturing supply chain.
Future Outlook
The global demand for graphite is projected to continue its strong growth trajectory, primarily fueled by the accelerating production of EVs. Despite the current market oversupply and price volatility, the long-term outlook remains positive. The industry is focused on developing new mining projects outside of China and improving recycling technologies to create a more resilient and geographically diverse supply chain. As battery technology advances, the demand for different types of graphite will continue to evolve, making the graphite export market a key indicator of the pace of the global energy transition.
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A Strategic Hierarchy of Critical Mineral Exports
The ranking of critical minerals by export value reveals a dynamic and often paradoxical market. While a select few, led by copper, dominate in terms of sheer trade volume, the true strategic importance of a mineral cannot be measured by export value alone. Minerals like lithium, cobalt, and graphite, though representing smaller export markets in comparison, are at the very heart of the global energy transition, their values projected to surge as demand for batteries accelerates.
The current market is defined by both opportunities and significant vulnerabilities. The concentrated supply chains for key minerals, particularly the dominance of countries like the Democratic Republic of Congo for cobalt and China for graphite and rare earths, create inherent geopolitical and economic risks. The recent implementation of export controls serves as a clear signal of this reality, prompting nations to aggressively pursue diversification and secure their own supply lines through new mining projects, processing facilities, and international partnerships.
Looking forward, the market for critical minerals is set for a profound transformation. While short-term oversupply in some sectors may cause price volatility, the long-term projections point to a massive increase in demand. This will likely reshape the export value hierarchy, driving unprecedented investment in new extraction and processing technologies and a greater emphasis on recycling. Ultimately, the global critical minerals market is evolving from a simple commodity trade into a strategic competition for control over the very materials that will power the future.
