Chile: Lithium exports exceed $1.5 billion from January to May 2024
Published:
2024/10/31
According to the Chilean Copper Commission (Cochilco) "2024-2025 lithium Market Forecast" study shows that Chile is still the largest lithium producer in South America, and ranked second in the world, after Australia.
The report highlights that Chilean lithium exports in 2023 amounted to $7.823 billion, down 4% from 2022. However, from January to May 2024, Chile's cumulative lithium exports were $1.59 billion, down 65% from the same period last year, which is consistent with the slowdown in lithium prices in the international market. In addition, lithium carbonate still accounts for the largest share of Chilean lithium exports, accounting for 77% last year; Lithium hydroxide and lithium sulfate followed with 13% and 10%, respectively. In the first five months of this year, Chile's lithium carbonate exports increased by 13 percentage points to 90%; The proportion of lithium hydroxide and lithium sulfate exports decreased.
Chile's main lithium export destinations are China and South Korea. In 2023, Chile's lithium exports to China and South Korea accounted for 65% and 25% respectively, and lithium exports to Japan accounted for only 4%. According to the report, due to the failure to meet electric vehicle sales expectations in 2023, lithium prices have fallen sharply. In addition, the lithium market from a shortage to a surplus in 2024 has also adversely affected lithium prices.
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