What impact does the price of copper have on the Democratic Republic of the Congo? Believe it or not, it has a huge impact on their economy.
In 2013, the Congo produced 943,000 tons of copper and exported over 90 percent of it. The mining of copper and cobalt made up 14.5 percent of the country’s budget. Prime Minister Augustin Matata Ponyo feels diversification is necessary and is looking to agro-industrial parks so that their dependence of copper is not so great.
It is truly a world economy.
Whenever China experiences slowing economic growth or a reduced demand in copper, there is a ripple effect felt throughout the world, both overseas and here in the United States. China continues to be the world’s biggest metals consumer. The price or copper, world demand and the amount of raw copper all impact the price of the wire consumed in the U. S.
The Congo is sub-Saharan Africa’s largest country by landmass and has 198 million acres of arable land. At the present time, they only use 10 percent of that land. There is a $5.7 billion plan to develop their agriculture industry.