Key Market Indicators
Colombia witnessed a dramatic decline in its iron ore imports in 2018, plummeting to approximately $14,000 from about $437,000 in 2017. This represents a sharp 97% decrease compared to the previous year. Since 1996, Colombian demand for iron ore has experienced a steady decline, averaging a 60% drop each year. On the export front, Colombia's figures are also projected to fall. The country's iron ore exports are expected to reach around $540 by 2022, down from $16 in 2017. This marks an average annual decline of 28%. Since 2009, Colombia's iron ore supply has seen a significant reduction, decreasing by an average of 77% each year.
