Key Market Indicators
Chilean iron ore imports are expected to climb to approximately $44 million by 2028, up from around $33 million in 2023. This marks an average annual growth rate of 4.6%. Since 1995, the demand for iron ore in Chile has surged by an impressive 26.1% year on year. In 2023, Chile ranked 34th in the world for iron ore imports. South Africa surpassed Chile, recording the same figure of about $33 million. Leading the global rankings were Japan, South Korea, and Germany, occupying the second, third, and fourth spots respectively. Conversely, Chilean iron ore exports are projected to decline, reaching roughly $695 million by 2028, down from approximately $731 million in 2023. This represents a compound annual growth rate (CAGR) decrease of 0.8%. Since 1995, the country's iron ore supply has diminished by 5.6% annually. In 2023, Chile was positioned at 13th place globally for iron ore exports, with India surpassing it at around $731 million. The top exporters in the ranking were Brazil, Canada, and South Africa, holding the second, third, and fourth ranks respectively.
