Key Market Indicators
Mongolia's iron ore import market is projected to grow modestly over the next five years. By 2028, the country's iron ore import value is expected to reach $49,000, up from approximately $46,000 in 2023. This represents an annual compound growth rate of 1%. Despite this growth, Mongolia has experienced a decline in demand for iron ore since 2004, with an annual decrease of 3%. In 2023, Mongolia ranked 61st globally in iron ore imports, with Croatia slightly ahead at the same value of $46,000. Leading the import rankings were Japan, South Korea, and Germany, occupying the second, third, and fourth spots, respectively. On the export front, Mongolia is facing a significant downturn. Iron ore exports are expected to drop to approximately $114 million by 2028, down from $216 million in 2023. This decline represents an average annual rate of 10.1%. Since 2002, Mongolia's iron ore export supply has been decreasing by an average of 8.8% per year. In 2023, Mongolia was the 17th largest exporter of iron ore, with Kazakhstan surpassing it at the same value of $216 million. The top exporters in the rankings were Brazil, Canada, and South Africa, holding the second, third, and fourth positions, respectively.
