Key Market Indicators
Mexican iron ore imports are projected to decrease to approximately $118 million by 2028, down from about $123 million in 2023. This represents an average annual decline of 0.7%. Over the years, the country's demand for iron ore has seen a significant reduction, with a year-on-year decrease of 7.8% since 1995. In 2023, Mexico ranked 32nd in the global import rankings, having been overtaken by Hungary, which also reported imports valued at $123 million. The top importers in this category are Japan, South Korea, and Germany, holding the 2nd, 3rd, and 4th positions respectively. On the export front, Mexico's iron ore exports plummeted dramatically. In 2016, exports were nearly $196, a stark contrast to the $7.6 million recorded in 2015, marking a near-total decline of 100% within a year. This steep drop is part of a longer-term trend, with Mexican iron ore supply decreasing by an average of 94.3% annually since 1995.
