Key Market Indicators
Australia's iron ore exports are projected to hit nearly $58 billion by 2028, up from approximately $53 billion in 2023. This marks an average annual growth rate of 1.5%. Notably, since 1993, the nation's iron ore supply has witnessed an average yearly increase of 2.2%. Trailing behind Australia in global rankings for iron ore exports are Brazil, Canada, and South Africa, securing the second, third, and fourth positions, respectively. In contrast, Australia's iron ore imports saw a dramatic surge in 2018, climbing to almost $57 million from about $25 million in 2017. This represents a staggering year-on-year increase of 127.2%. However, since 1993, the country's demand for iron ore has declined at an average annual rate of 10.8%.
