Key Market Indicators
Norway's iron ore imports saw a significant decline in 2023, dropping to approximately $2.8 million from around $3.4 million in 2022. This marks a 19% decrease compared to the previous year. The trend has been consistent since 1998, with Norwegian demand falling by an average of 10.7% annually. In the global ranking of iron ore importers for 2023, Norway was positioned at number 41, while Belarus surpassed it, importing the same value of $2.8 million. The top three spots were occupied by Japan, South Korea, and Germany, respectively. On the export front, Norway's iron ore shipments are projected to decline dramatically. From a value of roughly $50.3 million in 2023, exports are expected to drop to around $19.5 million by 2028, reflecting a compound annual growth rate (CAGR) decline of 15%. Since 1998, Norwegian iron ore supply has decreased by an average of 8.5% annually. In 2023, Norway was ranked 20th among iron ore exporters, with Spain surpassing it with exports valued at $50.3 million. The leading exporters in this category were Brazil, Canada, and South Africa.
