Key Market Indicators
Belgium's iron ore imports are projected to reach approximately $695 million by 2028, rising from around $682 million in 2023. This represents a modest annual growth rate of 0.3%. Despite this upward trend, Belgian demand has seen a slight decline of 0.3% per year since 2004. In 2023, Belgium ranked 15th in the world for iron ore imports, with Oman slightly ahead at the same figure of $682 million. Leading the rankings were Japan, South Korea, and Germany, occupying the second, third, and fourth positions, respectively. Conversely, Belgium's iron ore exports have experienced a significant decrease. In 2023, exports plummeted to roughly $769,000, down from approximately $1.3 million in 2022, marking a sharp decline of 42.4% from the previous year. Since 2004, Belgian exports have consistently fallen at an annual rate of 32.4%. In 2023, Belgium was ranked 33rd in iron ore exports, with Slovakia surpassing it at the same value of $769,000. Brazil, Canada, and South Africa were the top exporters, holding the second, third, and fourth spots, respectively.
