Key Market Indicators
Estonia's iron ore export is projected to plummet to approximately $5,900 by 2028, down from $10,300 in 2023. This represents an average annual decline of 8.7%. The country's iron ore supply has been on a downward trend since 2016, decreasing by 10.9% year on year. In the global context, Estonia ranked 45th in iron ore exports in 2023, with Namibia slightly ahead at $10,300. Leading the rankings are Brazil, Canada, and South Africa, holding the second, third, and fourth positions, respectively. Conversely, Estonia's iron ore import is expected to rise to around $423,600 by 2028, up from $370,200 in 2023. This marks an average annual growth rate of 2.1%. Despite this increase, Estonian demand for iron ore has generally been on the decline since 2000, decreasing by 2.8% year on year. In 2023, Estonia was positioned 52nd in iron ore imports, with Israel just ahead at $370,200. The top importers in this category were Japan, South Korea, and Germany, occupying the second, third, and fourth spots, respectively.
