Key Market Indicators
Latvia's iron ore imports in 2023 amounted to approximately $94,000, marking a 16.6% decrease from the $112,000 recorded in 2022. This decline is part of a broader trend, as Latvian demand for iron ore has been decreasing by an average of 18.2% annually since 1999. In the global ranking of iron ore importers, Latvia fell to the 58th position in 2023, with Macedonia surpassing it at around $94,000. Among the leading nations, Japan, South Korea, and Germany secured the 2nd, 3rd, and 4th spots, respectively. The drop in Latvian iron ore imports is consistent with a longer-term trend. Since 2012, the country's iron ore supply has plummeted by nearly 40% year on year.
