Key Market Indicators
Hungarian iron ore imports are projected to reach nearly $250 million by 2028, up from approximately $218 million in 2023. This represents an annual growth rate of 2.2%. Since 1997, Hungary's demand for iron ore has increased by 2% each year. In 2023, Hungary ranked 31st in the world for iron ore imports, with Romania surpassing it at the same $218 million mark. Leading the global import rankings were Japan, South Korea, and Germany, occupying the second, third, and fourth spots respectively. On the export side, Hungary's iron ore shipments are expected to reach around $2 million by 2028, a slight increase from the current $2 million in 2023. This indicates an annual growth rate of just 0.1%. However, since 2010, Hungarian iron ore exports have declined by an average of 4.3% each year. In 2023, Hungary was the 29th largest exporter of iron ore, with Albania overtaking it at the same $2 million figure. The leading exporters in this category were Brazil, Canada, and South Africa, holding the second, third, and fourth ranks respectively.
