Key Market Indicators
Slovakia's iron ore exports have experienced a significant decline, plummeting by 33.1% in 2023 to approximately $843,000 from around $1.26 million in 2022. This marks a continuation of a long-term downward trend, with the country's iron ore supply decreasing by 24.2% annually since 1999. In the global ranking for 2023, Slovakia slipped to 32nd place, with Poland surpassing it at the same value of $843,000. Leading the rankings were Brazil, Canada, and South Africa, occupying the second, third, and fourth spots, respectively. On the import side, Slovakia is projected to see a steady increase in iron ore imports, expected to reach roughly $665 million by 2028, up from about $608 million in 2023. This represents a compound annual growth rate (CAGR) of 1.4%. Since 1999, Slovak demand for iron ore has grown at an average rate of 0.8% per year. In the 2023 rankings, Slovakia stood at 18th place, with the United Kingdom surpassing it with imports valued at approximately $608 million. Japan, South Korea, and Germany followed closely in the second, third, and fourth positions, respectively.
