Key Market Indicators
Finland's iron ore export is projected to decline significantly, reaching approximately $9.6 million by 2028, down from around $13.5 million in 2023. This marks a year-on-year compound annual growth rate (CAGR) decrease of 5.5%. Historical data since 1994 shows that Finnish iron ore supply has been falling at a rate of 6.4% annually. In 2023, Finland ranked 21st in iron ore exports, trailing behind Norway, which had exports valued at $13.5 million. The leading countries in this ranking were Brazil, Canada, and South Africa, occupying the second, third, and fourth positions respectively. In terms of iron ore imports, Finland is expected to see a modest increase. Projections indicate that imports will rise to nearly $388 million by 2028, up from about $367 million in 2023, reflecting an average annual growth rate of 0.9%. Since 1993, Finnish demand for iron ore has slightly decreased by 0.2% each year. In the 2023 rankings, Finland stood at 28th place, with the Philippines just ahead at roughly $367 million. Japan, South Korea, and Germany were the top importers of iron ore, securing the second, third, and fourth spots in the global rankings.
