Key Market Indicators
Indonesia's iron ore imports are projected to rise to approximately $519 million by 2028, up from around $457 million in 2023. This marks an average annual growth rate of 2%. The country's demand for iron ore has been increasing steadily, with an average annual growth rate of 2.5% since 1994. In 2023, Indonesia ranked 26th globally in iron ore imports, with Russia leading at about $457 million. Japan, South Korea, and Germany followed, occupying the second, third, and fourth spots, respectively. On the export front, Indonesia's iron ore shipments fell to roughly $24 million in 2018, down from about $27 million in 2017. This represents a 13.2% decline compared to the previous year. Since 2005, the country's iron ore exports have decreased by an average of 43.9% annually.
