Key Market Indicators
The import of iron ore by the Philippines is projected to hit approximately $542 million by 2028, increasing from around $434 million in 2023. This represents an average annual growth rate of 3.5%. Since 2001, the demand for iron ore in the Philippines has seen a consistent annual increase of 6%. In the global ranking for 2023, the Philippines held the 27th position in iron ore imports, with Indonesia surpassing it by recording the same $434 million mark. Japan, South Korea, and Germany secured the second, third, and fourth positions, respectively, in the ranking. On the export front, the Philippines is expected to see a decline. Iron ore exports are forecasted to decrease to about $49 million by 2028, down from approximately $63 million in 2023. This denotes a compound annual growth rate (CAGR) decline of 4%. Since 2001, the country's iron ore supply has dwindled by 2.5% annually. In the 2023 global export ranking, the Philippines was placed 18th, with Mongolia leading by the same $63 million mark. Brazil, Canada, and South Africa were the second, third, and fourth largest exporters, respectively.
