Key Market Indicators
Singapore's iron ore imports are projected to reach approximately $1.27 million by 2028, up from around $1.03 million in 2023. This marks a steady annual growth rate of 3.3%. Since 1994, Singaporean demand for iron ore has increased by an average of 5.3% each year. In 2023, Singapore ranked 46th in iron ore imports, with Armenia surpassing it with imports valued at $1.03 million. The leading nations in this ranking were Japan, South Korea, and Germany, occupying the second, third, and fourth spots, respectively. On the export front, Singapore's iron ore exports dropped to approximately $49,000 in 2023 from about $61,000 in 2022, reflecting a significant decline of 19.4%. Despite this recent dip, Singapore's iron ore supply has surged by 28.8% annually since 1994. In 2023, Singapore was placed 40th in iron ore exports, with Japan surpassing it with exports valued at $49,000. The top exporters in this category were Brazil, Canada, and South Africa, ranking second, third, and fourth, respectively.
