Key Market Indicators
Oman's iron ore export is projected to reach approximately $834 million by 2028, up from $711 million in 2023. This marks an annual growth rate of 2.5%. Since 2001, Oman's iron ore supply has increased by an average of 6.1% annually. In 2023, Oman ranked 14th in global iron ore exports, with Chile taking the lead at the same export value of $711 million. Brazil, Canada, and South Africa followed as the second, third, and fourth largest exporters, respectively. On the import side, Oman's iron ore imports are expected to rise to around $759 million by 2028, from $683 million in 2023, growing at an annual average rate of 1.7%. Since 1994, the country's demand for iron ore has climbed by 4.7% each year. In 2023, Oman also ranked 14th in iron ore imports, with Bahrain surpassing it at the same figure of $683 million. Japan, South Korea, and Germany held the second, third, and fourth positions in this import ranking, respectively.
