Key Market Indicators
Serbian iron ore imports are projected to reach approximately $322 million by 2028, up from around $280 million in 2023. This marks an average annual growth rate of 2.2%. Since 2010, Serbia's demand for iron ore has consistently increased by 2.3% each year. In 2023, Serbia ranked 29th globally in iron ore imports, with Finland slightly ahead at the same import value of $280 million. Leading the rankings were Japan, South Korea, and Germany, occupying the second, third, and fourth positions, respectively. On the export front, Serbia saw a dramatic decline. Iron ore exports plummeted to just $23,000 in 2018, a steep fall from $308,000 in 2017, representing a 92.5% decrease. Over the longer term, Serbian iron ore supply has contracted significantly, dropping by 78.7% annually since 2010.
