The import of iron ores and concentrates to the UAE has experienced several fluctuations over the past decade. The value peaked at $829.39 million in 2013, then declined to a low of $496.63 million in 2016, reflecting weaker demand or possible market disruptions. A significant recovery began in 2017 with a considerable year-on-year increase of 42.1%. The import value continued to rise, albeit more modestly, reaching $775.79 million by 2023, representing a negligible year-on-year increase of 1.23%. In reviewing the past five-year period, the compound annual growth rate (CAGR) is almost flat at 0.37%.
Looking forward, the forecasted data suggests a steady increase in import values, increasing to $824.88 million by 2028, driven by a forecasted five-year CAGR of 0.97%. This indicates a slightly positive but modest growth trajectory owing to stabilizing market conditions.
Future trends to watch for include:
- Global iron ore price fluctuations and their impact on UAE import costs.
- Technological advancements in steel production which might alter the demand for raw iron ores and concentrates.
- Shifts in trade policies and economic relations which could affect UAE import sources or volumes.
- Domestic industrial growth and its implications on the need for imported raw materials.
