Australian iron ore production has shown significant growth from 2013 to 2023, reaching 645.39 million metric tons in 2023. This represents a 3.21% increase from the previous year. Over the past five years, the Compound Annual Growth Rate (CAGR) has been 3.6%, indicating steady upward momentum.
Year-on-year percentage increases have been variable, reflecting market dynamics, with notable spikes like the 24.8% increase in 2021 due to recovery factors post-2020's downturn of -13.85%. Overall growth from 2013 has been robust, with early years experiencing double-digit percentage increases.
Future trends to watch for include the forecasted slower annual growth rate of 2.37% over the next five years, culminating in a projected 750.39 million metric tons by 2028. Key factors influencing future production trends will likely include global demand fluctuations, regulatory changes, and technological advancements in mining operations.