In 2023, the imports of articles of iron or steel in China stood at a value of 11.0 billion US dollars. The forecasted data for the subsequent years indicate a gradual annual increase. Specifically, imports are expected to rise to 11.23 billion in 2024, 11.46 billion in 2025, 11.68 billion in 2026, 11.9 billion in 2027, and 12.12 billion in 2028. This represents a gradual increase in imports.
The year-on-year variations are characterized as follows:
- From 2023 to 2024: +2.1%
- From 2024 to 2025: +2.1%
- From 2025 to 2026: +1.9%
- From 2026 to 2027: +1.9%
- From 2027 to 2028: +1.8%
The Compound Annual Growth Rate (CAGR) over the five-year forecast period from 2024 to 2028 is approximately 1.9% per year, indicating steady growth in the import of articles of iron or steel.
Future trends to watch for include potential shifts in global trade policies, fluctuations in raw material prices, technological advancements in steel production, and China's domestic demand for infrastructure projects. Monitoring these factors will be critical for anticipating future import trends.