In 2023, China's import of cobalt is established at a baseline value. The forecast from 2024 to 2028 indicates a steady increase, with imports rising from 4.6738 billion USD in 2024 to 5.5837 billion USD by 2028. The annual growth is consistent, averaging around 5% year-on-year. Over the five-year horizon, the compound annual growth rate (CAGR) reflects a robust upward trend, driven by growing demand in sectors such as electric vehicles and consumer electronics.

Future trends to watch include:

Increasing demand for cobalt in battery production for electric vehicles.
Potential geopolitical tensions impacting supply chain stability.
Technological advancements possibly reducing cobalt dependency.
Environmental and social governance (ESG) considerations influencing supply sources.