Forecast: Import of Iron Ore to Spain

The import of iron ore to Spain has shown some fluctuations over the past decade. From 2013 to 2020, there were both declines and growth periods, with a significant dip in 2020 due to a 16.29% drop from the previous year. Notably, in 2021, imports surged by 21.48%, indicating a strong recovery. From 2022 to 2023, the growth was relatively modest, with an increase of around 0.8% year-on-year. As of 2023, the volume stood at 6.8102 billion kilograms.

In terms of CAGR over the last five years (2019-2023), the average annual growth rate was approximately 0.76%. Looking forward, the forecasted CAGR from 2024 to 2028 is projected to be around 0.63%, with an overall growth of 3.18% during this period, reflecting a steady but slow rise in iron ore imports.

Future trends to watch for:

  • Market fluctuations due to global demand and supply dynamics of iron ore.
  • Impact of geopolitical developments and trade policies on import volumes.
  • Technological advances and a shift towards sustainable practices in the iron and steel industry.
  • Economic factors including Spain’s industrial output and infrastructural investments.

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