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.