In 2023, China led the global import of cobalt ores and concentrates, commanding a significant share, despite a slight decline of 0.86% from the previous year. Zambia followed, experiencing a notable increase of 3.43% in its import share. South Korea, Spain, and Belgium demonstrated relatively stable positions, with minimal fluctuations. Finland saw a substantial drop of 26.37%, highlighting a shift in its import patterns. Australia displayed impressive growth of 181.53%, albeit from a lower base, while the United Arab Emirates showed a significant increase of 57.64%. Minor players like Luxembourg, Qatar, and Slovakia experienced declines.
Looking ahead, the global cobalt market will likely witness increased demand due to the accelerating adoption of electric vehicles and energy storage solutions, which may influence the import dynamics, particularly benefiting countries with strong industrial bases and refining capacities.
Top countries in Import of Cobalt Ores and Concentrates Share by Country (US Dollars)
| # | 10 Countries | Percent | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 China | 66.05 | 2023 | +2.1% | -0.86% | View data |
| 2 | 2 Zambia | 26.91 | 2023 | +2.95% | +3.43% | View data |
| 3 | 3 South Korea | 2.19 | 2023 | +5.41% | -0.79% | View data |
| 4 | 4 Spain | 0.94 | 2023 | +5.85% | +6.23% | View data |
| 5 | 5 Finland | 0.56 | 2023 | -34.77% | -26.37% | View data |
| 6 | 6 Belgium | 0.13 | 2023 | -4.43% | +1.28% | View data |
| 7 | 7 Australia | 0.056 | 2023 | +4.03% | +181.53% | View data |
| 8 | 8 Luxembourg | 0.041 | 2023 | -17.59% | -16.25% | View data |
| 9 | 9 Czech Republic | 0.003 | 2023 | -3.05% | -7.2% | View data |
| 10 | 10 Qatar | 0.001 | 2023 | -18.03% | -12.45% | View data |
