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Iron ore: top exporters and importers (2024)

In 2024, world trade in iron ore totaled $167.5 billion (1,708.9 million tonnes). Australia accounted for 54% of exports, followed by Brazil (21%) and Canada (4%); China accounted for 70% of imports, followed by Japan (6%) and South Korea (5%). Compared with 2019, the value rose 22%.

Summary

World trade
$167.5billion
Tonnes
1,708.9million tonnes
Price per tonne
$98
The largest flows between countries. Width: value; color: estimated transport mode.SeaAirLand

Top exporters

  1. Australia$90.8 billion · 54.2%
    see destinations
  2. Brazil$34.9 billion · 20.8%
    see destinations
  3. Canada$7.3 billion · 4.4%
    see destinations
  4. South Africa$6.8 billion · 4.1%
    see destinations
  5. India$3.4 billion · 2%
    see destinations
  6. Ukraine$3 billion · 1.8%
    see destinations
  7. Sweden$2.5 billion · 1.5%
    see destinations
  8. Peru$1.9 billion · 1.1%
    see destinations
  9. Oman$1.8 billion · 1.1%
    see destinations
  10. Chile$1.6 billion · 0.98%
    see destinations
  11. Mauritania$1.5 billion · 0.92%
    see destinations
  12. Bahrain$1.5 billion · 0.89%
    see destinations
  13. United States$1.4 billion · 0.84%
  14. Malaysia$1.2 billion · 0.71%
  15. Iran$1.1 billion · 0.68%
  16. Russia$1 billion · 0.6%
  17. Sierra Leone$829 million · 0.5%
  18. Kazakhstan$794 million · 0.47%
  19. Mongolia$508 million · 0.3%
  20. Laos$480 million · 0.29%

Top importers

  1. China$117.8 billion · 70.3%
    see sources
  2. Japan$10 billion · 6%
    see sources
  3. South Korea$7.7 billion · 4.6%
    see sources
  4. Germany$3.1 billion · 1.8%
    see sources
  5. Netherlands$2.3 billion · 1.4%
    re-exports · see sources
  6. Taiwan$2.2 billion · 1.3%
    see sources
  7. Malaysia$2.2 billion · 1.3%
    see sources
  8. Bahrain$1.5 billion · 0.92%
    see sources
  9. Indonesia$1.5 billion · 0.89%
    see sources
  10. Vietnam$1.5 billion · 0.88%
    see sources
  11. Egypt$1.4 billion · 0.85%
    see sources
  12. Turkey$1.1 billion · 0.64%
  13. Oman$1 billion · 0.62%
  14. France$995 million · 0.59%
  15. Algeria$858 million · 0.51%
  16. Saudi Arabia$808 million · 0.48%
  17. United States$788 million · 0.47%
  18. Canada$755 million · 0.45%
  19. Mozambique$676 million · 0.4%
  20. Belgium$645 million · 0.38%
    re-exports

Trend

Who sells it

Australia has been the top exporter since 2008

Value in USD billions. The five largest exporters in 2024.

  • Australia 90.8
  • Brazil 34.9
  • Canada 7.3
  • South Africa 6.8
  • India 3.4

Source: CEPII BACI

Show the numbers
Country19952024
Australia390.8
Brazil3.234.9
Canada0.97.3
South Africa0.716.8
India0.773.4

Price

Implied price

The price per tonne rose 292% since 1995

Current US dollars per tonne: value over the weight reported by BACI.

  • 2024: $98

Source: CEPII BACI

Show the numbers
YearUSD per tonne
1995$25
1996$26
1997$27
1998$26
1999$19
2000$25
2001$25
2002$23
2003$26
2004$39
2005$49
2006$53
2007$70
2008$99
2009$70
2010$103
2011$137
2012$115
2013$109
2014$92
2015$57
2016$49
2017$66
2018$66
2019$85
2020$94
2021$143
2022$108
2023$104
2024$98

What it includes

  • 2601 · Iron ore

Products in the same chapter

Sources and methodology

Sources and licenses

Methodology

Goods trade from CEPII BACI (BACI_HS92_V202601), which reconciles what exporters and importers report: countries that stopped reporting (Russia since 2022) appear with their partners’ data. FOB values in current US dollars; tonnes when BACI reports them. The price per tonne is the value of the rows with a weight divided by that weight. The transport mode is our own estimate based on value per kilo and geography. Data up to 2024.

Hong Kong, Singapore, the Netherlands and Belgium re-export goods from other countries: their figures include transit.

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