HS Icon Iron Ore

2601 (Harmonized System 1992 for 4-digit)

World Trade (2018): $95.1B, Rnk 23 / 1225

Top Exporter (2018): $48.1B, Australia

Top Importer (2018): $59.2B, China

Product Complexity (2018): -1.84, Rnk 985 / 1018

Export Growth (CAGR)(2017 - 2018): 2.34%, Rnk 1028 / 1225

Mean Tariff (2018): 1.88%, Rnk 1246 / 1259

Share of World Trade (2018): 0.52%, Rnk 23 / 1225

Overview:  This page contains the latest trade data of Iron Ore. In 2018, Iron Ore were the world's 23rd most traded product, with a total trade of $95.1B. Between 2017 and 2018 the exports of Iron Ore grew by 2.34%, from  $93B to $95.1B. Trade in Iron Ore represent 0.52% of total world trade.

Exports: In 2018 the top exporters of Iron Ore  were Australia ($48.1B), Brazil ($20.5B), South Africa ($4.7B), Canada ($4.2B), and Ukraine ($2.89B).

Imports: In 2018 the top importers of Iron Ore were China ($59.2B), Japan ($7.18B), South Korea ($4.61B), Netherlands ($2.03B), and Germany ($1.66B).

Tariffs: In 2018 the average tariff for Iron Ore was 1.88%, been the 1246 lowest tariff using the HS4 product classification.

The countries with the highest import tariffs for Iron Ore are Bahamas (40.2%), Bermuda (25%), Aruba (12%), Panama (10%), and Nepal (9.89%). The countries with the lowest tariffs are Angola (0%), Kenya (0%), Mauritius (0%), Rwanda (0%), and Tanzania (0%).

Ranking: Iron Ore ranks 985th in the Product Complexity Index (PCI).

Exporters and Importers

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Trade By Country

Top Origin (2018): Australia, $48.1B

Top Destination (2018): China, $59.2B

Iron Ore are the world's 23rd most traded product.

In 2018, the top exporters of Iron Ore were Australia ($48.1B), Brazil ($20.5B), South Africa ($4.7B), Canada ($4.2B), and Ukraine ($2.89B).

In 2018, the top importers of Iron Ore were China ($59.2B), Japan ($7.18B), South Korea ($4.61B), Netherlands ($2.03B), and Germany ($1.66B).

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Market Dynamics

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Trade by country

Value

Top Origin Growth (2017 -  2018): Bahrain, $794M

Top Destination Growth (2017 - 2018): Vietnam, $324M

Between 2017 and 2018, the exports of Iron Ore grew the fastest in Bahrain ($794M), South Africa ($681M), China ($449M), Brazil ($326M), and Canada ($312M).

Between 2017 and 2018, the fastest growing importers of Iron Ore were Vietnam ($324M), India ($294M), Ukraine ($286M), Bahrain ($264M), and Egypt ($217M).

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Market Concentration

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Cumulative market share

This chart shows the evolution of the market concentration of exports of Iron Ore.

In 2018,  market concentration measured using Shannon Entropy, was 2.6. This means that most of the exports of Iron Ore are explained by 6 countries.

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TOP NET EXPORTER (2018): Australia, $48.1B

TOP NET IMPORTER (2018): China, $58.7B

This map shows which countries export or import more of Iron Ore. Each country is colored based on the difference in exports and imports of Iron Ore during 2018.

In 2018, the countries that had a largest trade value in exports than in imports of Iron Ore were Australia ($48.1B), Brazil ($20.5B), South Africa ($4.65B), Canada ($3.43B), and Ukraine ($2.45B).

In 2018, the countries that had a largest trade value in imports than in exports of Iron Ore were China ($58.7B), Japan ($7.18B), South Korea ($4.61B), Netherlands ($2.01B), and Germany ($1.65B).

Trade Forecasts

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This section shows forecasts for total trade for Iron Ore. The forecast is based in a long short-term memory model or LSTM constructed using yearly trade data.

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Import Tariffs

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In 2018, the average tariff for importing Iron Ore was 1.88%.  The countries with the highest tariffs for importing Iron Ore were Bahamas (40.2%), Bermuda (25%), Aruba (12%), Panama (10%), and Nepal (9.89%).

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Product Complexity

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Diversification Frontier

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The Complexity-Relatedness diagram compares the risk and the strategic value of a product's potential export opportunities. Relatedness is predictive of the probability that a country increases its exports in a product. Complexity, is associated with higher levels of income, economic growth potential, lower income inequality, and lower emissions.