Overview: 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).