HS Icon Iron Ore

2601 (Harmonized System 1992 for 4-digit)

 2019
World Trade
: $124B, Rnk 21 / 1217

2019
Top Exporter | Top Importer
: $67.5B | $83.1B, Australia | China

2019
Product Complexity
: -1.87, Rnk 926 / 961

2018 - 2019
Export Growth (CAGR)
: 30%, Rnk 16 / 1217

2018
Mean Tariff
: 1.88%, Rnk 1246 / 1259

 2019
Share of World Trade
: 0.69%, Rnk 21 / 1217

Overview:  This page contains the latest trade data of Iron Ore. In 2019, Iron Ore were the world's 21st most traded product, with a total trade of $124B. Between 2018 and 2019 the exports of Iron Ore grew by 30%, from  $95.7B to $124B. Trade in Iron Ore represent 0.69% of total world trade.

Exports: In 2019 the top exporters of Iron Ore  were Australia ($67.5B), Brazil ($23B), South Africa ($6.73B), Canada ($5.07B), and Ukraine ($3.36B).

Imports: In 2019 the top importers of Iron Ore were China ($83.1B), Japan ($8.99B), South Korea ($6.02B), Germany ($2.32B), and Malaysia ($2.24B).

Tariffs: In 2018 the average tariff for Iron Ore was 1.88%, making it the 1246th 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 926th in the Product Complexity Index (PCI).

Description: Iron ores are used in the production of steel. Iron concentrates are used in the production of pig iron. Roasted iron pyrites is used in the production of sulfuric acid.

Exporters and Importers

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Trade By Country

Top Origin (2019): Australia, $67.5B

Top Destination (2019): China, $83.1B

Iron Ore are the world's 21st most traded product.

In 2019, the top exporters of Iron Ore were Australia ($67.5B), Brazil ($23B), South Africa ($6.73B), Canada ($5.07B), and Ukraine ($3.36B).

In 2019, the top importers of Iron Ore were China ($83.1B), Japan ($8.99B), South Korea ($6.02B), Germany ($2.32B), and Malaysia ($2.24B).

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Market Dynamics

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Trade by country

Value

Top Origin Growth (2018 -  2019): Australia, $19.4B

Top Destination Growth (2018 - 2019): China, $23.6B

Between 2018 and 2019, the exports of Iron Ore grew the fastest in Australia ($19.4B), Brazil ($2.49B), South Africa ($2.02B), India ($1.09B), and Canada ($873M).

Between 2018 and 2019, the fastest growing importers of Iron Ore were China ($23.6B), Japan ($1.68B), South Korea ($1.4B), Malaysia ($878M), and Germany ($606M).

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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 2019,  market concentration measured using Shannon Entropy, was 2.52. This means that most of the exports of Iron Ore are explained by 5 countries.

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TOP NET EXPORTER (2019): Australia, $67.4B

TOP NET IMPORTER (2019): China, $82.1B

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 2019.

In 2019, the countries that had a largest trade value in exports than in imports of Iron Ore were Australia ($67.4B), Brazil ($22.9B), South Africa ($6.68B), Canada ($4.32B), and Ukraine ($2.8B).

In 2019, the countries that had a largest trade value in imports than in exports of Iron Ore were China ($82.1B), Japan ($8.99B), South Korea ($6.02B), Germany ($2.23B), and Netherlands ($2.2B).

Disaggregation

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Value

In 2019, the world most traded Iron Ore, disaggragated by their HS6 level were Iron ore, concentrate, not iron pyrites,unagglomerate ($106B), Iron ore, concentrate, not iron pyrites,... ($18.8B), and Roasted iron pyrites ($21.2M)

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.