Posted on 09 Jan 2024
Brazil saw annual iron ore exports rise in 2023 after a drop a year earlier, Kallanish notes.
According to the Brazilian Ministry of Development, Industry and Foreign Trade (Mdic), exports totalled 378.5 million tonnes in 2023, up 10% on-year. Iron ore was the third-largest product exported by Brazil with an 8.99% share of the country's total shipments. It represented 38.7% of overall mining industry supplies in 2023.
In December alone, shipments abroad of iron ore were 39.7mt, a growth of 26% over November’s 31.5mt and 24.2% more on-year. This volume was the highest exported in the last 12 years. According to Mdic available data, supplies approached this level in December 2015 at 39.5mt.
Shipments had a value of $30.5 billion in 2023 on a fob basis, up 5.5% y-o-y. In December, export value increased 34.6% on-month and climbed 69.5% on-year to $3.5 billion.
The main destination for Brazilian iron ore offshore shipments in 2023 was China, which took 64% of total exports, 1 percentage point more y-o-y. Malaysia was the next-largest importer with a share of 5.7%, up 0.4pp compared with 2022. Japan and Bahrain absorbed 4% and 3.6%, respectively. This was up 1pp in Japan’s case and down 1pp in Bahrain’s.
Source:Kallanish
