[Ferro-Alloys.com]

 

According to data from the Brazilian Ministry of Development, Industry, and Foreign Trade (Mdic), iron ore exports reached a total of 378.5 million metric tons in 2023, marking a significant 10% increase compared to the previous year. This surge positions iron ore as the third-largest product in Brazil's export portfolio, holding an impressive 8.99% share of the country's total shipments.

 

The culmination of this success was observed in December, where iron ore shipments abroad reached a remarkable 39.7 million metric tons. This figure represented a notable 26% growth compared to November's 31.5 million metric tons and a substantial 24.2% increase year-on-year. Notably, December 2023 marked the highest volume exported in the last 12 years, echoing a level last approached in December 2015.

 

The economic impact of this surge is evident in the export values. For the entire year of 2023, iron ore shipments had a total value of $30.5 billion on a free on board (FOB) basis, reflecting a commendable 5.5% year-on-year increase. The positive trend continued into December, with the export value surging by 34.6% on a monthly basis and an impressive 69.5% year-on-year, reaching $3.5 billion.

 

China retained its position as the primary destination for Brazilian iron ore exports in 2023, absorbing a substantial 64% of the total shipments. This represented a 1 percentage point increase compared to the previous year, highlighting the enduring strength of the Sino-Brazilian trade relationship. Following China, Malaysia emerged as the second-largest importer, holding a 5.7% share, a 0.4 percentage point increase from 2022. Japan and Bahrain secured 4% and 3.6%, respectively, with Japan experiencing a 1 percentage point increase and Bahrain a 1 percentage point decrease. steelguru