South Africa's iron ore exports increased in 2023

According to recent customs data, South Africa experienced a 2% y-o-y increase in its iron ore exports, reaching 59.49 million tons (mnt) in the calendar year 2023. This figure compares favorably to the 58.46 mnt recorded during the same period in the previous year, indicating a steady upward trend in exports.

China emerged as the primary importer of South Africa's iron ore, accounting for 32.86 mnt, followed by the Netherlands at 8.73 mnt. This underscores the continued importance of international trade partnerships in sustaining South Africa's mining sector.

Despite the overall annual growth, export volumes experienced a slight decline on a m-o-m basis, dropping by 3% in December 2023. The December figure stood at 5.44 mnt, down from 5.59 mnt recorded in November 2023, suggesting some fluctuation in demand or logistical challenges toward the end of the year.