South Africa is a major producer and exporter of iron ore worldwide. The country's rich mineral deposits are particularly important for iron ore. South Africa plays a prominent role in world markets with its iron ore exports, which also provide a significant source of income for the country's economy.
According to information obtained by SteelRadar from the United Nations Database, South Africa's iron ore exports in 2023 increased by 2.4% compared to 2022 and reached 59.5 million tons. Total exports in 2022 were 58.1 million tons.
The country's iron ore exports in May were recorded at 6.07 million tons, up by 1.42% compared to the same month of the previous year. This was the month with the highest exports in 2023. September saw the lowest exports at 3.8 million tons.
On an annual basis, November was the month with the highest increase in exports
In November 2023, it increased by 40.80% compared to November of the previous year. This rate had the largest share among the annual increase rates. September showed a 23.62% decrease in 2023 compared to the same month of the previous year. September was the month with the highest decrease among the exports.
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Exports to China accounted for the largest share
South Africa exported the most iron ore to China in 2023. In 2023, exports reached 32.9 million tons, up by 17.8% from 27.95 million tons in 2022.
Major export countries included the Netherlands, Mozambique and the Republic of Korea
Following China, the country's other main export destinations were the Netherlands with 8.3 million tons in 2023, up by 4% y-o-y, Mozambique with 4.4 million tons, up by 19%, and the Republic of Korea with 4.5 million tons, up by 3.6%.
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