Venezuela: Iron Ore Market 2021

Iron Ore Market Size in Venezuela

In 2019, the Venezuelan iron ore market increased by X% to $X, rising for the third year in a row after four years of decline. Overall, consumption, however, continues to indicate a slight shrinkage. The growth pace was the most rapid in 2017 with an increase of X% y-o-y. Over the period under review, the market reached the maximum level at $X in 2007; however, from 2008 to 2019, consumption stood at a somewhat lower figure.

Iron Ore Production in Venezuela

In value terms, iron ore production amounted to $X in 2019 estimated in export prices. Overall, production showed a perceptible downturn. The most prominent rate of growth was recorded in 2012 when the production volume increased by X% against the previous year. As a result, production reached the peak level of $X. From 2013 to 2019, production growth failed to regain the momentum.

Iron Ore Exports

Exports from Venezuela

In 2019, overseas shipments of iron ores decreased by -X% to X tons, falling for the third consecutive year after two years of growth. Over the period under review, exports recorded a abrupt curtailment. The pace of growth appeared the most rapid in 2010 when exports increased by X% year-to-year. Over the period under review, exports reached the peak figure at X tons in 2012; however, from 2013 to 2019, exports stood at a somewhat lower figure.

In value terms, iron ore exports contracted remarkably to $X in 2019. Overall, exports faced a abrupt slump. The growth pace was the most rapid in 2010 with an increase of X% year-to-year. Exports peaked at $X in 2012; however, from 2013 to 2019, exports remained at a lower figure.

Exports by Country

The UK (X tons), China (X tons) and France (X tons) were the main destinations of iron ore exports from Venezuela, with a combined X% share of total exports. These countries were followed by Spain, Japan, the Netherlands, Mexico, Belgium and Germany, which together accounted for a further X 2007 to 2019, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the Netherlands, while exports for the other leaders experienced a decline.

In value terms, China ($X), the UK ($X) and Belgium ($X) were the largest markets for iron ore exported from Venezuela worldwide, together comprising X% of total exports.

In terms of the main countries of destination, the UK recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

The average iron ore export price stood at $X per ton in 2019, picking up by X% against the previous year. Overall, the export price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2012 an increase of X% against the previous year. As a result, export price attained the peak level of $X per ton. From 2013 to 2019, the growth in terms of the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2019, the country with the highest price was Belgium ($X per ton), while the average price for exports to the Netherlands ($X per ton) was amongst the lowest.

From 2007 to 2019, the most notable rate of growth in terms of prices was recorded for supplies to Belgium, while the prices for the other major destinations experienced more modest paces of growth.

Iron Ore Imports

Imports into Venezuela

In 2019, overseas purchases of iron ores decreased by -X% to X tons, falling for the fifth year in a row after three years of growth. Over the period under review, imports recorded a dramatic shrinkage. The pace of growth was the most pronounced in 2008 with an increase of X% year-to-year. As a result, imports reached the peak of X tons. From 2009 to 2019, the growth imports remained at a somewhat lower figure.

In value terms, iron ore imports dropped rapidly to $X in 2019. In general, imports showed a sharp shrinkage. The most prominent rate of growth was recorded in 2008 with an increase of X% against the previous year. As a result, imports reached the peak of $X. From 2009 to 2019, the growth imports failed to regain the momentum.

Imports by Country

In 2019, Canada (X tons) constituted the largest iron ore supplier to Venezuela, with a X% share of total imports. Moreover, iron ore imports from Canada exceeded the figures recorded by the second-largest supplier, Brazil (X tons), twofold.

From 2007 to 2019, the average annual growth rate of volume from Canada stood at -X%.

In value terms, Canada ($X) and Brazil ($X) constituted the largest iron ore suppliers to Venezuela, with a combined X% share of total imports.

Canada recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review.

Import Prices by Country

In 2019, the average iron ore import price amounted to $X per ton, shrinking by -X% against the previous year. Overall, the import price saw a noticeable setback. The most prominent rate of growth was recorded in 2008 an increase of X% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2009; however, from 2010 to 2019, import prices remained at a lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2019, the country with the highest price was Brazil ($X per ton), while the price for Canada stood at $X per ton.

From 2007 to 2019, the most notable rate of growth in terms of prices was attained by Brazil.

Source: IndexBox Platform

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