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Brazil’s Iron Ore Exports in March 2023 Increased by 16.7% Month-On-Month




According to data from The Secretariat of Foreign Trade (SECEX), in March 2023, Brazil's iron ore exports were 27.234 million tons, a month-on-month increase of 16.7% and a year-on-year decrease of 4.4%.


The export value was 2.37 billion US dollars, a year-on-year decrease of 16%. In March 2023, the average export price of Brazilian iron ore was US$86.9/ton, a year-on-year decrease of 12.1%.


Brazil is the second largest exporter of iron ore in the world and is estimated to have one of the main reserves of the material. Brazilian iron ore is also of better quality, as it has a higher iron content - around 60%.


It is worth noting that iron ore export has replaced soybean export to be the main export earner for Brazil's foreign trade. And most of Brazil's iron ore exports are from mining giant Vale.


In 2021, Brazil exported 357.7 million tons of iron ore, compared to 341.6 million tons in the previous year. Iron ore accounted for 74% of mineral exports in 2021, compared to 66% in 2020; this robust growth provided a revenue of over R$ 250 billion.


Much of the Brazilian infrastructure built throughout the 20th century was designed for the exportation of iron ore. The largest deposits are in the states of Minas Gerais, Mato Grosso, and Pará. Brazil also has a huge steel industry, ranking among the 10 largest steel exporters.


 

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