If you were wondering why Australians go a little bonkers over iron ore, this infographic from the latest Resources and Energy Quarterly Report from Australia’s Department of Industry, Innovation and Science goes someway to explaining why.
Australia has 28% of the world’s total iron ore reserves, it’s Australia’s largest goods export by dollar value and Australia is the largest exporter of iron ore at 52% of total supply, more than double second-placed Brazil at 25%.
Aside from demonstrating Australia’s dominance of the global seaborne iron ore market, the infographic also shows China’s dominance of iron ore demand.
It currently hoovers up 65% of total global iron ore imports, including 83% of Australian supply.
Given the symbiotic relationship between the two nations, it’s clear that what happens in the Chinese economy will have a large impact on not only Australian iron ore miners, but also the broader Australian economy.