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.
Source: Department of Industry, Innovation and Science 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.
NOW WATCH: Money & Markets videos
