INFOGRAPHIC: Australia's dominance of the global iron ore market

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.

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