Synopsis
India's iron ore exports to China surged dramatically by 400%, reaching approximately 24.75 million metric tons between April and November of fiscal year 2023-24, as per government data. This export surge to China constitutes the highest volume in five years, representing 94% of India's total iron ore exports. Smaller quantities were also shipped to South Korea, Malaysia, and Indonesia.
Article
India has witnessed a remarkable upsurge in its iron ore exports to China, marking an astounding 400% increase during the April-November period of fiscal year 2023-24. Government data sourced on December 28 revealed an impressive export figure of approximately 24.75 million metric tons, significantly eclipsing the corresponding period in the previous year.
According to government sources, this exponential surge in iron ore exports to China constitutes a historic milestone, recording the highest volume achieved in the past five years. Remarkably, these exports to China accounted for a staggering 94% share of India's total iron ore exports during this period.
While the lion's share was directed to China, smaller volumes found their way to other destinations such as South Korea, Malaysia, and Indonesia. Although comparatively lesser in quantity, these secondary exports reflect a diversification in India's iron ore export markets, offering a slight spread in destination channels.
The substantial spike in iron ore exports signifies a robust trade relationship between India and China, particularly in the sphere of raw materials. This surge also showcases India's pivotal role as a significant supplier of iron ore to meet China's industrial demands.
This surge in iron ore exports not only delineates a remarkable increase in trade volume but also underscores India's ability to respond to global market demands, particularly in crucial commodities like iron ore.
Conclusion
India has experienced an exceptional surge in iron ore exports to China, with a 400% increase between April and November of fiscal year 2023-24. This substantial spike, marking the highest volume in five years, underlines India's pivotal role as a major supplier to China. While most exports were directed to China, smaller quantities were also shipped to South Korea, Malaysia, and Indonesia, showcasing India's diversification in its iron ore export destinations.
