According to the estimate of the Australian Bureau of Resources and Energy Economics (BREE), Australia's iron ore exports in 2012 are forecast to increase by 10 percent to 483 million mt, supported by capacity expansions, including operations of Rio Tinto, and the ramp up of production at BHP Billiton's Rapid Growth Project 5. Exports in 2013 are forecast to increase further by nine percent to 528 million mt.
According to BREE, in 2012 Brazil's iron ore exports are forecast to increase by five percent relative to 2011 to total 330 million mt. Exports are forecast to rise by a further four percent in 2013 to total 342 million mt. The increase in exports in 2013 will be largely a result of higher production at a number of mines in the south-eastern Brazil.
Meanwhile, China's iron ore imports in 2012 are forecast to increase by four percent, relative to 2011, to total 672 million mt. In 2013, imports are forecast to increase by two percent to 683 million mt. Higher Chinese imports of iron ore are expected to be supported by declining domestic production in response to lower world prices.
According to the report, world trade in iron ore in 2012 is forecast to increase by four percent, relative to 2011, to total 1.12 billion mt. World trade of iron ore in 2013 is forecast to increase by a further three percent to 1.16 billion mt.