In 2024, Brazilian mining companies increased iron ore exports by 2.9% from the previous year, reaching about 389 million tons, according to Brazil's Ministry of Development, Industry, and Foreign Trade (MDIC). China remained the largest buyer, with imports rising by 6.4% to 276.8 million tons, accounting for 71.2% of total shipments.

Other key importers included Malaysia (20.7 million tons, -2%), the EU (16.8 million tons, -8.1%), Oman (12.4 million tons, +21%), Japan (12.1 million tons, -11.9%), and Bahrain (10.5 million tons, -7.7%). South Korea, the Philippines, Egypt, Turkey, and the U.S. also imported significant volumes.

In December, exports declined by 21.9% year on year to about 30.7 million tons, mainly due to lower Chinese demand. The annual increase was driven by steady Chinese demand and improved production capacity, offsetting weaker purchases from other regions, such as the EU and Japan.