The rising global demand for iron ore from Venezuela and the country's international collaboration enhancing production accompanied by the geological advantages and resource availability has recorded itself as the topmost exporter of iron ore in the international trade market. Import Globals provides reliable access to trade data regarding shipment records including buyer-supplier information. Business holders can completely rely on the trade data available to figure out the potential marketing regions to reduce the market entry risk and to make data-driven decisions as per the latest trends.

A Brief Overview of the Iron Ore Exports of Venezuela in 2024

The export infrastructure development of the nation, including the Boca Grant 2 floating transfer station, which is one of the world's largest of its kind in the Serbian strait, accompanied by others has been fueling up the overall revenue generation. The collaboration of the management authorities with India's Jindal Steel and Power Ltd. has influenced the export trade rate of iron ores from Venezuela, with the export of around 600,000 metric tons of raw material per month in 2020, to upgrade of 800,000 metric tons of raw material by the end of 2024.

Despite the stable bilateral trade relationship and the integration of the establishment of trading spots in regional areas across the globe, the country is still facing challenges including underinvestment and infrastructural limitations. The overall export of iron ore from Venezuela still stood up at a staggering rate of 8 billion US dollars in 2024, with an increase of 2.5% CAGR from the previous year. The geological formations in regions like Antarctica near the Orinoco River, providing a solid foundation for increased mining activities and export potential in Venezuela's land, have been fostering the revitalization of the mining sector, and increasing competitiveness in the global market.

The Overall Trade of Venezuela in 2024

A Statistical Analysis of the Iron Ore Export of Venezuela for the Past 5 Years

The Leading Variants of Iron Ore Exported From Venezuela in 2024

The overall export trade market of the iron ore of Venezuela is dominated by high-grade hematite and magnetite ores. The country has also introduced diversification with an increase in iron ore concentrates and pellets, favored for their enhanced purity and efficiency in steelmaking processes. According to the Venezuela Export Data, the top 10 leading variants of iron ore from the nation in 2024 are,

1. Hematite - The export trade value of Hematite from Venezuela in 2024 - 3.2 billion US dollars; Annual trade share - 27%

2. Magnetite - The export trade value of Magnetite from Venezuela in 2024 - 1.78 billion US dollars; Annual trade share - 16%

3. Limonite - The export trade value of Limonite from Venezuela in 2024 - 1.64 billion US dollars; Annual trade share - 12%

4. Siderite - The export trade value of Siderite from Venezuela in 2024 - 876 million US dollars; Annual trade share - 8%

5. Goethite - The export trade value of Goethite from Venezuela in 2024 - 654 million US dollars; Annual trade share - 6%

6. Taconite - The export trade value of Taconite from Venezuela in 2024 - 378 million US dollars; Annual trade share - 5%

7. Chamosite - The export trade value of Chamosite from Venezuela in 2024 - 265 million US dollars; Annual trade share - 4%

8. Pyrite - The export trade value of Pyrite from Venezuela in 2024 - 242 million US dollars; Annual trade share - 3%

9. Lebnitzite - The export trade value of Lebnitzite from Venezuela in 2024 - 187 million US dollars; Annual trade share - 2.5%

10. Sphalerite - The export trade value of Sphalerite from Venezuela in 2024 - 166 million US dollars; Annual trade share - 2%

Major Export Trade Partners of Venezuela for Iron Ores in 2024

The strategic partnerships and the evolving global demand for iron ore have been shaping the export landscape of the nation. European countries such as Belgium, Japan and Germany are ruling the top export partners of Venezuela. According to the Venezuela Trade Data, the top 10 export trade partners of the nation for iron ores in 2024 are,

1. China - According to the China Import Data, the annual export trade value of iron ore from Venezuela to China in 2024 - 2.1 billion US dollars.

Top 5 Variants of Iron ore Exported

• Hematite
• Magnetite
• Limonite
• Siderite
• Pyrite

2. United States - According to the USA Import Data, The annual export trade value of iron ore from Venezuela to the United States in 2024 - 1.7 billion US dollars.

Top 5 Variants of Iron ore Exported

• Chamosite
• Goethite
• Grunerite
• Taconite
• Serpentine

3. India - According to the India Import Data, The annual export trade value of iron ore from Venezuela to India in 2024 - 678 million US dollars.

Top 5 Variants of Iron ore Exported

• Ankerite
• Ilmenite
• Chlorite
• Olivine
• Feldspar

4. Brazil - According to the Brazil Import Data, the annual export trade value of iron ore from Venezuela to Brazil in 2024 - 564 million US dollars.

Top 5 Variants of Iron ore Exported

• Titaniferous Magnetites
• Geothentic Ores
• Limonite
• Siderite
• Goethite

5. Japan - According to the Japan Import Data, the annual export trade value of iron ore from Venezuela to Japan in 2024 - 378 million US dollars.

Top 5 Variants of Iron ore Exported

• Taconite
• Pyrite
• Chalcopyrite
• Sphalerite
• Marcasite

6. Netherlands - According to the Netherlands Import Data, the annual export trade value of iron ore from Venezuela to the Netherlands in 2024 - 286 million US dollars.

Top 5 Variants of Iron ore Exported

• Pyrrhotite
• Galena
• Bornite
• Bauxite
• Hematite

7. Italy - According to the Italy Import Data, the annual export trade value of iron ore from Venezuela to Italy in 2024 - 242 million US dollars.

Top 5 Variants of Iron ore Exported

• Magnetite
• Limonite
• Siderite
• Goethite
• Taconite

8. Germany - According to the Germany Import Data, the annual export trade value of iron ore from Venezuela to Germany in 2024 - 176 million US dollars.

Top 5 Variants of Iron ore Exported

• Lepidocrocite
• Chamosite
• Ankeritic Ironstone
• Chloritoid Ironstone
• Ferruginous Sandstone

9. Turkey - According to the Turkey Import Data, the annual export trade value of iron ore from Venezuela to Turkey in 2024 - 124 million US dollars.

Top 5 Variants of Iron ore Exported

• Banded Iron Formation (BIF)
• Martite
• Pisolitic Ironstone
• Psilomelane
• Pyrite

10. Mexico - According to the Mexico Import Data, the annual export trade value of iron ore from Venezuela to Mexico in 2024 - 116 million US dollars.

Top 5 Variants of Iron ore Exported

• Goethite
• Taconite
• Chamosite
• Chloritoid
• Pyrite

The Top Iron Ore Manufacturing Companies of Venezuela in 2024

The proper trade balance in the import and export of iron ore is maintained by the domestic production capacity of Venezuela's management firms. According to the Venezuela Customs Data, the top 3 iron ore producing companies of the nation in 2024 are,

1. Ferrominera Orinoco S.A. - The Company is one of the leading iron ore producers and exporters of Venezuela. The authority, being established in 1975, has operated several mines and processing plants across the country. Its efficiency is the production of high-grade iron ore from its two main mines, Los Barrancos and Las Pailas. The average production capacity of the authority is around 20 million tonnes per year. The annual trade revenue generation of FerroMinera Orinoco in 2024 is approx 26.5%.

2. CVG Ferrominera del Orinoco - The Ferro-Minera del Orinoco is another role-player of the Venezuelan iron ore industry, established in 2008. The extensive network of railroads linking the mines to loading ports along the Onyoko River has been facilitating the easy transportation of its products to international markets. The annual trade revenue share of the company, producing around 12 million tons of iron ore per year in 2024, is 18%.

3. Corporación Venezolana de Guayana (CVG) - Wrapping up, it is the third topmost iron ore-producing company in Venezuela. The iron ore mine located in Bolivar State has been a supporting structure to the entire production rate of the authority. The annual trade revenue share in 2024 is around 12%.

CONCLUSION

The iron ore exports of Venezuela depict the revitalization and strategic growth in Venezuela's mining sector. With the continuity of the country to modernize its production and logistics infrastructure, the export of iron ore has also recorded a global rank with high quality in the international trade market. Import Globals provide detailed trade data while highlighting the scale and direction of Venezuela's iron ore shipments, providing insights to the business holders regarding upcoming opportunities for them for iron ore trades.

FAQ'S

Que. What is the export trade value of iron ore from Venezuela in 2024?
Ans. The export trade value of iron ore from Venezuela in 2024 is 8 billion US dollars.

Que. What are the top exported variants of iron ore from Venezuela in 2024?
Ans. Hematite is the top exported variant of iron ore from Venezuela in 2024.

Que. Who is the top export trade partner of Venezuela for iron ore in 2024?
Ans. China is the top export trade partner of Venezuela for iron ore in 2024.

Que. Where can you get a detailed trade analysis of the iron ore export of Venezuela in 2024?
Ans. By subscribing to Import Globals, you can get the detailed trade analysis of the iron ore export of Venezuela in 2024.

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