# HS 720310 Obtained By Direct Reduction Of Iron global trade...

Reported global trade in obtained by direct reduction of iron ore, in lumps, pellets or similar forms reached $4.1B in 2024, with five-year annual growth of +1.2%.

## Annual trade evidence

| Year | Global trade | Year-on-year growth | 3-year growth |
| --- | --- | --- | --- |
| 2013 | $3.0B | -1% | +4.5% |
| 2014 | $3.3B | +10.8% | -2.1% |
| 2015 | $1.8B | -45.5% | -15.7% |
| 2016 | $1.5B | -14.6% | -19.8% |
| 2017 | $2.7B | +73.6% | -6.8% |
| 2018 | $3.7B | +37.8% | +26.9% |
| 2019 | $3.9B | +6.5% | +36.6% |
| 2020 | $3.6B | -8.2% | +10.4% |
| 2021 | $5.2B | +45.1% | +12.4% |
| 2022 | $5.6B | +8.1% | +12.9% |
| 2023 | $4.0B | -28.1% | +4.1% |
| 2024 | $4.1B | +2.4% | -7.3% |

## Leading buyer markets

| Buyer market | Latest imports | 5-year growth | Suppliers |
| --- | --- | --- | --- |
| Saudi Arabia | $886.9M | -0.4% | 21 |
| USA | $594.2M | -0.5% | 11 |
| Nepal | $265.7M | +47.1% | 2 |
| Turkey | $254.6M | +16.6% | 9 |
| Oman | $252.6M | +10.5% | 10 |
| Italy | $225.1M | -8.8% | 18 |
| Germany | $171.7M | +9.2% | 28 |
| Viet Nam | $170.4M | +120.7% | 6 |
| India | $163.6M | +64.6% | 16 |
| Bangladesh | $121.8M | +4.8% | 2 |
| Kuwait | $107.4M | +7.6% | 7 |
| Republic of Korea | $103.7M | -1.1% | 7 |

_Source: reported merchandise trade data. Updated 2026-08-14._