BAKU, Azerbaijan, December 19. International coal trade surged by 10% in 2023, reaching a historic high of 1,510 million tons (Mt), according to the latest International Energy Agency (IEA) outlook, Trend reports.
Both thermal coal, primarily used for power generation, and metallurgical (met) coal, used in steelmaking, contributed to this growth, with increases of 100 Mt and 42 Mt, respectively. Seaborne trade dominated, accounting for over 90% of the total, while land-based trade also saw modest gains.
The Asia-Pacific region continued to lead global coal imports, claiming 84% of the market. China, India, and Japan emerged as the largest importers, collectively receiving nearly 60% of all traded coal in 2023. China alone imported 481 Mt, setting an all-time record, while India and Japan imported 248 Mt and 167 Mt, respectively. Meanwhile, Indonesia remained the top exporter with 521 Mt, followed by Australia (353 Mt) and Russia (211 Mt). Russian coal exports, heavily impacted by Western sanctions, shifted dramatically toward Asia, with 84% directed to eastern markets.
In 2024, global coal trade is expected to have climbed even higher to an estimated 1,545 Mt, driven by record-breaking imports into China, which likely surpassed 500 Mt for the first time. Viet Nam is poised to join the top five importers, reflecting robust demand and steady domestic production. Conversely, Russian coal exports have struggled, with a projected 6% drop amid ongoing sanctions and logistical hurdles.
Looking ahead, the IEA forecasts a shift in global coal trade trends through 2027. China’s stable domestic production and India’s push to ramp up local thermal coal output are expected to reduce their reliance on imports. While growing demand in Southeast Asia may partially offset this decline, the planned phase-out of coal-fired power generation in many Western nations is anticipated to drive an overall decrease in coal trade volumes.