After years of volatility as the result of the global energy crisis, coal markets are now fairly stable, and coal continues to be extremely important in supplying the world’s growing energy needs.
At the same time, this natural resource is also widely used in metallurgy to produce steel, and for the production of numerous synthetic substances, including oils, waxes, paints and dyes, medicines, and even insecticides.
This article invites readers to explore coal export statistics and provides valuable insights into the countries that are leading the world in coal mining and consumption.
Coal trade and production statistics
- Global coal exports are predicted to have hit a record high of over 1,545 million metric tons (Mt) in 2024.
- In 2024, the three biggest coal producers – China, Indonesia, and India (which account for more than 70% of the world’s total) – increased their output significantly. However, of the three, only Indonesia exports coal, while China and India use domestic production to meet their own needs.
- Global coal consumption increased by 1%, reaching a record high of 8.77 Bt in 2024, primarily due to increased consumption in China and India, the world’s largest coal consumers.
- Approximately 84% of global exports are destined for Asia Pacific countries.
- 2023 saw record-breaking levels in both the quantity of coal traded and the growth rates of different types of coal.
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- Thermal coal and metallurgical coal exports registered a growth of 7% and 15%, respectively.
- Seaborne trade in 2023 showed a new record of 1.38 Bt.
- Total coal trade surpassed 1.5 Bt, marking an all-time high.
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Coal’s role in international development
Coal accounts for more than 10,700 terawatt-hours of electricity generated in 2024, which is a third of worldwide electricity generation. It also remains essential for the manufacture of iron and steel.
Coal remains a highly reliable and affordable source of electricity for many countries that use this resource in pursuit of economic growth:
- Coal helps to balance energy security, affordability, and reliability.
- Coal helps with R&D in the energy sector and sustains high-value manufacturing jobs.
- Coal ensures job stability throughout the coal value chain.
Expert Market Research projects that the global coal mining market will grow at a compound annual growth rate of 2.6%. In 2023, it was valued at $648.04 billion and by 2032 this figure is expected to hit $795.76 billion.
The leading coal-exporting countries
In 2024, the largest exporters saw volumes increase, except Russia, whose exports decreased by 8% as the country faced international sanctions for invading Ukraine in 2022.
Asia has played a leading role in global coal trade. Over the last 10 years, the leading importers of coal were China, India, Japan, Korea, and Chinese Taipei although Vietnam has registered high import levels and is set to overcome Chinese Taipei. In 2023, Indonesia was the first nation in history to export more than 500 Mt in a single year.
As for major coal exporters, the list includes:
Data for 2023 is preliminary, and has been estimated for 2024.
Source: IEA
Indonesia
Indonesia – currently the world’s largest exporter of coal – increased production by nearly 8% in 2024, reaching 836 million metric tons. China and India were the top export destinations for its coal.
China’s coal imports from Indonesia increased by 29% to 220 Mt, or roughly 15% of the world market while the country’s shipments to India, its second-largest coal client, remained relatively stable.
Australia
Australia is predicted to expand coal production by 2.8% in 2024. Currently, the country exports the most metallurgical coal (used for the production of steel) and comes second in terms of thermal coal exports value.
Its thermal coal exports increased by over 10% in 2023 due to better mining circumstances brought about by the conclusion of both La Niña and China’s coal ban.
On the other hand, due to operational issues at certain mines, coal exports saw a decrease.
Russia
Since Russia invaded Ukraine in February 2022, analyzing new data has been challenging. However, experts believe that Russian coal exports have rebounded from 2022, although thermal coal shipments have probably declined due to shifts in importer demand and the reorganization of trading routes.
According to IEA’s forecast, in 2024, Russia’s coal experts will drop by 6%, down to 199Mt.
Between December 5, 2022, and March 2024, China acquired 42% of all Russian coal shipments with South Korea (11%), and India (18%) coming next.
Final word
Coal remains a cornerstone of global energy production, with the largest exporters, such as Indonesia, Australia, and Russia, playing important roles in ther coal market. Despite its high carbon intensity, coal is still indispensable for electricity generation and industrial processes. Its demand continues to rise, driven primarily by energy consumption in Asia, particularly in China and India.
