HS Icon Oils petroleum, bituminous, distillates, except crude

271000 (Harmonized System 1992 for 6-digit)

World Trade (2018): $753B, Rnk 2 / 4726

Top Exporter (2018): $95.8B, United States

Top Importer (2018): $56B, United States

Product Complexity (2018): -0.93, Rnk 3931 / 4873

Export Growth (CAGR)(2017 - 2018): 31.3%, Rnk 749 / 4726

Mean Tariff (2018): 0%, Rnk 281 / 6538

Share of World Trade (2018): 4.1%, Rnk 2 / 4726

Overview: In 2018, Oils petroleum, bituminous, distillates, except crude were the world's 2nd most traded product, with a total trade of $753B. Between 2017 and 2018 the exports of Oils petroleum, bituminous, distillates, except crude grew by 31.3%, from  $573B to $753B. Trade in Oils petroleum, bituminous, distillates, except crude represent 4.1% of total world trade.

Exports: In 2018 the top exporters of Oils petroleum, bituminous, distillates, except crude  were United States ($95.8B), Russia ($77.5B), Singapore ($52.4B), Netherlands ($46.9B), and South Korea ($43.6B).

Imports: In 2018 the top importers of Oils petroleum, bituminous, distillates, except crude were United States ($56B), Singapore ($48B), Netherlands ($48B), Mexico ($31.3B), and China ($27.2B).

Tariffs: In 2018 the average tariff for Oils petroleum, bituminous, distillates, except crude was 0%, been the 281 lowest tariff using the HS6 product classification.

The countries with the highest import tariffs for Oils petroleum, bituminous, distillates, except crude are Austria (147%), Finland (0.76%), Latvia (0%), Turkmenistan (0%), and Estonia (0%).

Ranking: Oils petroleum, bituminous, distillates, except crude ranks 3931st in the Product Complexity Index (PCI).

Exporters and Importers

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Trade By Country

Top Origin (2018): United States, $95.8B

Top Destination (2018): United States, $56B

Oils petroleum, bituminous, distillates, except crude are the world's 2nd most traded product.

In 2018, the top exporters of Oils petroleum, bituminous, distillates, except crude were United States ($95.8B), Russia ($77.5B), Singapore ($52.4B), Netherlands ($46.9B), and South Korea ($43.6B).

In 2018, the top importers of Oils petroleum, bituminous, distillates, except crude were United States ($56B), Singapore ($48B), Netherlands ($48B), Mexico ($31.3B), and China ($27.2B).

Market Dynamics

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Trade by country

Value

Top Origin Growth (2017 -  2018): United States, $21.3B

Top Destination Growth (2017 - 2018): Netherlands, $14.9B

Between 2017 and 2018, the exports of Oils petroleum, bituminous, distillates, except crude grew the fastest in United States ($21.3B), Russia ($19.1B), China ($12.1B), India ($11.3B), and United Arab Emirates ($11.1B).

Between 2017 and 2018, the fastest growing importers of Oils petroleum, bituminous, distillates, except crude were Netherlands ($14.9B), China ($9.76B), United States ($9.74B), Mexico ($7.93B), and Other Asia (Chinese Taipei) ($6.91B).

Market Concentration

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Cumulative market share

This chart shows the evolution of the market concentration of exports of Oils petroleum, bituminous, distillates, except crude.

In 2018,  market concentration measured using Shannon Entropy, was 4.99. This means that most of the exports of Oils petroleum, bituminous, distillates, except crude are explained by 31 countries.

TOP NET EXPORTER (2018): Russia, $76.1B

TOP NET IMPORTER (2018): Mexico, $28.5B

This map shows which countries export or import more of Oils petroleum, bituminous, distillates, except crude. Each country is colored based on the difference in exports and imports of Oils petroleum, bituminous, distillates, except crude during 2018.

In 2018, the countries that had a largest trade value in exports than imports of Oils petroleum, bituminous, distillates, except crude were Russia ($76.1B), United States ($39.8B), India ($36.5B), South Korea ($23.4B), and Saudi Arabia ($20.2B).

In 2018, the countries that had a largest trade value in imports than exports of Oils petroleum, bituminous, distillates, except crude were Mexico ($28.5B), Australia ($17.7B), Indonesia ($14.6B), Hong Kong ($13B), and France ($10.5B).

Trade Predictions

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This section shows predictions for total trade for Oils petroleum, bituminous, distillates, except crude. The Prediction is based in a Long Short-Term Memory Model constructed using annual trade data.

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Import Tariffs

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In 2018, the average tariff for importing Oils petroleum, bituminous, distillates, except crude was 0%.  The countries with the highest tariffs for importing Oils petroleum, bituminous, distillates, except crude were Austria (147%), Finland (0.76%), Latvia (0%), Turkmenistan (0%), and Estonia (0%).

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Product Complexity

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Diversification Frontier

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The Complexity-Relatedness diagram compares the risk and the strategic value of a product's potential export opportunities. Relatedness is predictive of the probability that a country increases its exports in a product. Complexity, is associated with higher levels of income, economic growth potential, lower income inequality, and lower emissions.