Overview: In 2018, Crude Petroleum were the world's 1st most traded product, with a total trade of $1.08T. Between 2017 and 2018 the exports of Crude Petroleum grew by 36%, from $792B to $1.08T. Trade in Crude Petroleum represent 5.86% of total world trade.
Exports: In 2018 the top exporters of Crude Petroleum were Saudi Arabia ($165B), Russia ($134B), Iraq ($82.1B), Canada ($66.6B), and United Arab Emirates ($58.1B).
Imports: In 2018 the top importers of Crude Petroleum were China ($208B), United States ($140B), India ($101B), South Korea ($74.8B), and Japan ($72.3B).
Tariffs: In 2018 the average tariff for Crude Petroleum was 1.73%, been the 22 lowest tariff using the HS4 product classification.
The countries with the highest import tariffs for Crude Petroleum are Nepal (9.89%), Republic of the Congo (9.81%), Gabon (9.81%), Chad (9.81%), and Bolivia (9.61%). The countries with the lowest tariffs are Angola (0%), Cote d'Ivoire (0%), Egypt (0%), Ghana (0%), and Guinea (0%).
Ranking: Crude Petroleum ranks 1018th in the Product Complexity Index (PCI).