HS Icon Crude Petroleum

2709 (Harmonized System 1992 for 4-digit)

World Trade (2018): $1.08T, Rnk 1 / 1225

Top Exporter (2018): $165B, Saudi Arabia

Top Importer (2018): $208B, China

Product Complexity (2018): -2.84, Rnk 1018 / 1018

Export Growth (CAGR)(2017 - 2018): 36%, Rnk 129 / 1225

Mean Tariff (2018): 1.73%, Rnk 22 / 1259

Share of World Trade (2018): 5.86%, Rnk 1 / 1225

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).

Exporters and Importers

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Trade By Country

Top Origin (2018): Saudi Arabia, $165B

Top Destination (2018): China, $208B

Crude Petroleum are the world's 1st most traded product.

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).

In 2018, the top importers of Crude Petroleum were China ($208B), United States ($140B), India ($101B), South Korea ($74.8B), and Japan ($72.3B).

Market Dynamics

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Trade by country

Value

Top Origin Growth (2017 -  2018): Saudi Arabia, $54.6B

Top Destination Growth (2017 - 2018): China, $62.9B

Between 2017 and 2018, the exports of Crude Petroleum grew the fastest in Saudi Arabia ($54.6B), Russia ($37.2B), United States ($26.1B), Iraq ($24.6B), and Kazakhstan ($18.4B).

Between 2017 and 2018, the fastest growing importers of Crude Petroleum were China ($62.9B), India ($26.6B), Other Asia (Chinese Taipei) ($19.1B), Netherlands ($19.1B), and Thailand ($19B).

Market Concentration

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Cumulative market share

This chart shows the evolution of the market concentration of exports of Crude Petroleum.

In 2018,  market concentration measured using Shannon Entropy, was 4.54. This means that most of the exports of Crude Petroleum are explained by 23 countries.

TOP NET EXPORTER (2018): Saudi Arabia, $165B

TOP NET IMPORTER (2018): China, $206B

This map shows which countries export or import more of Crude Petroleum. Each country is colored based on the difference in exports and imports of Crude Petroleum during 2018.

In 2018, the countries that had a largest trade value in exports than imports of Crude Petroleum were Saudi Arabia ($165B), Russia ($134B), Iraq ($82.1B), United Arab Emirates ($54.6B), and Canada ($54.4B).

In 2018, the countries that had a largest trade value in imports than exports of Crude Petroleum were China ($206B), India ($101B), United States ($94.3B), South Korea ($74.6B), and Japan ($72.3B).

Trade Predictions

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This section shows predictions for total trade for Crude Petroleum. 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 Crude Petroleum was 1.73%.  The countries with the highest tariffs for importing Crude Petroleum were Nepal (9.89%), Republic of the Congo (9.81%), Gabon (9.81%), Chad (9.81%), and Bolivia (9.61%).

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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.