Crude Petroleum2709 (Harmonized System 1992 for 4-digit)
2020 World Trade: $640B, Rnk 3 / 1217
2020 Top Exporter | Top Importer: $95.7B | $150B, Saudi Arabia | China
2020 Product Complexity: -2.32, Rnk 1020 / 1028
2019 - 2020 Export Growth (CAGR): -35.5%, Rnk 1180 / 1217
2018 Mean Tariff: 1.84%, Rnk 1250 / 1259
2020 Share of World Trade: 3.82%, Rnk 3 / 1217
Overview This page contains the latest trade data of Crude Petroleum. In 2020, Crude Petroleum were the world's 3rd most traded product, with a total trade of $640B. Between 2019 and 2020 the exports of Crude Petroleum decreased by -35.5%, from $992B to $640B. Trade in Crude Petroleum represent 3.82% of total world trade.
Crude Petroleum are a part of Mineral fuels, mineral oils and products of their distillation. They include Petroleum oils, oils from bituminous minerals, crude.
Exports In 2020 the top exporters of Crude Petroleum were Saudi Arabia ($95.7B), Russia ($74.4B), United States ($52.3B), Canada ($47.2B), and Iraq ($45.2B).
Imports In 2020 the top importers of Crude Petroleum were China ($150B), United States ($75.1B), India ($59B), South Korea ($42.2B), and Japan ($38.4B).
Tariffs In 2018 the average tariff for Crude Petroleum was 1.84%, making it the 1250th lowest tariff using the HS4 product classification.
Ranking Crude Petroleum ranks 1020th in the Product Complexity Index (PCI).
The following visualization shows the latest trends on Crude Petroleum. Countries are shown based on data availability.
For a full breakdown of trade patterns, visit the trend explorer or the product in country profile.
* Using January 2020 exchange rates when trade data is reported in local currency.
Trade By Country
Top Origin (2020): Saudi Arabia, $95.7B
Top Destination (2020): China, $150B
Crude Petroleum are the world's 3rd most traded product.
In 2020, the top exporters of Crude Petroleum were Saudi Arabia ($95.7B), Russia ($74.4B), United States ($52.3B), Canada ($47.2B), and Iraq ($45.2B).
In 2020, the top importers of Crude Petroleum were China ($150B), United States ($75.1B), India ($59B), South Korea ($42.2B), and Japan ($38.4B).
Trade by country
Between 2019 and 2020, the exports of Crude Petroleum grew the fastest in Guyana ($1.17B), Croatia ($683M), Chad ($308M), Italy ($186M), and South Africa ($121M).
Between 2019 and 2020, the fastest growing importers of Crude Petroleum were Egypt ($785M), Togo ($558M), Brunei ($340M), Gibraltar ($324M), and Tunisia ($296M).
Cumulative market share
This chart shows the evolution of the market concentration of exports of Crude Petroleum.
In 2020, market concentration measured using Shannon Entropy, was 4.42. This means that most of the exports of Crude Petroleum are explained by 21 countries.
TOP NET EXPORTER (2020): Saudi Arabia, $95.7B
TOP NET IMPORTER (2020): China, $150B
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 2020.
In 2020, the countries that had a largest trade value in exports than in imports of Crude Petroleum were Saudi Arabia ($95.7B), Russia ($74.4B), Iraq ($45.2B), United Arab Emirates ($40.6B), and Canada ($39.2B).
In 2020, the countries that had a largest trade value in imports than in exports of Crude Petroleum were China ($150B), India ($59B), South Korea ($41.9B), Japan ($38.4B), and Netherlands ($27.4B).
In 2020, the world most traded Crude Petroleum, disaggragated by their HS6 level were Petroleum oils, oils from bituminous minerals,... ($640B)
This visualization shows the countries that have an important ratio of their trade related to Crude Petroleum. It is possible to select the main countries that export or import Crude Petroleum in the world, or by continent, as well as select the measure of interest.
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.
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