Petroleum oils and oils obtained from bituminous minerals; crude

2709 (Harmonized System 1992 for 4-digit)

About

Overview This page contains the latest trade data of Crude Petroleum. In 2021, Crude Petroleum were the world's 1st most traded product, with a total trade of $951B. Between 2020 and 2021 the exports of Crude Petroleum grew by 47.4%, from $646B to $951B. Trade in Crude Petroleum represent 4.52% 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 2021 the top exporters of Crude Petroleum  were Saudi Arabia ($138B), Russia ($113B), Canada ($81.2B), Iraq ($72B), and United States ($67.6B).

Imports In 2021 the top importers of Crude Petroleum were China ($208B), United States ($120B), India ($93.5B), South Korea ($60.6B), and Japan ($54.9B).

Ranking Crude Petroleum ranks 1013th in the Product Complexity Index (PCI).

Latest Data

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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.

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Historical Data

Exporters and Importers

Top Origin (2021)Saudi Arabia$138B
Top Destination (2021)China$208B

In 2021 Crude Petroleum were the world's 1st most traded product (out of 1,217).

In 2021, the top exporters of Crude Petroleum were Saudi Arabia ($138B), Russia ($113B), Canada ($81.2B), Iraq ($72B), and United States ($67.6B).

In 2021, the top importers of Crude Petroleum were China ($208B), United States ($120B), India ($93.5B), South Korea ($60.6B), and Japan ($54.9B).

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Exporters of Crude Petroleum (2021)
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Importers of Crude Petroleum (2021)
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Market Dynamics

Color
Top Origin Growth (2020 -  2021)Saudi Arabia$40.2B
Top Destination Growth (2020 -  2021)China$56.4B

Between 2020 and 2021, the exports of Crude Petroleum grew the fastest in Saudi Arabia ($40.2B), Russia ($38.3B), Canada ($34.1B), Iraq ($26.6B), and Libya ($21.4B).

Between 2020 and 2021, the fastest growing importers of Crude Petroleum were China ($56.4B), United States ($45.3B), India ($34.7B), South Korea ($18.3B), and Japan ($16.5B).

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Exporters of Crude Petroleum (2020 - 2021)

Importers of Crude Petroleum (2020 - 2021)

Market Concentration

Value

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

In 2021, market concentration measured using Shannon Entropy, was 4.43. This means that most of the exports of Crude Petroleum are explained by 21 countries.

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Value of Exports in Crude Petroleum

Net Trade

TOP NET EXPORTER (2021)Saudi Arabia$138B
TOP NET IMPORTER (2021)China$207B

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 2021.

In 2021, the countries that had a largest trade value in exports than in imports of Crude Petroleum were Saudi Arabia ($138B), Russia ($113B), Iraq ($72B), Canada ($69.3B), and United Arab Emirates ($56.6B).

In 2021, the countries that had a largest trade value in imports than in exports of Crude Petroleum were China ($207B), India ($93.5B), South Korea ($60.4B), Japan ($54.6B), and United States ($52.6B).

Net Trade (2021)

Country Comparison

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Ranking

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.

Top 10 Exporters Countries of Crude Petroleum by percentage of total exports

Product Complexity

Diversification Frontier

Specialization

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.

Relatedness vs Country Complexity (2021)

Country by Relatedness

The following visualization shows the relatedness of Crude Petroleum to countries. Higher relatedness values ​​indicate greater knowledge, which predicts a greater probability of exporting that product in the future.

Relative Relatedness by Country (2021)

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