HS Icon Excavation Machinery

8431 (Harmonized System 1992 for 4-digit)

Overview This page contains the latest trade data of Excavation Machinery. In 2020, Excavation Machinery were the world's 68th most traded product, with a total trade of $49.6B. Between 2019 and 2020 the exports of Excavation Machinery decreased by -15.2%, from $58.5B to $49.6B. Trade in Excavation Machinery represent 0.3% of total world trade.

Excavation Machinery are a part of Nuclear reactors, boilers, machinery and mechanical appliances; parts thereof. They include Parts of cranes, work-trucks, shovels, constr machine, Parts of boring or sinking machinery, Parts of lifting/handling machinery nes, Parts of fork-lift etc trucks, Parts of lifts, skip hoist or escalators, Buckets, shovels, grabs etc for excavating machinery, Parts of hoists and winches, and Bulldozer and angledozer blades.

Exports In 2020 the top exporters of Excavation Machinery  were China ($8.13B), United States ($5.21B), Germany ($4.61B), Italy ($2.73B), and South Korea ($1.98B).

Imports In 2020 the top importers of Excavation Machinery were United States ($7.17B), Germany ($3.85B), Canada ($2.13B), France ($2.1B), and China ($2.09B).

Tariffs In 2018 the average tariff for Excavation Machinery was 4.67%, making it the 885th lowest tariff using the HS4 product classification.

The countries with the highest import tariffs for Excavation Machinery are Bahamas (40.2%), Bermuda (35%), Cayman Islands (22%), and Anguilla (20%). The countries with the lowest tariffs are Angola (0%), Mauritius (0%), Armenia (0%), Hong Kong (0%), and Japan (0%).

Ranking Excavation Machinery ranks 157th in the Product Complexity Index (PCI).

Description Parts suitable for use solely or principally with the machinery of heading 8425 to 8430 are used in the production of other goods. They can be made from a variety of materials, including steel, aluminum, and plastic.

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The following visualization shows the latest trends on Excavation Machinery. 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

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Exporters and Importers

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Trade By Country

Top Origin (2020): China, $8.13B

Top Destination (2020): United States, $7.17B

Excavation Machinery are the world's 68th most traded product.

In 2020, the top exporters of Excavation Machinery were China ($8.13B), United States ($5.21B), Germany ($4.61B), Italy ($2.73B), and South Korea ($1.98B).

In 2020, the top importers of Excavation Machinery were United States ($7.17B), Germany ($3.85B), Canada ($2.13B), France ($2.1B), and China ($2.09B).

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Market Dynamics

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Trade by country

Value

Top Origin Growth (2019 -  2020): Saudi Arabia, $80.3M

Top Destination Growth (2019 - 2020): Australia, $74.2M

Between 2019 and 2020, the exports of Excavation Machinery grew the fastest in Saudi Arabia ($80.3M), Turkey ($77M), Guyana ($20.4M), Slovakia ($13.7M), and Myanmar ($12.6M).

Between 2019 and 2020, the fastest growing importers of Excavation Machinery were Australia ($74.2M), Vietnam ($72M), Iran ($62.2M), Trinidad and Tobago ($54.1M), and Chinese Taipei ($32.8M).

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Market Concentration

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Cumulative market share

Value

This chart shows the evolution of the market concentration of exports of Excavation Machinery.

In 2020,  market concentration measured using Shannon Entropy, was 4.77. This means that most of the exports of Excavation Machinery are explained by 27 countries.

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TOP NET EXPORTER (2020): China, $6.04B

TOP NET IMPORTER (2020): United States, $1.96B

This map shows which countries export or import more of Excavation Machinery. Each country is colored based on the difference in exports and imports of Excavation Machinery during 2020.

In 2020, the countries that had a largest trade value in exports than in imports of Excavation Machinery were China ($6.04B), Italy ($1.49B), South Korea ($1.32B), Germany ($765M), and Sweden ($753M).

In 2020, the countries that had a largest trade value in imports than in exports of Excavation Machinery were United States ($1.96B), Australia ($1.3B), Russia ($827M), Brazil ($724M), and Saudi Arabia ($644M).

Disaggregation

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Value

In 2020, the world most traded Excavation Machinery, disaggragated by their HS6 level were Parts of cranes, work-trucks, shovels, constr... ($20.6B), Parts of lifting/handling machinery nes ($8.05B), Parts of boring or sinking machinery ($7.99B), Parts of fork-lift etc trucks ($4.78B), and Parts of lifts, skip hoist or... ($4.61B)

Country Comparison

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This visualization shows the countries that have an important ratio of their trade related to Excavation Machinery.
It is possible to select the main countries that export or import Excavation Machinery in the world, or by continent, as well as select the measure of interest.

Product Complexity

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Diversification Frontier

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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.

Country by Relatedness

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