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291511 (Harmonized System 1992 for 6-digit)

2022
World Trade $466MRnk 2999 / 4648
2022
Top Exporter | Top Importer $208M | $50.3MChina | Netherlands
2022
Product Complexity 1.29Rnk 385 / 4653
2021 - 2022
Export Growth (CAGR) 25.6%Rnk 555 / 4648
2022
Share of World Trade 0.002%Rnk 2999 / 4648

About

Overview This page contains the latest trade data of Formic acid. In 2022, Formic acid were the world's 2999th most traded product, with a total trade of $466M. Between 2021 and 2022 the exports of Formic acid grew by 25.6%, from $371M to $466M. Trade in Formic acid represent 0.002% of total world trade.

Formic acid are a part of Saturated Acyclic Monocarboxylic Acids.

Exports In 2022 the top exporters of Formic acid  were China ($208M), Germany ($104M), Finland ($38.6M), Netherlands ($27.2M), and United States ($24.4M).

Imports In 2022 the top importers of Formic acid were Netherlands ($50.3M), Brazil ($30.1M), Italy ($29.7M), Turkey ($26.2M), and Belgium ($23.7M).

Ranking Formic acid ranks 385th in the Product Complexity Index (PCI).

Description Formic acid is most commonly used as a preservative in food, as a disinfectant in the medical field, and as a component in the textile industry.

Latest Trends

Latest Data

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The following visualization shows the latest trends on Formic acid. Countries are shown based on data availability.

For a full breakdown of trade patterns, visit the trend explorer or the product in country profile.

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* Trade values are converted to USD using each month's exchange rate. For December 2023 data, the exchange rate from December 30, 2023 is used.

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Historical Data

Exporters and Importers

Top Origin (2022)China$208M
Top Destination (2022)Netherlands$50.3M

In 2022 Formic acid were the world's 2999th most traded product (out of 4,648).

In 2022, the top exporters of Formic acid were China ($208M), Germany ($104M), Finland ($38.6M), Netherlands ($27.2M), and United States ($24.4M).

In 2022, the top importers of Formic acid were Netherlands ($50.3M), Brazil ($30.1M), Italy ($29.7M), Turkey ($26.2M), and Belgium ($23.7M).

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Exporters of Formic acid (2022)
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Importers of Formic acid (2022)
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Market Dynamics

Color
Top Origin Growth (2021 -  2022)China$62.4M
Top Destination Growth (2021 -  2022)Netherlands$13M

Between 2021 and 2022, the exports of Formic acid grew the fastest in China ($62.4M), Germany ($19.2M), United States ($5.08M), Sweden ($4.54M), and Belgium ($3.04M).

Between 2021 and 2022, the fastest growing importers of Formic acid were Netherlands ($13M), Brazil ($11.4M), Italy ($9.33M), Japan ($5.58M), and Norway ($5.21M).

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Exporters of Formic acid (2021 - 2022)

Importers of Formic acid (2021 - 2022)

Market Concentration

Value

This chart shows the evolution of the market concentration of exports of Formic acid.

In 2022, market concentration measured using Shannon Entropy, was 2.65. This means that most of the exports of Formic acid are explained by 6 countries.

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Value of Exports in Formic acid

Net Trade

TOP NET EXPORTER (2022)China$207M
TOP NET IMPORTER (2022)Brazil$30M

This map shows which countries export or import more of Formic acid. Each country is colored based on the difference in exports and imports of Formic acid during 2022.

In 2022, the countries that had a largest trade value in exports than in imports of Formic acid were China ($207M), Germany ($83.3M), Finland ($36.7M), Sweden ($19.4M), and United States ($18.8M).

In 2022, the countries that had a largest trade value in imports than in exports of Formic acid were Brazil ($30M), Italy ($27.7M), Turkey ($24.2M), Netherlands ($23.1M), and India ($19M).

Net Trade (2022)

Country Comparison

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Ranking

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

Top 10 Exporters Countries of Formic acid 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 (2022)

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