Overview This page contains the latest trade data of Iron and steel. In 2020, Iron and steel were the world's 10th most traded product, with a total trade of $335B. Between 2019 and 2020 the exports of Iron and steel decreased by -12.6%, from $383B to $335B. Trade in Iron and steel represent 2% of total world trade.

Iron and steel are a part of Metals. They include Iron and steel.

Exports In 2020 the top exporters of Iron and steel  were China ($33.8B), Japan ($23.4B), Germany ($22B), South Korea ($20.4B), and Russia ($16.2B).

Imports In 2020 the top importers of Iron and steel were China ($34.4B), Germany ($20.5B), United States ($18.7B), Italy ($14.2B), and Turkey ($14B).

Tariffs In 2018 the average tariff for Iron and steel was 5.03%, making it the 79th lowest tariff using the HS2 product classification.

The countries with the highest import tariffs for Iron and steel are Bahamas (40.1%), Bermuda (25%), Sudan (24.1%), and Bhutan (20%). The countries with the lowest tariffs are Hong Kong (0%), Singapore (0%), Taiwan (0%), Switzerland (0%), and Norway (0%).

Ranking Iron and steel ranks 41st in the Product Complexity Index (PCI).

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Y-AXIS SCALE

The following visualization shows the latest trends on Iron and steel. 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, $33.8B

Top Destination (2020): China, $34.4B

Iron and steel are the world's 10th most traded product.

In 2020, the top exporters of Iron and steel were China ($33.8B), Japan ($23.4B), Germany ($22B), South Korea ($20.4B), and Russia ($16.2B).

In 2020, the top importers of Iron and steel were China ($34.4B), Germany ($20.5B), United States ($18.7B), Italy ($14.2B), and Turkey ($14B).

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Market Dynamics

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Trade by country

Value

Top Origin Growth (2019 -  2020): Indonesia, $3.51B

Top Destination Growth (2019 - 2020): China, $12.6B

Between 2019 and 2020, the exports of Iron and steel grew the fastest in Indonesia ($3.51B), Vietnam ($1.13B), India ($528M), Malaysia ($518M), and Switzerland ($221M).

Between 2019 and 2020, the fastest growing importers of Iron and steel were China ($12.6B), Saudi Arabia ($492M), Turkey ($347M), Israel ($329M), and Pakistan ($276M).

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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 Iron and steel.

In 2020,  market concentration measured using Shannon Entropy, was 5.25. This means that most of the exports of Iron and steel are explained by 38 countries.

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TOP NET EXPORTER (2020): Japan, $18B

TOP NET IMPORTER (2020): Thailand, $8.06B

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

In 2020, the countries that had a largest trade value in exports than in imports of Iron and steel were Japan ($18B), Russia ($12.6B), South Korea ($9.38B), Ukraine ($7.41B), and Brazil ($7.09B).

In 2020, the countries that had a largest trade value in imports than in exports of Iron and steel were Thailand ($8.06B), United States ($6.61B), Mexico ($6.14B), Turkey ($4.59B), and Saudi Arabia ($4.48B).

Disaggregation

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Value
Disaggregation

In 2019, the world most traded Iron and steel, disaggragated by their HS6 level were Ferrous waste or scrap, nes ($20B), Flat rolled iron or non-alloy steel,... ($18.5B), Hot rolled iron or non-alloy steel,... ($16.8B), Flat rolled iron or non-alloy steel,... ($11.5B), and Bar/rod, iron or non-alloy steel, indented... ($10.5B)

Country Comparison

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Measure
Ranking

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

Import Tariffs

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In 2018, the average tariff for importing Iron and steel was 5.03%. The countries with the highest tariffs for importing Iron and steel were Bahamas (40.1%), Bermuda (25%), Sudan (24.1%), and Bhutan (20%).

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.