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Iron and non-alloy steel in ingots or other primary forms (excluding iron of heading no. 7203)

7206 (Harmonized System 1992 for 4-digit)

2023
World Trade $691MRnk 993 / 1217
2023
Top Exporter | Top Importer $254M | $238MIndia | Italy
2023
Product Complexity -1.48Rnk 955 / 1044
2022 - 2023
Export Growth (CAGR) -72%Rnk 1212 / 1217
2023
Share of World Trade 0.0031%Rnk 993 / 1217

About

Overview This page contains the latest trade data of Iron Ingots. In 2023, Iron Ingots were the world's 993rd most traded product, with a total trade of $691M. Between 2022 and 2023 the exports of Iron Ingots decreased by -72%, from $2.46B to $691M. Trade in Iron Ingots represent 0.0031% of total world trade.

Iron Ingots are a part of Iron & steel. They include Iron/Non-Alloy Steel Ingots (<99.94% Iron) and Primary Iron/Non-Alloy Steel (NES, <99.94% Iron).

Exports In 2023 the top exporters of Iron Ingots  were India ($254M), China ($65.3M), Italy ($48.7M), Iran ($41.4M), and Belgium ($27.6M).

Imports In 2023 the top importers of Iron Ingots were Italy ($238M), Jordan ($67.8M), Spain ($41.3M), Guatemala ($29.2M), and Germany ($28.8M).

Ranking Iron Ingots ranks 955th in the Product Complexity Index (PCI).

Description Iron and non-alloy steel in ingots or other primary forms are used to make other goods. They can be made from a variety of materials, including iron, chromium, nickel, manganese, molybdenum, tungsten, cobalt, titanium, copper and aluminum.

Latest Trends

Latest Data

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The following visualization shows the latest trends on Iron Ingots. 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 (2023)India$254M
Top Destination (2023)Italy$238M

In 2023 Iron Ingots were the world's 993rd most traded product (out of 1,217).

In 2023, the top exporters of Iron Ingots were India ($254M), China ($65.3M), Italy ($48.7M), Iran ($41.4M), and Belgium ($27.6M).

In 2023, the top importers of Iron Ingots were Italy ($238M), Jordan ($67.8M), Spain ($41.3M), Guatemala ($29.2M), and Germany ($28.8M).

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Exporters of Iron Ingots (2023)
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Importers of Iron Ingots (2023)
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Market Dynamics

Color
Top Origin Growth (2022 -  2023)India$61.1M
Top Destination Growth (2022 -  2023)Italy$48.3M

Between 2022 and 2023, the exports of Iron Ingots grew the fastest in India ($61.1M), Italy ($9.62M), South Africa ($9.5M), Iraq ($7.8M), and Malaysia ($6.02M).

Between 2022 and 2023, the fastest growing importers of Iron Ingots were Italy ($48.3M), Netherlands ($8.43M), Egypt ($6.49M), Democratic Republic of the Congo ($5.77M), and Spain ($4.63M).

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Exporters of Iron Ingots (2022 - 2023)

Importers of Iron Ingots (2022 - 2023)

Market Concentration

Value

This chart shows the evolution of the market concentration of exports of Iron Ingots.

In 2023, market concentration measured using Shannon Entropy, was 3.95. This means that most of the exports of Iron Ingots are explained by 15 countries.

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Value of Exports in Iron Ingots

Net Trade

TOP NET EXPORTER (2023)India$240M
TOP NET IMPORTER (2023)Italy$189M

This map shows which countries export or import more of Iron Ingots. Each country is colored based on the difference in exports and imports of Iron Ingots during 2023.

In 2023, the countries that had a largest trade value in exports than in imports of Iron Ingots were India ($240M), China ($56.4M), Iran ($41.4M), Belgium ($24.2M), and Angola ($23.2M).

In 2023, the countries that had a largest trade value in imports than in exports of Iron Ingots were Italy ($189M), Jordan ($64.5M), Spain ($34.1M), Guatemala ($29.2M), and Latvia ($20.9M).

Net Trade (2023)

Disaggregation

Value

In 2023, the world most traded Iron Ingots, disaggragated by their HS6 level were Primary Iron/Non-Alloy Steel (NES, <99.94% Iron) ($407M) and Iron/Non-Alloy Steel Ingots (<99.94% Iron) ($284M)

HS6 Disaggregation for Iron Ingots (2023)
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Country Comparison

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Ranking

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

Top 10 Exporters Countries of Iron Ingots by percentage of total exports

Potential Exports

Potential Exports

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TOP EXPORT POTENTIALUnited States+ $736k
TOP IMPORT POTENTIALChina+ $2.44M

Iron Ingots’s highest export potential is United States. With an export gap of $736k.  Iron Ingots’s highest import potential is China with an import gap of $2.44M.

See methodology.

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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 (2023)

Related Products

This visualization shows products that are likely to be exported by countries that export Iron Ingots.

Country by Relatedness

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

Relative Relatedness by Country (2023)

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