Iron Reductions7203 (Harmonized System 1992 for 4-digit)
2020 World Trade: $4.02B, Rnk 542 / 1217
2020 Top Exporter | Top Importer: $944M | $1.32B, Saudi Arabia | Russia
2020 Product Complexity: -0.62, Rnk 732 / 1028
2019 - 2020 Export Growth (CAGR): -8.08%, Rnk 649 / 1217
2018 Mean Tariff: 3%, Rnk 1154 / 1259
2020 Share of World Trade: 0.024%, Rnk 542 / 1217
Overview This page contains the latest trade data of Iron Reductions. In 2020, Iron Reductions were the world's 542nd most traded product, with a total trade of $4.02B. Between 2019 and 2020 the exports of Iron Reductions decreased by -8.08%, from $4.37B to $4.02B. Trade in Iron Reductions represent 0.024% of total world trade.
Iron Reductions are a part of Iron and steel. They include Ferrous products from direct reduction of iron oreand Spongy iron lumps, pellets, etc > 99.94% pure.
Exports In 2020 the top exporters of Iron Reductions were Russia ($944M), Oman ($849M), Trinidad and Tobago ($417M), Sweden ($349M), and Venezuela ($276M).
Imports In 2020 the top importers of Iron Reductions were Saudi Arabia ($1.32B), China ($802M), United States ($410M), Italy ($213M), and Bangladesh ($114M).
Tariffs In 2018 the average tariff for Iron Reductions was 3%, making it the 1154th lowest tariff using the HS4 product classification.
The countries with the highest import tariffs for Iron Reductions are Bahamas (40.2%), Bermuda (25%), Cayman Islands (22%), and Bhutan (19.6%). The countries with the lowest tariffs are Angola (0%), Egypt (0%), Kenya (0%), Mauritius (0%), and Rwanda (0%).
Ranking Iron Reductions ranks 732nd in the Product Complexity Index (PCI).
Description Ferrous products obtained by direct reduction of iron ore and other spongy ferrous products, in lumps, pellets or similar forms are used to make steel. Iron having a minimum purity by weight of 99.94% is used to make stainless steel.
The following visualization shows the latest trends on Iron Reductions. 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.
Trade By Country
Top Origin (2020): Russia, $944M
Top Destination (2020): Saudi Arabia, $1.32B
Iron Reductions are the world's 542nd most traded product.
In 2020, the top exporters of Iron Reductions were Russia ($944M), Oman ($849M), Trinidad and Tobago ($417M), Sweden ($349M), and Venezuela ($276M).
In 2020, the top importers of Iron Reductions were Saudi Arabia ($1.32B), China ($802M), United States ($410M), Italy ($213M), and Bangladesh ($114M).
Trade by country
Between 2019 and 2020, the exports of Iron Reductions grew the fastest in Oman ($127M), Venezuela ($115M), United Arab Emirates ($43.4M), Sweden ($26.5M), and Malaysia ($17.1M).
Between 2019 and 2020, the fastest growing importers of Iron Reductions were China ($394M), Belgium ($40.5M), Oman ($34.4M), Uzbekistan ($24.4M), and Pakistan ($10.4M).
Cumulative market share
This chart shows the evolution of the market concentration of exports of Iron Reductions.
In 2020, market concentration measured using Shannon Entropy, was 3.45. This means that most of the exports of Iron Reductions are explained by 10 countries.
TOP NET EXPORTER (2020): Russia, $944M
TOP NET IMPORTER (2020): Saudi Arabia, $1.32B
This map shows which countries export or import more of Iron Reductions. Each country is colored based on the difference in exports and imports of Iron Reductions during 2020.
In 2020, the countries that had a largest trade value in exports than in imports of Iron Reductions were Russia ($944M), Oman ($795M), Trinidad and Tobago ($417M), Sweden ($345M), and Venezuela ($276M).
In 2020, the countries that had a largest trade value in imports than in exports of Iron Reductions were Saudi Arabia ($1.32B), China ($794M), Italy ($207M), United States ($172M), and Germany ($102M).
In 2019, the world most traded Iron Reductions, disaggragated by their HS6 level were Ferrous products from direct reduction of... ($3.62B)and Spongy iron lumps, pellets, etc >... ($394M)
This visualization shows the countries that have an important ratio of their trade related to Iron Reductions. It is possible to select the main countries that export or import Iron Reductions in the world, or by continent, as well as select the measure of interest.
In 2018, the average tariff for importing Iron Reductions was 3%. The countries with the highest tariffs for importing Iron Reductions were Bahamas (40.2%), Bermuda (25%), Cayman Islands (22%), and Bhutan (19.6%).
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.
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