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Iron and steel

72 (Harmonized System 1992 for 2-digit)

2023
World Trade $477BRnk 10 / 96
2023
Top Exporter | Top Importer $66.2B | $35.2BChina | China
2023
Product Complexity 0.0077Rnk 45 / 96
2022 - 2023
Export Growth (CAGR) -17.2%Rnk 89 / 96
2023
Share of World Trade 2.11%Rnk 10 / 96

About

Overview This page contains the latest trade data of Iron & steel. In 2023, Iron & steel were the world's 10th most traded product, with a total trade of $477B. Between 2022 and 2023 the exports of Iron & steel decreased by -17.2%, from $576B to $477B. Trade in Iron & steel represent 2.11% of total world trade.

Iron & steel are a part of Metals. They include Hot-Rolled Iron, Coated Flat-Rolled Iron, Scrap Iron, Semi-Finished Iron, Ferroalloys, Large Flat-Rolled Stainless Steel, Flat Flat-Rolled Steel, Cold-Rolled Iron, Raw Iron Bars, and Iron Blocks, among others.

Exports In 2023 the top exporters of Iron & steel  were China ($66.2B), Germany ($32.6B), Japan ($31.6B), Indonesia ($26.8B), and South Korea ($24.1B).

Imports In 2023 the top importers of Iron & steel were China ($35.2B), United States ($33.1B), Germany ($27.8B), Italy ($25.1B), and Turkey ($24B).

Ranking Iron & steel ranks 45th in the Product Complexity Index (PCI).

Latest Trends

Latest Data

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The following visualization shows the latest trends on Iron & 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.

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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)China$66.2B
Top Destination (2023)China$35.2B

In 2023 Iron & steel were the world's 10th most traded product (out of 96).

In 2023, the top exporters of Iron & steel were China ($66.2B), Germany ($32.6B), Japan ($31.6B), Indonesia ($26.8B), and South Korea ($24.1B).

In 2023, the top importers of Iron & steel were China ($35.2B), United States ($33.1B), Germany ($27.8B), Italy ($25.1B), and Turkey ($24B).

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Exporters of Iron & steel (2023)
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Importers of Iron & steel (2023)
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Market Dynamics

Color
Top Origin Growth (2022 -  2023)Egypt$575M
Top Destination Growth (2022 -  2023)India$1.94B

Between 2022 and 2023, the exports of Iron & steel grew the fastest in Egypt ($575M), Saudi Arabia ($421M), China ($142M), Djibouti ($139M), and Qatar ($98.4M).

Between 2022 and 2023, the fastest growing importers of Iron & steel were India ($1.94B), Ukraine ($345M), Brazil ($313M), Ethiopia ($295M), and Honduras ($201M).

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Exporters of Iron & steel (2022 - 2023)

Importers of Iron & steel (2022 - 2023)

Market Concentration

Value

This chart shows the evolution of the market concentration of exports of Iron & steel.

In 2023, market concentration measured using Shannon Entropy, was 5.16. This means that most of the exports of Iron & steel are explained by 35 countries.

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Value of Exports in Iron & steel

Net Trade

TOP NET EXPORTER (2023)China$31B
TOP NET IMPORTER (2023)Turkey$14.8B

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

In 2023, the countries that had a largest trade value in exports than in imports of Iron & steel were China ($31B), Japan ($23.3B), Indonesia ($15.6B), Russia ($12B), and South Korea ($9.22B).

In 2023, the countries that had a largest trade value in imports than in exports of Iron & steel were Turkey ($14.8B), United States ($12.7B), Mexico ($10.3B), Thailand ($10.2B), and Italy ($8.83B).

Net Trade (2023)

Disaggregation

Value
Disaggregation

In 2023, the world most traded Iron & steel, disaggragated by their HS6 level were Hot-Rolled Iron ($71B), Coated Flat-Rolled Iron ($57.3B), Ferroalloys ($48.9B), Scrap Iron ($46.3B), and Flat Flat-Rolled Steel ($33.8B)

HS6 Disaggregation for Iron & steel (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 & steel.
It is possible to select the main countries that export or import Iron & steel in the world, or by continent, as well as select the measure of interest.

Top 10 Exporters Countries of Iron & steel by percentage of total exports

Potential Exports

Potential Exports

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TOP EXPORT POTENTIALIndia+ $243M
TOP IMPORT POTENTIALChina+ $314M

Iron & steel’s highest export potential is India. With an export gap of $243M.  Iron & steel’s highest import potential is China with an import gap of $314M.

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)

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