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Iron and steel

72 (Harmonized System 1992 for 2-digit)

2022
World Trade $563BRnk 9 / 96
2022
Top Exporter | Top Importer $69.8B | $43.2BChina | United States
2022
Product Complexity 0.17Rnk 43 / 96
2021 - 2022
Export Growth (CAGR) 0.48%Rnk 69 / 96
2022
Share of World Trade 2.38%Rnk 9 / 96

About

Overview This page contains the latest trade data of Iron & steel. In 2022, Iron & steel were the world's 9th most traded product, with a total trade of $563B. Between 2021 and 2022 the exports of Iron & steel grew by 0.48%, from $561B to $563B. Trade in Iron & steel represent 2.38% of total world trade.

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

Exports In 2022 the top exporters of Iron & steel  were China ($69.8B), Germany ($36.9B), Japan ($35.7B), South Korea ($29B), and Indonesia ($28.8B).

Imports In 2022 the top importers of Iron & steel were United States ($43.2B), China ($41.4B), Germany ($36B), Italy ($30.2B), and Turkey ($25.6B).

Ranking Iron & steel ranks 43rd 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 (2022)China$69.8B
Top Destination (2022)United States$43.2B

In 2022 Iron & steel were the world's 9th most traded product (out of 96).

In 2022, the top exporters of Iron & steel were China ($69.8B), Germany ($36.9B), Japan ($35.7B), South Korea ($29B), and Indonesia ($28.8B).

In 2022, the top importers of Iron & steel were United States ($43.2B), China ($41.4B), Germany ($36B), Italy ($30.2B), and Turkey ($25.6B).

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Exporters of Iron & steel (2022)
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Importers of Iron & steel (2022)
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Market Dynamics

Color
Top Origin Growth (2021 -  2022)China$9.32B
Top Destination Growth (2021 -  2022)India$4.51B

Between 2021 and 2022, the exports of Iron & steel grew the fastest in China ($9.32B), Indonesia ($7.62B), Germany ($4.05B), United States ($2.35B), and Belgium ($2.09B).

Between 2021 and 2022, the fastest growing importers of Iron & steel were India ($4.51B), United States ($3.33B), Italy ($2.7B), Germany ($1.95B), and France ($1.68B).

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Exporters of Iron & steel (2021 - 2022)

Importers of Iron & steel (2021 - 2022)

Market Concentration

Value

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

In 2022, market concentration measured using Shannon Entropy, was 5.23. This means that most of the exports of Iron & steel are explained by 37 countries.

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Value of Exports in Iron & steel

Net Trade

TOP NET EXPORTER (2022)China$28.4B
TOP NET IMPORTER (2022)United States$21.9B

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 2022.

In 2022, the countries that had a largest trade value in exports than in imports of Iron & steel were China ($28.4B), Japan ($26.1B), Russia ($17.1B), Indonesia ($17B), and South Korea ($10.5B).

In 2022, the countries that had a largest trade value in imports than in exports of Iron & steel were United States ($21.9B), Thailand ($11.8B), Turkey ($9.86B), Mexico ($9.68B), and Italy ($9.35B).

Net Trade (2022)

Disaggregation

Value
Disaggregation

In 2022, the world most traded Iron & steel, disaggragated by their HS6 level were Hot-Rolled Iron ($77.1B), Coated Flat-Rolled Iron ($69.8B), Ferroalloys ($56.2B), Scrap Iron ($52.5B), and Large Flat-Rolled Stainless Steel ($46.1B)

HS6 Disaggregation for Iron & steel (2022)
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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 (2022)

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