Iron & steelIron and steel
72 (Harmonized System 1992 for 2-digit)
2021 World Trade: $550B, Rnk 9 / 96
2021 Top Exporter | Top Importer: $61B | $41.9B, China | China
2021 Product Complexity: 0.12, Rnk 43 / 96
2020 - 2021 Export Growth (CAGR): 63.1%, Rnk 2 / 96
2018 Mean Tariff: 5.03%, Rnk 79 / 96
2021 Share of World Trade: 2.61%, Rnk 9 / 96
Overview This page contains the latest trade data of Iron & steel. In 2021, Iron & steel were the world's 9th most traded product, with a total trade of $550B. Between 2020 and 2021 the exports of Iron & steel grew by 63.1%, from $337B to $550B. Trade in Iron & steel represent 2.61% of total world trade.
Iron & steel are a part of Metals. They include Iron & steel.
Exports In 2021 the top exporters of Iron & steel were China ($61B), Japan ($35B), Germany ($32.8B), Russia ($30.5B), and South Korea ($28B).
Imports In 2021 the top importers of Iron & steel were China ($41.9B), United States ($37.3B), Germany ($34B), Italy ($27.7B), and Turkey ($25.4B).
Tariffs In 2018 the average tariff for Iron & steel was 5.03%, making it the 79th lowest tariff using the HS2 product classification.
Ranking Iron & steel ranks 43rd in the Product Complexity Index (PCI).
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.
* Using January 2020 exchange rates when trade data is reported in local currency.
Trade By Country
Iron & steel are the world's 9th most traded product.
In 2021, the top exporters of Iron & steel were China ($61B), Japan ($35B), Germany ($32.8B), Russia ($30.5B), and South Korea ($28B).
In 2021, the top importers of Iron & steel were China ($41.9B), United States ($37.3B), Germany ($34B), Italy ($27.7B), and Turkey ($25.4B).
Trade by country
Top Origin Growth (2020 - 2021): China, $27.1B
Top Destination Growth (2020 - 2021): United States, $18.6B
Between 2020 and 2021, the exports of Iron & steel grew the fastest in China ($27.1B), Russia ($14.2B), Japan ($11.6B), Germany ($10.7B), and India ($10.2B).
Between 2020 and 2021, the fastest growing importers of Iron & steel were United States ($18.6B), Germany ($13.5B), Italy ($13.3B), Turkey ($11.3B), and Belgium ($8.55B).
Cumulative market share
This chart shows the evolution of the market concentration of exports of Iron & steel.
In 2021, market concentration measured using Shannon Entropy, was 5.26. This means that most of the exports of Iron & steel are explained by 38 countries.
TOP NET EXPORTER (2021): Japan, $26.6B
TOP NET IMPORTER (2021): United States, $18.8B
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 2021.
In 2021, the countries that had a largest trade value in exports than in imports of Iron & steel were Japan ($26.6B), Russia ($24.9B), China ($19.1B), Ukraine ($12.3B), and Indonesia ($10.5B).
In 2021, the countries that had a largest trade value in imports than in exports of Iron & steel were United States ($18.8B), Thailand ($12.6B), Mexico ($12.1B), Italy ($8.59B), and Poland ($7.64B).
In 2021, the world most traded Iron & steel, disaggragated by their HS6 level were Iron & steel ($550B)
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.
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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