HS Icon Iron & steel

Iron and steel

72 (Harmonized System 1992 for 2-digit)

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).

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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.

* Using January 2020 exchange rates when trade data is reported in local currency.

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Historical Data

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Exporters and Importers

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Trade By Country

Top Origin (2021): China, $61B

Top Destination (2021): China, $41.9B

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).

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Market Dynamics

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Trade by country

Color

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).

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Market Concentration

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Cumulative market share

Value

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.

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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).

Disaggregation

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Value
Disaggregation

In 2021, the world most traded Iron & steel, disaggragated by their HS6 level were Iron & steel ($550B)

Country Comparison

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Flow
Measure
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.

Product Complexity

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Diversification Frontier

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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.