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HS Icon Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes

27 (Harmonized System 1992 for 2-digit)

2020
World Trade: $1.49T, Rnk 3 / 96

2020
Top Exporter | Top Importer: $161B | $227B, Russia | China

2020
Product Complexity: -2.5, Rnk 96 / 96

2019 - 2020
Export Growth (CAGR): -33.6%, Rnk 93 / 96

2018
Mean Tariff: 3.67%, Rnk 88 / 96

2020
Share of World Trade: 8.88%, Rnk 3 / 96

About

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Overview This page contains the latest trade data of Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes. In 2020, Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes were the world's 3rd most traded product, with a total trade of $1.49T. Between 2019 and 2020 the exports of Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes decreased by -33.6%, from $2.24T to $1.49T. Trade in Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes represent 8.88% of total world trade.

Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes are a part of Mineral Products. They include Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral....

Exports In 2020 the top exporters of Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes  were Russia ($161B), United States ($158B), Saudi Arabia ($109B), United Arab Emirates ($69.9B), and Canada ($68.5B).

Imports In 2020 the top importers of Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes were China ($227B), United States ($119B), India ($102B), Japan ($95.2B), and South Korea ($80.9B).

Tariffs In 2018 the average tariff for Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes was 3.67%, making it the 88th lowest tariff using the HS2 product classification.

The countries with the highest import tariffs for Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes are Austria (25.6%), Bermuda (20.9%), Cayman Islands (19.3%), and Comoros (18.6%). The countries with the lowest tariffs are Mauritius (0%), Hong Kong (0%), Singapore (0%), Switzerland (0%), and Norway (0%).

Ranking Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes ranks 96th in the Product Complexity Index (PCI).

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Latest Data

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The following visualization shows the latest trends on Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes. 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 (2020): Russia, $161B

Top Destination (2020): China, $227B

Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes are the world's 3rd most traded product.

In 2020, the top exporters of Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes were Russia ($161B), United States ($158B), Saudi Arabia ($109B), United Arab Emirates ($69.9B), and Canada ($68.5B).

In 2020, the top importers of Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes were China ($227B), United States ($119B), India ($102B), Japan ($95.2B), and South Korea ($80.9B).

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Market Dynamics

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Trade by country

Value

Top Origin Growth (2019 -  2020): Guyana, $1.17B

Top Destination Growth (2019 - 2020): Paraguay, $598M

Between 2019 and 2020, the exports of Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes grew the fastest in Guyana ($1.17B), Laos ($575M), Chad ($306M), South Africa ($157M), and Bahamas ($152M).

Between 2019 and 2020, the fastest growing importers of Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes were Paraguay ($598M), Brunei ($317M), Uzbekistan ($208M), Liberia ($195M), and Cape Verde ($180M).

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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 Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes.

In 2020,  market concentration measured using Shannon Entropy, was 5.27. This means that most of the exports of Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes are explained by 38 countries.

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Net Trade

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TOP NET EXPORTER (2020): Russia, $159B

TOP NET IMPORTER (2020): China, $196B

This map shows which countries export or import more of Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes. Each country is colored based on the difference in exports and imports of Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes during 2020.

In 2020, the countries that had a largest trade value in exports than in imports of Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes were Russia ($159B), Saudi Arabia ($104B), United Arab Emirates ($57.8B), Australia ($51.2B), and Canada ($49.2B).

In 2020, the countries that had a largest trade value in imports than in exports of Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes were China ($196B), Japan ($87.9B), India ($75B), South Korea ($55B), and Italy ($35.5B).

Disaggregation

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Value
Disaggregation

In 2020, the world most traded Mineral fuels, mineral oils and products..., disaggragated by their HS6 level were Mineral fuels, mineral oils and products... ($1.49T)

Country Comparison

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This visualization shows the countries that have an important ratio of their trade related to Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes.
It is possible to select the main countries that export or import Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes 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.

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