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Petroleum oils, oils from bituminous minerals, crude

270900 (Harmonized System 1992 for 6-digit)

2023
World Trade $1.28TRnk 1 / 4644
2023
Top Exporter | Top Importer $181B | $319BSaudi Arabia | China
2023
Product Complexity -2.32Rnk 4600 / 4656
2022 - 2023
Export Growth (CAGR) -18.7%Rnk 3581 / 4644
2023
Share of World Trade 5.66%Rnk 1 / 4644

About

Overview This page contains the latest trade data of Petroleum oils, oils from bituminous minerals, crude. In 2023, Petroleum oils, oils from bituminous minerals, crude were the world's 1st most traded product, with a total trade of $1.28T. Between 2022 and 2023 the exports of Petroleum oils, oils from bituminous minerals, crude decreased by -18.7%, from $1.57T to $1.28T. Trade in Petroleum oils, oils from bituminous minerals, crude represent 5.66% of total world trade.

Petroleum oils, oils from bituminous minerals, crude are a part of Crude Petroleum.

Exports In 2023 the top exporters of Petroleum oils, oils from bituminous minerals, crude  were Saudi Arabia ($181B), United States ($125B), Russia ($122B), Canada ($107B), and United Arab Emirates ($99B).

Imports In 2023 the top importers of Petroleum oils, oils from bituminous minerals, crude were China ($319B), United States ($170B), India ($140B), Japan ($80.4B), and Netherlands ($54.2B).

Ranking Petroleum oils, oils from bituminous minerals, crude ranks 4600th in the Product Complexity Index (PCI).

Description Petroleum oils are used to create plastics, make machinery work, make cosmetics, etc. Oils from bituminous minerals are used in making paint, making building materials, etc. Crude is used for making gasoline, fuel, making plastics, etc.

Latest Trends

Latest Data

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The following visualization shows the latest trends on Petroleum oils, oils from bituminous minerals, crude. 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)Saudi Arabia$181B
Top Destination (2023)China$319B

In 2023 Petroleum oils, oils from bituminous minerals, crude were the world's 1st most traded product (out of 4,644).

In 2023, the top exporters of Petroleum oils, oils from bituminous minerals, crude were Saudi Arabia ($181B), United States ($125B), Russia ($122B), Canada ($107B), and United Arab Emirates ($99B).

In 2023, the top importers of Petroleum oils, oils from bituminous minerals, crude were China ($319B), United States ($170B), India ($140B), Japan ($80.4B), and Netherlands ($54.2B).

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Exporters of Petroleum oils, oils from bituminous minerals, crude (2023)
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Importers of Petroleum oils, oils from bituminous minerals, crude (2023)
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Market Dynamics

Color
Top Origin Growth (2022 -  2023)Netherlands$11.9B
Top Destination Growth (2022 -  2023)Belgium$11.7B

Between 2022 and 2023, the exports of Petroleum oils, oils from bituminous minerals, crude grew the fastest in Netherlands ($11.9B), Malaysia ($5.04B), United States ($4.45B), Venezuela ($3.47B), and Argentina ($706M).

Between 2022 and 2023, the fastest growing importers of Petroleum oils, oils from bituminous minerals, crude were Belgium ($11.7B), Malaysia ($2B), Oman ($1.57B), Austria ($750M), and Azerbaijan ($670M).

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Exporters of Petroleum oils, oils from bituminous minerals, crude (2022 - 2023)

Importers of Petroleum oils, oils from bituminous minerals, crude (2022 - 2023)

Market Concentration

Value

This chart shows the evolution of the market concentration of exports of Petroleum oils, oils from bituminous minerals, crude.

In 2023, market concentration measured using Shannon Entropy, was 4.43. This means that most of the exports of Petroleum oils, oils from bituminous minerals, crude are explained by 21 countries.

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Value of Exports in Petroleum oils, oils from bituminous minerals, crude

Net Trade

TOP NET EXPORTER (2023)Saudi Arabia$181B
TOP NET IMPORTER (2023)China$319B

This map shows which countries export or import more of Petroleum oils, oils from bituminous minerals, crude. Each country is colored based on the difference in exports and imports of Petroleum oils, oils from bituminous minerals, crude during 2023.

In 2023, the countries that had a largest trade value in exports than in imports of Petroleum oils, oils from bituminous minerals, crude were Saudi Arabia ($181B), Russia ($122B), United Arab Emirates ($96.2B), Iraq ($92.4B), and Canada ($90.9B).

In 2023, the countries that had a largest trade value in imports than in exports of Petroleum oils, oils from bituminous minerals, crude were China ($319B), India ($140B), Japan ($80.4B), United States ($45.1B), and Italy ($35.9B).

Net Trade (2023)

Country Comparison

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This visualization shows the countries that have an important ratio of their trade related to Petroleum oils, oils from bituminous minerals, crude.
It is possible to select the main countries that export or import Petroleum oils, oils from bituminous minerals, crude in the world, or by continent, as well as select the measure of interest.

Top 10 Exporters Countries of Petroleum oils, oils from bituminous minerals, crude by percentage of total exports

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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