HS Icon Petroleum oils, oils from bituminous minerals, crude

270900 (Harmonized System 1992 for 6-digit)

Overview This page contains the latest trade data of Petroleum oils, oils from bituminous minerals, crude. In 2020, Petroleum oils, oils from bituminous minerals, crude were the world's 1st most traded product, with a total trade of $640B. Between 2019 and 2020 the exports of Petroleum oils, oils from bituminous minerals, crude decreased by -35.5%, from $992B to $640B. Trade in Petroleum oils, oils from bituminous minerals, crude represent 3.82% of total world trade.

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

Exports In 2020 the top exporters of Petroleum oils, oils from bituminous minerals, crude  were Saudi Arabia ($95.7B), Russia ($74.4B), United States ($52.3B), Canada ($47.2B), and Iraq ($45.2B).

Imports In 2020 the top importers of Petroleum oils, oils from bituminous minerals, crude were China ($150B), United States ($75.1B), India ($59B), South Korea ($42.2B), and Japan ($38.4B).

Tariffs In 2018 the average tariff for Petroleum oils, oils from bituminous minerals, crude was 1.84%, making it the 6301st lowest tariff using the HS6 product classification.

The countries with the highest import tariffs for Petroleum oils, oils from bituminous minerals, crude are Cayman Islands (22%), Bhutan (19.6%), Comoros (18.9%), Sao Tome and Principe (10%), and Anguilla (10%). The countries with the lowest tariffs are Angola (0%), Cote d'Ivoire (0%), Egypt (0%), Ghana (0%), and Guinea (0%).

Ranking Petroleum oils, oils from bituminous minerals, crude ranks 4720th 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.

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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.

* 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): Saudi Arabia, $95.7B

Top Destination (2020): China, $150B

Petroleum oils, oils from bituminous minerals, crude are the world's 1st most traded product.

In 2020, the top exporters of Petroleum oils, oils from bituminous minerals, crude were Saudi Arabia ($95.7B), Russia ($74.4B), United States ($52.3B), Canada ($47.2B), and Iraq ($45.2B).

In 2020, the top importers of Petroleum oils, oils from bituminous minerals, crude were China ($150B), United States ($75.1B), India ($59B), South Korea ($42.2B), and Japan ($38.4B).

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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): Egypt, $785M

Between 2019 and 2020, the exports of Petroleum oils, oils from bituminous minerals, crude grew the fastest in Guyana ($1.17B), Croatia ($683M), Chad ($308M), Italy ($186M), and South Africa ($121M).

Between 2019 and 2020, the fastest growing importers of Petroleum oils, oils from bituminous minerals, crude were Egypt ($785M), Togo ($558M), Brunei ($340M), Gibraltar ($324M), and Tunisia ($296M).

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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 Petroleum oils, oils from bituminous minerals, crude.

In 2020,  market concentration measured using Shannon Entropy, was 4.42. This means that most of the exports of Petroleum oils, oils from bituminous minerals, crude are explained by 21 countries.

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TOP NET EXPORTER (2020): Saudi Arabia, $95.7B

TOP NET IMPORTER (2020): China, $150B

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 2020.

In 2020, the countries that had a largest trade value in exports than in imports of Petroleum oils, oils from bituminous minerals, crude were Saudi Arabia ($95.7B), Russia ($74.4B), Iraq ($45.2B), United Arab Emirates ($40.6B), and Canada ($39.2B).

In 2020, the countries that had a largest trade value in imports than in exports of Petroleum oils, oils from bituminous minerals, crude were China ($150B), India ($59B), South Korea ($41.9B), Japan ($38.4B), and Netherlands ($27.4B).

Disaggregation

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Value

In 2019, the world most traded Petroleum oils, oils from bituminous minerals,..., disaggragated by their HS6 level were Petroleum oils, oils from bituminous minerals,... ($640B)

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.

Import Tariffs

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In 2018, the average tariff for importing Petroleum oils, oils from bituminous minerals, crude was 1.84%. The countries with the highest tariffs for importing Petroleum oils, oils from bituminous minerals, crude were Cayman Islands (22%), Bhutan (19.6%), Comoros (18.9%), Sao Tome and Principe (10%), and Anguilla (10%).

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.