Refined Petroleum2710 (Harmonized System 1992 for 4-digit)
2020 World Trade: $451B, Rnk 4 / 1217
2020 Top Exporter | Top Importer: $58.4B | $31B, United States | United States
2020 Product Complexity: -0.95, Rnk 821 / 1028
2019 - 2020 Export Growth (CAGR): -36.6%, Rnk 1183 / 1217
2018 Mean Tariff: 7.54%, Rnk 577 / 1259
2020 Share of World Trade: 2.69%, Rnk 4 / 1217
Overview This page contains the latest trade data of Refined Petroleum. In 2020, Refined Petroleum were the world's 4th most traded product, with a total trade of $451B. Between 2019 and 2020 the exports of Refined Petroleum decreased by -36.6%, from $710B to $451B. Trade in Refined Petroleum represent 2.69% of total world trade.
Refined Petroleum are a part of Mineral fuels, mineral oils and products of their distillation. They include Oils petroleum, bituminous, distillates, except crude.
Exports In 2020 the top exporters of Refined Petroleum were United States ($58.4B), Russia ($48B), Netherlands ($29.7B), Singapore ($27B), and India ($25.3B).
Imports In 2020 the top importers of Refined Petroleum were United States ($31B), Singapore ($30.2B), Netherlands ($23.8B), Mexico ($18.1B), and China ($16.2B).
Tariffs In 2018 the average tariff for Refined Petroleum was 7.54%, making it the 577th lowest tariff using the HS4 product classification.
Ranking Refined Petroleum ranks 821st in the Product Complexity Index (PCI).
Description Petroleum oils and oils obtained from bituminous minerals are used in the production of lubricants, fuels, and other oil-based products. These oils are also used in the production of asphalt, plastics, and other materials.
The following visualization shows the latest trends on Refined Petroleum. 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
Top Origin (2020): United States, $58.4B
Top Destination (2020): United States, $31B
Refined Petroleum are the world's 4th most traded product.
In 2020, the top exporters of Refined Petroleum were United States ($58.4B), Russia ($48B), Netherlands ($29.7B), Singapore ($27B), and India ($25.3B).
In 2020, the top importers of Refined Petroleum were United States ($31B), Singapore ($30.2B), Netherlands ($23.8B), Mexico ($18.1B), and China ($16.2B).
Trade by country
Top Origin Growth (2019 - 2020): Brunei, $1.42B
Top Destination Growth (2019 - 2020): Paraguay, $590M
Between 2019 and 2020, the exports of Refined Petroleum grew the fastest in Brunei ($1.42B), Bahamas ($198M), Republic of the Congo ($175M), Nigeria ($109M), and Namibia ($101M).
Between 2019 and 2020, the fastest growing importers of Refined Petroleum were Paraguay ($590M), Cape Verde ($213M), Liberia ($205M), Ghana ($139M), and Seychelles ($85.1M).
Cumulative market share
This chart shows the evolution of the market concentration of exports of Refined Petroleum.
In 2020, market concentration measured using Shannon Entropy, was 4.98. This means that most of the exports of Refined Petroleum are explained by 31 countries.
This map shows which countries export or import more of Refined Petroleum. Each country is colored based on the difference in exports and imports of Refined Petroleum during 2020.
In 2020, the countries that had a largest trade value in exports than in imports of Refined Petroleum were Russia ($46.7B), United States ($27.4B), India ($19.9B), United Arab Emirates ($12.4B), and South Korea ($10.3B).
In 2020, the countries that had a largest trade value in imports than in exports of Refined Petroleum were Mexico ($16.8B), France ($10.3B), Australia ($9.89B), Hong Kong ($7.38B), and Nigeria ($7.13B).
In 2020, the world most traded Refined Petroleum, disaggragated by their HS6 level were Oils petroleum, bituminous, distillates, except crude ($451B)
This visualization shows the countries that have an important ratio of their trade related to Refined Petroleum. It is possible to select the main countries that export or import Refined Petroleum 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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