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; bituminous substances; mineral.... 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.
The countries with the highest import tariffs for Refined Petroleum are Austria (38.6%), Bermuda (25%), Uzbekistan (24.7%), Poland (21.9%), and Nepal (21.5%). The countries with the lowest tariffs are Mauritius (0%), Hong Kong (0%), Singapore (0%), Switzerland (0%), and Norway (0%).
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.