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291512 (Harmonized System 1992 for 6-digit)

2022
World Trade $430MRnk 3077 / 4648
2022
Top Exporter | Top Importer $167M | $33.1MChina | India
2022
Product Complexity 0.33Rnk 1939 / 4653
2021 - 2022
Export Growth (CAGR) 26.6%Rnk 514 / 4648
2022
Share of World Trade 0.0018%Rnk 3077 / 4648

About

Overview This page contains the latest trade data of Salts of formic acid. In 2022, Salts of formic acid were the world's 3077th most traded product, with a total trade of $430M. Between 2021 and 2022 the exports of Salts of formic acid grew by 26.6%, from $340M to $430M. Trade in Salts of formic acid represent 0.0018% of total world trade.

Salts of formic acid are a part of Saturated Acyclic Monocarboxylic Acids.

Exports In 2022 the top exporters of Salts of formic acid  were China ($167M), Germany ($65M), Sweden ($41.7M), Norway ($23.9M), and Netherlands ($17.4M).

Imports In 2022 the top importers of Salts of formic acid were India ($33.1M), United States ($31.9M), Italy ($29.7M), Norway ($27.4M), and Netherlands ($23.3M).

Ranking Salts of formic acid ranks 1939th in the Product Complexity Index (PCI).

Description Formic acid is mainly used as a preservative in animal feed, as a preservative of fruits and vegetables, and in the production of dyestuffs. Formic acid can also be used in making resins, and in production of dyes.

Latest Trends

Latest Data

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The following visualization shows the latest trends on Salts of formic acid. 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 (2022)China$167M
Top Destination (2022)India$33.1M

In 2022 Salts of formic acid were the world's 3077th most traded product (out of 4,648).

In 2022, the top exporters of Salts of formic acid were China ($167M), Germany ($65M), Sweden ($41.7M), Norway ($23.9M), and Netherlands ($17.4M).

In 2022, the top importers of Salts of formic acid were India ($33.1M), United States ($31.9M), Italy ($29.7M), Norway ($27.4M), and Netherlands ($23.3M).

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Exporters of Salts of formic acid (2022)
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Importers of Salts of formic acid (2022)
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Market Dynamics

Color
Top Origin Growth (2021 -  2022)China$47.6M
Top Destination Growth (2021 -  2022)India$17.6M

Between 2021 and 2022, the exports of Salts of formic acid grew the fastest in China ($47.6M), Germany ($14.4M), United Kingdom ($9.02M), India ($7.93M), and Norway ($5.26M).

Between 2021 and 2022, the fastest growing importers of Salts of formic acid were India ($17.6M), Singapore ($17.1M), Norway ($12.5M), Italy ($11.4M), and Brazil ($7.14M).

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Exporters of Salts of formic acid (2021 - 2022)

Importers of Salts of formic acid (2021 - 2022)

Market Concentration

Value

This chart shows the evolution of the market concentration of exports of Salts of formic acid.

In 2022, market concentration measured using Shannon Entropy, was 3.28. This means that most of the exports of Salts of formic acid are explained by 9 countries.

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Value of Exports in Salts of formic acid

Net Trade

TOP NET EXPORTER (2022)China$165M
TOP NET IMPORTER (2022)Italy$25.9M

This map shows which countries export or import more of Salts of formic acid. Each country is colored based on the difference in exports and imports of Salts of formic acid during 2022.

In 2022, the countries that had a largest trade value in exports than in imports of Salts of formic acid were China ($165M), Germany ($43.8M), Sweden ($34.2M), Turkey ($6.62M), and Canada ($6.16M).

In 2022, the countries that had a largest trade value in imports than in exports of Salts of formic acid were Italy ($25.9M), United States ($22.6M), Brazil ($19.9M), India ($18.4M), and Singapore ($18.2M).

Net Trade (2022)

Country Comparison

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Measure
Ranking

This visualization shows the countries that have an important ratio of their trade related to Salts of formic acid.
It is possible to select the main countries that export or import Salts of formic acid in the world, or by continent, as well as select the measure of interest.

Top 10 Exporters Countries of Salts of formic acid 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 (2022)

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