HS Icon Steel Ingots

7224 (Harmonized System 1992 for 4-digit)

Overview This page contains the latest trade data of Steel Ingots. In 2020, Steel Ingots were the world's 651st most traded product, with a total trade of $2.51B. Between 2019 and 2020 the exports of Steel Ingots decreased by -28.3%, from $3.5B to $2.51B. Trade in Steel Ingots represent 0.015% of total world trade.

Steel Ingots are a part of Iron and steel. They include Semi-finished products of alloy steel except stainlesand Ingots, primary forms of alloy steel, except stainles.

Exports In 2020 the top exporters of Steel Ingots  were Brazil ($480M), Germany ($248M), Italy ($205M), France ($195M), and Russia ($194M).

Imports In 2020 the top importers of Steel Ingots were United States ($482M), Germany ($313M), China ($268M), Italy ($179M), and France ($166M).

Tariffs In 2018 the average tariff for Steel Ingots was 2.91%, making it the 1161st lowest tariff using the HS4 product classification.

The countries with the highest import tariffs for Steel Ingots are Bahamas (31.2%), Bermuda (25%), Cayman Islands (22%), and Sudan (21.9%). The countries with the lowest tariffs are Kenya (0%), Mauritius (0%), Rwanda (0%), Tanzania (0%), and Uganda (0%).

Ranking Steel Ingots ranks 342nd in the Product Complexity Index (PCI).

Description Steel is a metal that is used in the production of other goods. It can be made from many different materials, including iron and chromium. Steel can also be made into various shapes, such as wire or bars.

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The following visualization shows the latest trends on Steel Ingots. 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): Brazil, $480M

Top Destination (2020): United States, $482M

Steel Ingots are the world's 651st most traded product.

In 2020, the top exporters of Steel Ingots were Brazil ($480M), Germany ($248M), Italy ($205M), France ($195M), and Russia ($194M).

In 2020, the top importers of Steel Ingots were United States ($482M), Germany ($313M), China ($268M), Italy ($179M), and France ($166M).

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Market Dynamics

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Trade by country

Value

Top Origin Growth (2019 -  2020): Germany, $79.7M

Top Destination Growth (2019 - 2020): China, $180M

Between 2019 and 2020, the exports of Steel Ingots grew the fastest in Germany ($79.7M), Ukraine ($22.2M), India ($21.8M), United Kingdom ($15.5M), and United States ($12.1M).

Between 2019 and 2020, the fastest growing importers of Steel Ingots were China ($180M), France ($46.3M), Turkey ($21.7M), Singapore ($11.2M), and Uruguay ($10.8M).

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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 Steel Ingots.

In 2020,  market concentration measured using Shannon Entropy, was 4.27. This means that most of the exports of Steel Ingots are explained by 19 countries.

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TOP NET EXPORTER (2020): Brazil, $463M

TOP NET IMPORTER (2020): United States, $396M

This map shows which countries export or import more of Steel Ingots. Each country is colored based on the difference in exports and imports of Steel Ingots during 2020.

In 2020, the countries that had a largest trade value in exports than in imports of Steel Ingots were Brazil ($463M), Russia ($186M), Japan ($134M), Austria ($110M), and Ukraine ($75.9M).

In 2020, the countries that had a largest trade value in imports than in exports of Steel Ingots were United States ($396M), China ($216M), Spain ($87.7M), Belgium ($86.9M), and Germany ($65.2M).

Disaggregation

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Value

In 2019, the world most traded Steel Ingots, disaggragated by their HS6 level were Semi-finished products of alloy steel except... ($2.03B)and Ingots, primary forms of alloy steel,... ($489M)

Country Comparison

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This visualization shows the countries that have an important ratio of their trade related to Steel Ingots.
It is possible to select the main countries that export or import Steel Ingots 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 Steel Ingots was 2.91%. The countries with the highest tariffs for importing Steel Ingots were Bahamas (31.2%), Bermuda (25%), Cayman Islands (22%), and Sudan (21.9%).

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.

Country by Relatedness

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The following visualization shows the relatedness of Steel Ingots to countries. Higher relatedness values ​​indicate greater knowledge, which predicts a greater probability of exporting that product in the future.