HS Icon Pig Iron

7201 (Harmonized System 1992 for 4-digit)

World Trade (2018): $5.52B, Rnk 474 / 1225

Top Exporter (2018): $2.31B, Russia

Top Importer (2018): $2.23B, United States

Product Complexity (2018): -0.84, Rnk 781 / 1018

Export Growth (CAGR)(2017 - 2018): 23.3%, Rnk 256 / 1225

Mean Tariff (2018): 2.23%, Rnk 1210 / 1259

Share of World Trade (2018): 0.03%, Rnk 474 / 1225

Overview: In 2018, Pig Iron were the world's 474th most traded product, with a total trade of $5.52B. Between 2017 and 2018 the exports of Pig Iron grew by 23.3%, from  $4.48B to $5.52B. Trade in Pig Iron represent 0.03% of total world trade.

Exports: In 2018 the top exporters of Pig Iron  were Russia ($2.31B), Ukraine ($1.22B), Brazil ($774M), South Africa ($245M), and India ($135M).

Imports: In 2018 the top importers of Pig Iron were United States ($2.23B), Italy ($560M), Turkey ($319M), Germany ($213M), and Netherlands ($207M).

Tariffs: In 2018 the average tariff for Pig Iron was 2.23%, been the 1210 lowest tariff using the HS4 product classification.

The countries with the highest import tariffs for Pig Iron are Bahamas (40.2%), Bermuda (25%), Ecuador (12.8%), Algeria (12.4%), and Aruba (12%). The countries with the lowest tariffs are Angola (0%), Kenya (0%), Mauritius (0%), Rwanda (0%), and Tanzania (0%).

Ranking: Pig Iron ranks 781st in the Product Complexity Index (PCI).

Exporters and Importers

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Trade By Country

Top Origin (2018): Russia, $2.31B

Top Destination (2018): United States, $2.23B

Pig Iron are the world's 474th most traded product.

In 2018, the top exporters of Pig Iron were Russia ($2.31B), Ukraine ($1.22B), Brazil ($774M), South Africa ($245M), and India ($135M).

In 2018, the top importers of Pig Iron were United States ($2.23B), Italy ($560M), Turkey ($319M), Germany ($213M), and Netherlands ($207M).

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Market Dynamics

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Trade by country

Value

Top Origin Growth (2017 -  2018): Russia, $559M

Top Destination Growth (2017 - 2018): United States, $377M

Between 2017 and 2018, the exports of Pig Iron grew the fastest in Russia ($559M), Ukraine ($437M), South Africa ($63.4M), Saudi Arabia ($39M), and Belgium-Luxembourg ($28.2M).

Between 2017 and 2018, the fastest growing importers of Pig Iron were United States ($377M), Hong Kong ($181M), Russia ($120M), Germany ($51.8M), and Indonesia ($43.9M).

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Market Concentration

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Cumulative market share

This chart shows the evolution of the market concentration of exports of Pig Iron.

In 2018,  market concentration measured using Shannon Entropy, was 2.83. This means that most of the exports of Pig Iron are explained by 7 countries.

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TOP NET EXPORTER (2018): Russia, $2.17B

TOP NET IMPORTER (2018): United States, $2.22B

This map shows which countries export or import more of Pig Iron. Each country is colored based on the difference in exports and imports of Pig Iron during 2018.

In 2018, the countries that had a largest trade value in exports than in imports of Pig Iron were Russia ($2.17B), Ukraine ($1.22B), Brazil ($773M), South Africa ($243M), and India ($104M).

In 2018, the countries that had a largest trade value in imports than in exports of Pig Iron were United States ($2.22B), Italy ($519M), Turkey ($318M), Hong Kong ($181M), and Mexico ($137M).

Trade Forecasts

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This section shows forecasts for total trade for Pig Iron. The forecast is based in a long short-term memory model or LSTM constructed using yearly trade data.

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Import Tariffs

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In 2018, the average tariff for importing Pig Iron was 2.23%.  The countries with the highest tariffs for importing Pig Iron were Bahamas (40.2%), Bermuda (25%), Ecuador (12.8%), Algeria (12.4%), and Aruba (12%).

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Product Complexity

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Diversification Frontier

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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.