HS Icon Iron Reductions

7203 (Harmonized System 1992 for 4-digit)

World Trade (2018): $4.1B, Rnk 561 / 1225

Top Exporter (2018): $1.06B, Russia

Top Importer (2018): $737M, Saudi Arabia

Product Complexity (2018): -1.29, Rnk 897 / 1018

Export Growth (CAGR)(2017 - 2018): 72.1%, Rnk 30 / 1225

Mean Tariff (2018): 3%, Rnk 1139 / 1259

Share of World Trade (2018): 0.022%, Rnk 561 / 1225

Overview: In 2018, Iron Reductions were the world's 561st most traded product, with a total trade of $4.1B. Between 2017 and 2018 the exports of Iron Reductions grew by 72.1%, from  $2.38B to $4.1B. Trade in Iron Reductions represent 0.022% of total world trade.

Exports: In 2018 the top exporters of Iron Reductions  were Russia ($1.06B), Trinidad and Tobago ($558M), Oman ($421M), Bahrain ($311M), and United States ($310M).

Imports: In 2018 the top importers of Iron Reductions were Saudi Arabia ($737M), United States ($592M), Italy ($538M), Oman ($421M), and Spain ($198M).

Tariffs: In 2018 the average tariff for Iron Reductions was 3%, been the 1139 lowest tariff using the HS4 product classification.

The countries with the highest import tariffs for Iron Reductions are Bahamas (40.2%), Bermuda (25%), Panama (15%), Algeria (12.2%), and Aruba (12%). The countries with the lowest tariffs are Angola (0%), Egypt (0%), Kenya (0%), Mauritius (0%), and Rwanda (0%).

Ranking: Iron Reductions ranks 897th in the Product Complexity Index (PCI).

Exporters and Importers

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Trade By Country

Top Origin (2018): Russia, $1.06B

Top Destination (2018): Saudi Arabia, $737M

Iron Reductions are the world's 561st most traded product.

In 2018, the top exporters of Iron Reductions were Russia ($1.06B), Trinidad and Tobago ($558M), Oman ($421M), Bahrain ($311M), and United States ($310M).

In 2018, the top importers of Iron Reductions were Saudi Arabia ($737M), United States ($592M), Italy ($538M), Oman ($421M), and Spain ($198M).

Market Dynamics

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Trade by country

Value

Top Origin Growth (2017 -  2018): Oman, $419M

Top Destination Growth (2017 - 2018): Saudi Arabia, $722M

Between 2017 and 2018, the exports of Iron Reductions grew the fastest in Oman ($419M), Bahrain ($301M), Russia ($277M), United States ($224M), and Czechia ($111M).

Between 2017 and 2018, the fastest growing importers of Iron Reductions were Saudi Arabia ($722M), Italy ($276M), Oman ($230M), Mexico ($75.1M), and Spain ($71M).

Market Concentration

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Cumulative market share

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

In 2018,  market concentration measured using Shannon Entropy, was 3.61. This means that most of the exports of Iron Reductions are explained by 12 countries.

TOP NET EXPORTER (2018): Russia, $1.06B

TOP NET IMPORTER (2018): Saudi Arabia, $737M

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

In 2018, the countries that had a largest trade value in exports than imports of Iron Reductions were Russia ($1.06B), Trinidad and Tobago ($558M), Bahrain ($311M), Malaysia ($231M), and India ($209M).

In 2018, the countries that had a largest trade value in imports than exports of Iron Reductions were Saudi Arabia ($737M), Italy ($523M), United States ($282M), Spain ($193M), and Bangladesh ($166M).

Trade Forecasts

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This section shows forecasts for total trade for Iron Reductions. 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 Iron Reductions was 3%.  The countries with the highest tariffs for importing Iron Reductions were Bahamas (40.2%), Bermuda (25%), Panama (15%), Algeria (12.2%), 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.