HS Icon Scrap Iron

7204 (Harmonized System 1992 for 4-digit)

World Trade (2018): $41.6B, Rnk 90 / 1225

Top Exporter (2018): $5.95B, United States

Top Importer (2018): $6.47B, Turkey

Product Complexity (2018): -0.63, Rnk 731 / 1018

Export Growth (CAGR)(2017 - 2018): 22.1%, Rnk 289 / 1225

Mean Tariff (2018): 2.68%, Rnk 1167 / 1259

Share of World Trade (2018): 0.23%, Rnk 90 / 1225

Overview:  This page contains the latest trade data of Scrap Iron. In 2018, Scrap Iron were the world's 90th most traded product, with a total trade of $41.6B. Between 2017 and 2018 the exports of Scrap Iron grew by 22.1%, from  $34.1B to $41.6B. Trade in Scrap Iron represent 0.23% of total world trade.

Exports: In 2018 the top exporters of Scrap Iron  were United States ($5.95B), Germany ($4.17B), Japan ($3.28B), United Kingdom ($3.26B), and Netherlands ($3.1B).

Imports: In 2018 the top importers of Scrap Iron were Turkey ($6.47B), India ($3.18B), Belgium-Luxembourg ($2.9B), South Korea ($2.55B), and Italy ($2.05B).

Tariffs: In 2018 the average tariff for Scrap Iron was 2.68%, been the 1167 lowest tariff using the HS4 product classification.

The countries with the highest import tariffs for Scrap Iron are Bahamas (40.2%), Bermuda (25%), Sudan (21.9%), Angola (20%), and Algeria (12.4%). The countries with the lowest tariffs are Kenya (0%), Mauritius (0%), Rwanda (0%), Tanzania (0%), and Uganda (0%).

Ranking: Scrap Iron ranks 731st in the Product Complexity Index (PCI).

Exporters and Importers

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Trade By Country

Top Origin (2018): United States, $5.95B

Top Destination (2018): Turkey, $6.47B

Scrap Iron are the world's 90th most traded product.

In 2018, the top exporters of Scrap Iron were United States ($5.95B), Germany ($4.17B), Japan ($3.28B), United Kingdom ($3.26B), and Netherlands ($3.1B).

In 2018, the top importers of Scrap Iron were Turkey ($6.47B), India ($3.18B), Belgium-Luxembourg ($2.9B), South Korea ($2.55B), and Italy ($2.05B).

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Market Dynamics

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Trade by country

Value

Top Origin Growth (2017 -  2018): United States, $1.89B

Top Destination Growth (2017 - 2018): India, $922M

Between 2017 and 2018, the exports of Scrap Iron grew the fastest in United States ($1.89B), Germany ($662M), United Kingdom ($528M), Netherlands ($491M), and Canada ($441M).

Between 2017 and 2018, the fastest growing importers of Scrap Iron were India ($922M), Turkey ($630M), United States ($602M), Italy ($566M), and Chinese Taipei ($547M).

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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 Scrap Iron.

In 2018,  market concentration measured using Shannon Entropy, was 4.92. This means that most of the exports of Scrap Iron are explained by 30 countries.

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TOP NET EXPORTER (2018): United States, $4.09B

TOP NET IMPORTER (2018): Turkey, $6.25B

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

In 2018, the countries that had a largest trade value in exports than in imports of Scrap Iron were United States ($4.09B), Japan ($3.06B), United Kingdom ($2.98B), Germany ($2.27B), and France ($1.83B).

In 2018, the countries that had a largest trade value in imports than in exports of Scrap Iron were Turkey ($6.25B), India ($3.17B), South Korea ($2.24B), Italy ($1.7B), and Belgium-Luxembourg ($1.63B).

Trade Forecasts

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This section shows forecasts for total trade for Scrap 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 Scrap Iron was 2.68%.  The countries with the highest tariffs for importing Scrap Iron were Bahamas (40.2%), Bermuda (25%), Sudan (21.9%), Angola (20%), and Algeria (12.4%).

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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.