HS Icon Ferrous waste or scrap, nes

720449 (Harmonized System 1992 for 6-digit)

World Trade (2018): $25.4B, Rnk 103 / 4726

Top Exporter (2018): $4.89B, United States

Top Importer (2018): $5.98B, Turkey

Product Complexity (2018): -0.74, Rnk 3689 / 4873

Export Growth (CAGR)(2017 - 2018): 22.7%, Rnk 1194 / 4726

Mean Tariff (2018): 2.59%, Rnk 5932 / 6538

Share of World Trade (2018): 0.14%, Rnk 103 / 4726

Overview: In 2018, Ferrous waste or scrap, nes were the world's 103rd most traded product, with a total trade of $25.4B. Between 2017 and 2018 the exports of Ferrous waste or scrap, nes grew by 22.7%, from  $20.7B to $25.4B. Trade in Ferrous waste or scrap, nes represent 0.14% of total world trade.

Exports: In 2018 the top exporters of Ferrous waste or scrap, nes  were United States ($4.89B), Japan ($2.53B), United Kingdom ($2.27B), Germany ($1.63B), and Netherlands ($1.48B).

Imports: In 2018 the top importers of Ferrous waste or scrap, nes were Turkey ($5.98B), South Korea ($1.71B), India ($1.4B), Vietnam ($1.39B), and Italy ($1.07B).

Tariffs: In 2018 the average tariff for Ferrous waste or scrap, nes was 2.59%, been the 5932 lowest tariff using the HS6 product classification.

The countries with the highest import tariffs for Ferrous waste or scrap, nes are Bahamas (40.2%), Bermuda (25%), Sudan (21.9%), Angola (20%), and Algeria (12.2%). The countries with the lowest tariffs are Egypt (0%), Kenya (0%), Mauritius (0%), Rwanda (0%), and Tanzania (0%).

Ranking: Ferrous waste or scrap, nes ranks 3689th in the Product Complexity Index (PCI).

Exporters and Importers

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Trade By Country

Top Origin (2018): United States, $4.89B

Top Destination (2018): Turkey, $5.98B

Ferrous waste or scrap, nes are the world's 103rd most traded product.

In 2018, the top exporters of Ferrous waste or scrap, nes were United States ($4.89B), Japan ($2.53B), United Kingdom ($2.27B), Germany ($1.63B), and Netherlands ($1.48B).

In 2018, the top importers of Ferrous waste or scrap, nes were Turkey ($5.98B), South Korea ($1.71B), India ($1.4B), Vietnam ($1.39B), and Italy ($1.07B).

Market Dynamics

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Trade by country

Value

Top Origin Growth (2017 -  2018): United States, $1.73B

Top Destination Growth (2017 - 2018): Turkey, $654M

Between 2017 and 2018, the exports of Ferrous waste or scrap, nes grew the fastest in United States ($1.73B), Germany ($453M), United Kingdom ($345M), Netherlands ($290M), and Russia ($231M).

Between 2017 and 2018, the fastest growing importers of Ferrous waste or scrap, nes were Turkey ($654M), Chinese Taipei ($444M), Vietnam ($386M), India ($375M), and Egypt ($276M).

Market Concentration

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Cumulative market share

This chart shows the evolution of the market concentration of exports of Ferrous waste or scrap, nes.

In 2018,  market concentration measured using Shannon Entropy, was 4.68. This means that most of the exports of Ferrous waste or scrap, nes are explained by 25 countries.

TOP NET EXPORTER (2018): United States, $4.23B

TOP NET IMPORTER (2018): Turkey, $5.98B

This map shows which countries export or import more of Ferrous waste or scrap, nes. Each country is colored based on the difference in exports and imports of Ferrous waste or scrap, nes during 2018.

In 2018, the countries that had a largest trade value in exports than imports of Ferrous waste or scrap, nes were United States ($4.23B), Japan ($2.47B), United Kingdom ($2.18B), Russia ($1.3B), and Netherlands ($1.02B).

In 2018, the countries that had a largest trade value in imports than exports of Ferrous waste or scrap, nes were Turkey ($5.98B), South Korea ($1.6B), India ($1.4B), Vietnam ($1.39B), and China ($999M).

Trade Forecasts

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This section shows forecasts for total trade for Ferrous waste or scrap, nes. 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 Ferrous waste or scrap, nes was 2.59%.  The countries with the highest tariffs for importing Ferrous waste or scrap, nes were Bahamas (40.2%), Bermuda (25%), Sudan (21.9%), Angola (20%), and Algeria (12.2%).

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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.