HS Icon Hot-Rolled Iron

7208 (Harmonized System 1992 for 4-digit)

World Trade (2018): $54.9B, Rnk 62 / 1225

Top Exporter (2018): $8.35B, Japan

Top Importer (2018): $3.83B, Italy

Product Complexity (2018): 0.4, Rnk 414 / 1018

Export Growth (CAGR)(2017 - 2018): 15%, Rnk 521 / 1225

Mean Tariff (2018): 5.03%, Rnk 817 / 1259

Share of World Trade (2018): 0.3%, Rnk 62 / 1225

Overview: In 2018, Hot-Rolled Iron were the world's 62nd most traded product, with a total trade of $54.9B. Between 2017 and 2018 the exports of Hot-Rolled Iron grew by 15%, from  $47.7B to $54.9B. Trade in Hot-Rolled Iron represent 0.3% of total world trade.

Exports: In 2018 the top exporters of Hot-Rolled Iron  were Japan ($8.35B), South Korea ($5.3B), Russia ($3.49B), Belgium-Luxembourg ($3.06B), and Germany ($2.78B).

Imports: In 2018 the top importers of Hot-Rolled Iron were Italy ($3.83B), Germany ($3.72B), United States ($2.67B), Vietnam ($2.62B), and Turkey ($2.28B).

Tariffs: In 2018 the average tariff for Hot-Rolled Iron was 5.03%, been the 817 lowest tariff using the HS4 product classification.

The countries with the highest import tariffs for Hot-Rolled Iron are Bahamas (40.3%), Sudan (35%), Bermuda (25%), Romania (16%), and Pakistan (15.2%). The countries with the lowest tariffs are Angola (0%), Mauritius (0%), Rwanda (0%), Zambia (0%), and Hong Kong (0%).

Ranking: Hot-Rolled Iron ranks 414th in the Product Complexity Index (PCI).

Exporters and Importers

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Trade By Country

Top Origin (2018): Japan, $8.35B

Top Destination (2018): Italy, $3.83B

Hot-Rolled Iron are the world's 62nd most traded product.

In 2018, the top exporters of Hot-Rolled Iron were Japan ($8.35B), South Korea ($5.3B), Russia ($3.49B), Belgium-Luxembourg ($3.06B), and Germany ($2.78B).

In 2018, the top importers of Hot-Rolled Iron were Italy ($3.83B), Germany ($3.72B), United States ($2.67B), Vietnam ($2.62B), and Turkey ($2.28B).

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Market Dynamics

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Trade by country

Value

Top Origin Growth (2017 -  2018): Chinese Taipei, $1.37B

Top Destination Growth (2017 - 2018): United States, $719M

Between 2017 and 2018, the exports of Hot-Rolled Iron grew the fastest in Chinese Taipei ($1.37B), Turkey ($989M), Belgium-Luxembourg ($733M), Japan ($680M), and Ukraine ($577M).

Between 2017 and 2018, the fastest growing importers of Hot-Rolled Iron were United States ($719M), Italy ($539M), Germany ($523M), Vietnam ($479M), and France ($451M).

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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 Hot-Rolled Iron.

In 2018,  market concentration measured using Shannon Entropy, was 4.72. This means that most of the exports of Hot-Rolled Iron are explained by 26 countries.

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TOP NET EXPORTER (2018): Japan, $7.25B

TOP NET IMPORTER (2018): Vietnam, $2.34B

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

In 2018, the countries that had a largest trade value in exports than in imports of Hot-Rolled Iron were Japan ($7.25B), South Korea ($3.18B), Russia ($2.7B), Ukraine ($2.3B), and Chinese Taipei ($2.27B).

In 2018, the countries that had a largest trade value in imports than in exports of Hot-Rolled Iron were Vietnam ($2.34B), Italy ($2.32B), Thailand ($1.74B), Spain ($1.55B), and United States ($1.51B).

Trade Forecasts

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This section shows forecasts for total trade for Hot-Rolled 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 Hot-Rolled Iron was 5.03%.  The countries with the highest tariffs for importing Hot-Rolled Iron were Bahamas (40.3%), Sudan (35%), Bermuda (25%), Romania (16%), and Pakistan (15.2%).

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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.