HS Icon Raw Iron Bars

7214 (Harmonized System 1992 for 4-digit)

World Trade (2018): $18.2B, Rnk 202 / 1225

Top Exporter (2018): $3.33B, Turkey

Top Importer (2018): $1.28B, Germany

Product Complexity (2018): -1.28, Rnk 892 / 1018

Export Growth (CAGR)(2017 - 2018): 24.8%, Rnk 235 / 1225

Mean Tariff (2018): 7.96%, Rnk 548 / 1259

Share of World Trade (2018): 0.099%, Rnk 202 / 1225

Overview:  This page contains the latest trade data of Raw Iron Bars. In 2018, Raw Iron Bars were the world's 202nd most traded product, with a total trade of $18.2B. Between 2017 and 2018 the exports of Raw Iron Bars grew by 24.8%, from  $14.6B to $18.2B. Trade in Raw Iron Bars represent 0.099% of total world trade.

Exports: In 2018 the top exporters of Raw Iron Bars  were Turkey ($3.33B), Italy ($1.33B), Russia ($1.02B), Germany ($852M), and Ukraine ($835M).

Imports: In 2018 the top importers of Raw Iron Bars were Germany ($1.28B), United States ($908M), Singapore ($640M), United Arab Emirates ($621M), and Canada ($558M).

Tariffs: In 2018 the average tariff for Raw Iron Bars was 7.96%, been the 548 lowest tariff using the HS4 product classification.

The countries with the highest import tariffs for Raw Iron Bars are Bahamas (33.5%), Nepal (27.5%), Bermuda (25%), Kenya (23.6%), and Tanzania (23.6%). The countries with the lowest tariffs are Egypt (0%), Hong Kong (0%), Japan (0%), South Korea (0%), and Singapore (0%).

Ranking: Raw Iron Bars ranks 892nd in the Product Complexity Index (PCI).

Exporters and Importers

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Trade By Country

Top Origin (2018): Turkey, $3.33B

Top Destination (2018): Germany, $1.28B

Raw Iron Bars are the world's 202nd most traded product.

In 2018, the top exporters of Raw Iron Bars were Turkey ($3.33B), Italy ($1.33B), Russia ($1.02B), Germany ($852M), and Ukraine ($835M).

In 2018, the top importers of Raw Iron Bars were Germany ($1.28B), United States ($908M), Singapore ($640M), United Arab Emirates ($621M), and Canada ($558M).

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Market Dynamics

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Trade by country

Value

Top Origin Growth (2017 -  2018): Turkey, $1.04B

Top Destination Growth (2017 - 2018): Germany, $304M

Between 2017 and 2018, the exports of Raw Iron Bars grew the fastest in Turkey ($1.04B), Saudi Arabia ($540M), Qatar ($312M), Oman ($265M), and Russia ($212M).

Between 2017 and 2018, the fastest growing importers of Raw Iron Bars were Germany ($304M), United Arab Emirates ($241M), Poland ($192M), Israel ($181M), and Romania ($139M).

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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 Raw Iron Bars.

In 2018,  market concentration measured using Shannon Entropy, was 5.04. This means that most of the exports of Raw Iron Bars are explained by 32 countries.

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TOP NET EXPORTER (2018): Turkey, $3.27B

TOP NET IMPORTER (2018): United States, $541M

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

In 2018, the countries that had a largest trade value in exports than in imports of Raw Iron Bars were Turkey ($3.27B), Italy ($1.07B), Russia ($912M), Ukraine ($681M), and Oman ($567M).

In 2018, the countries that had a largest trade value in imports than in exports of Raw Iron Bars were United States ($541M), United Arab Emirates ($500M), Singapore ($474M), Hong Kong ($464M), and Israel ($457M).

Trade Forecasts

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This section shows forecasts for total trade for Raw Iron Bars. 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 Raw Iron Bars was 7.96%.  The countries with the highest tariffs for importing Raw Iron Bars were Bahamas (33.5%), Nepal (27.5%), Bermuda (25%), Kenya (23.6%), and Tanzania (23.6%).

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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.