HS Icon Steel Ingots

7224 (Harmonized System 1992 for 4-digit)

World Trade (2018): $4.45B, Rnk 539 / 1225

Top Exporter (2018): $1.17B, Brazil

Top Importer (2018): $1.33B, United States

Product Complexity (2018): 0.66, Rnk 304 / 1018

Export Growth (CAGR)(2017 - 2018): 26.4%, Rnk 212 / 1225

Mean Tariff (2018): 2.96%, Rnk 1143 / 1259

Share of World Trade (2018): 0.024%, Rnk 539 / 1225

Overview:  This page contains the latest trade data of Steel Ingots. In 2018, Steel Ingots were the world's 539th most traded product, with a total trade of $4.45B. Between 2017 and 2018 the exports of Steel Ingots grew by 26.4%, from  $3.52B to $4.45B. Trade in Steel Ingots represent 0.024% of total world trade.

Exports: In 2018 the top exporters of Steel Ingots  were Brazil ($1.17B), Russia ($429M), France ($383M), Italy ($345M), and Austria ($303M).

Imports: In 2018 the top importers of Steel Ingots were United States ($1.33B), Germany ($647M), Belgium-Luxembourg ($257M), Italy ($247M), and France ($184M).

Tariffs: In 2018 the average tariff for Steel Ingots was 2.96%, been the 1143 lowest tariff using the HS4 product classification.

The countries with the highest import tariffs for Steel Ingots are Bahamas (31.2%), Bermuda (25%), Sudan (21.9%), Mauritania (13%), and Algeria (12.2%). The countries with the lowest tariffs are Kenya (0%), Mauritius (0%), Rwanda (0%), Tanzania (0%), and Uganda (0%).

Ranking: Steel Ingots ranks 304th in the Product Complexity Index (PCI).

Exporters and Importers

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Trade By Country

Top Origin (2018): Brazil, $1.17B

Top Destination (2018): United States, $1.33B

Steel Ingots are the world's 539th most traded product.

In 2018, the top exporters of Steel Ingots were Brazil ($1.17B), Russia ($429M), France ($383M), Italy ($345M), and Austria ($303M).

In 2018, the top importers of Steel Ingots were United States ($1.33B), Germany ($647M), Belgium-Luxembourg ($257M), Italy ($247M), and France ($184M).

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Market Dynamics

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Trade by country

Value

Top Origin Growth (2017 -  2018): Brazil, $326M

Top Destination Growth (2017 - 2018): United States, $449M

Between 2017 and 2018, the exports of Steel Ingots grew the fastest in Brazil ($326M), France ($126M), Romania ($69.3M), Italy ($68.4M), and Turkey ($68.4M).

Between 2017 and 2018, the fastest growing importers of Steel Ingots were United States ($449M), Germany ($104M), Canada ($88.8M), Belgium-Luxembourg ($71M), and France ($69.7M).

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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 Steel Ingots.

In 2018,  market concentration measured using Shannon Entropy, was 4.04. This means that most of the exports of Steel Ingots are explained by 16 countries.

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TOP NET EXPORTER (2018): Brazil, $1.15B

TOP NET IMPORTER (2018): United States, $1.26B

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

In 2018, the countries that had a largest trade value in exports than in imports of Steel Ingots were Brazil ($1.15B), Russia ($427M), France ($199M), Austria ($196M), and Japan ($161M).

In 2018, the countries that had a largest trade value in imports than in exports of Steel Ingots were United States ($1.26B), Germany ($436M), Belgium-Luxembourg ($174M), Sweden ($101M), and Spain ($98M).

Trade Forecasts

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This section shows forecasts for total trade for Steel Ingots. 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 Steel Ingots was 2.96%.  The countries with the highest tariffs for importing Steel Ingots were Bahamas (31.2%), Bermuda (25%), Sudan (21.9%), Mauritania (13%), 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.