HS Icon Iron Structures

7308 (Harmonized System 1992 for 4-digit)

World Trade (2018): $50.1B, Rnk 72 / 1225

Top Exporter (2018): $11.7B, China

Top Importer (2018): $4.63B, United States

Product Complexity (2018): 0.41, Rnk 412 / 1018

Export Growth (CAGR)(2017 - 2018): 22.5%, Rnk 278 / 1225

Mean Tariff (2018): 7.79%, Rnk 559 / 1259

Share of World Trade (2018): 0.27%, Rnk 72 / 1225

Overview: In 2018, Iron Structures were the world's 72nd most traded product, with a total trade of $50.1B. Between 2017 and 2018 the exports of Iron Structures grew by 22.5%, from  $40.9B to $50.1B. Trade in Iron Structures represent 0.27% of total world trade.

Exports: In 2018 the top exporters of Iron Structures  were China ($11.7B), Germany ($5.01B), South Korea ($2.92B), Poland ($2.62B), and Spain ($1.92B).

Imports: In 2018 the top importers of Iron Structures were United States ($4.63B), Germany ($4.32B), France ($2.5B), Japan ($2B), and United Kingdom ($1.91B).

Tariffs: In 2018 the average tariff for Iron Structures was 7.79%, been the 559 lowest tariff using the HS4 product classification.

The countries with the highest import tariffs for Iron Structures are Bahamas (29.3%), Sudan (26.2%), Bangladesh (24.8%), Syria (23.9%), and Sri Lanka (23.8%). The countries with the lowest tariffs are Hong Kong (0%), Japan (0%), Singapore (0%), Turkey (0%), and Switzerland (0%).

Ranking: Iron Structures ranks 412th in the Product Complexity Index (PCI).

Exporters and Importers

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Trade By Country

Top Origin (2018): China, $11.7B

Top Destination (2018): United States, $4.63B

Iron Structures are the world's 72nd most traded product.

In 2018, the top exporters of Iron Structures were China ($11.7B), Germany ($5.01B), South Korea ($2.92B), Poland ($2.62B), and Spain ($1.92B).

In 2018, the top importers of Iron Structures were United States ($4.63B), Germany ($4.32B), France ($2.5B), Japan ($2B), and United Kingdom ($1.91B).

Market Dynamics

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Trade by country

Value

Top Origin Growth (2017 -  2018): China, $2.05B

Top Destination Growth (2017 - 2018): United States, $3.42B

Between 2017 and 2018, the exports of Iron Structures grew the fastest in China ($2.05B), Canada ($902M), Denmark ($727M), Mexico ($703M), and Poland ($687M).

Between 2017 and 2018, the fastest growing importers of Iron Structures were United States ($3.42B), United Arab Emirates ($928M), France ($893M), Germany ($845M), and United Kingdom ($736M).

Market Concentration

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Cumulative market share

This chart shows the evolution of the market concentration of exports of Iron Structures.

In 2018,  market concentration measured using Shannon Entropy, was 4.68. This means that most of the exports of Iron Structures are explained by 25 countries.

TOP NET EXPORTER (2018): China, $11.4B

TOP NET IMPORTER (2018): United States, $3.41B

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

In 2018, the countries that had a largest trade value in exports than imports of Iron Structures were China ($11.4B), South Korea ($2.02B), Poland ($1.84B), Spain ($1.43B), and Italy ($1.26B).

In 2018, the countries that had a largest trade value in imports than exports of Iron Structures were United States ($3.41B), France ($1.81B), Japan ($1.68B), Norway ($1.3B), and United Kingdom ($1.18B).

Trade Forecasts

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This section shows forecasts for total trade for Iron Structures. 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 Iron Structures was 7.79%.  The countries with the highest tariffs for importing Iron Structures were Bahamas (29.3%), Sudan (26.2%), Bangladesh (24.8%), Syria (23.9%), and Sri Lanka (23.8%).

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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.