HS Icon Iron Springs

7320 (Harmonized System 1992 for 4-digit)

World Trade (2018): $7.49B, Rnk 405 / 1225

Top Exporter (2018): $1.67B, Germany

Top Importer (2018): $1.25B, United States

Product Complexity (2018): 1.1, Rnk 141 / 1018

Export Growth (CAGR)(2017 - 2018): 15.2%, Rnk 508 / 1225

Mean Tariff (2018): 8.53%, Rnk 506 / 1259

Share of World Trade (2018): 0.041%, Rnk 405 / 1225

Overview: In 2018, Iron Springs were the world's 405th most traded product, with a total trade of $7.49B. Between 2017 and 2018 the exports of Iron Springs grew by 15.2%, from  $6.5B to $7.49B. Trade in Iron Springs represent 0.041% of total world trade.

Exports: In 2018 the top exporters of Iron Springs  were Germany ($1.67B), United States ($769M), Mexico ($720M), China ($553M), and Japan ($460M).

Imports: In 2018 the top importers of Iron Springs were United States ($1.25B), Germany ($671M), Mexico ($511M), China ($486M), and Poland ($319M).

Tariffs: In 2018 the average tariff for Iron Springs was 8.53%, been the 506 lowest tariff using the HS4 product classification.

The countries with the highest import tariffs for Iron Springs are Bahamas (41.4%), Cambodia (35%), Pakistan (29.1%), Iran (26.6%), and Bangladesh (24.5%). The countries with the lowest tariffs are Mauritius (0%), Hong Kong (0%), Singapore (0%), Switzerland (0%), and Norway (0%).

Ranking: Iron Springs ranks 141st in the Product Complexity Index (PCI).

Exporters and Importers

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Trade By Country

Top Origin (2018): Germany, $1.67B

Top Destination (2018): United States, $1.25B

Iron Springs are the world's 405th most traded product.

In 2018, the top exporters of Iron Springs were Germany ($1.67B), United States ($769M), Mexico ($720M), China ($553M), and Japan ($460M).

In 2018, the top importers of Iron Springs were United States ($1.25B), Germany ($671M), Mexico ($511M), China ($486M), and Poland ($319M).

Market Dynamics

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Trade by country

Value

Top Origin Growth (2017 -  2018): Germany, $265M

Top Destination Growth (2017 - 2018): Canada, $212M

Between 2017 and 2018, the exports of Iron Springs grew the fastest in Germany ($265M), United States ($136M), Mexico ($65.1M), China ($61.9M), and Belgium-Luxembourg ($55.7M).

Between 2017 and 2018, the fastest growing importers of Iron Springs were Canada ($212M), United States ($155M), Poland ($84.1M), Germany ($69.4M), and France ($41.4M).

Market Concentration

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Cumulative market share

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

In 2018,  market concentration measured using Shannon Entropy, was 4.37. This means that most of the exports of Iron Springs are explained by 20 countries.

TOP NET EXPORTER (2018): Germany, $995M

TOP NET IMPORTER (2018): United States, $485M

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

In 2018, the countries that had a largest trade value in exports than imports of Iron Springs were Germany ($995M), Japan ($348M), Mexico ($209M), Switzerland ($73.3M), and Spain ($68.7M).

In 2018, the countries that had a largest trade value in imports than exports of Iron Springs were United States ($485M), Poland ($146M), United Kingdom ($99.3M), Russia ($95.4M), and Hungary ($86.2M).

Trade Forecasts

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This section shows forecasts for total trade for Iron Springs. 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 Springs was 8.53%.  The countries with the highest tariffs for importing Iron Springs were Bahamas (41.4%), Cambodia (35%), Pakistan (29.1%), Iran (26.6%), and Bangladesh (24.5%).

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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.