HS Icon Hand Tools

8203 (Harmonized System 1992 for 4-digit)

World Trade (2018): $2.27B, Rnk 703 / 1225

Top Exporter (2018): $802M, China

Top Importer (2018): $450M, United States

Product Complexity (2018): 0.63, Rnk 318 / 1018

Export Growth (CAGR)(2017 - 2018): 4.35%, Rnk 987 / 1225

Mean Tariff (2018): 9.22%, Rnk 464 / 1259

Share of World Trade (2018): 0.012%, Rnk 703 / 1225

Overview: In 2018, Hand Tools were the world's 703rd most traded product, with a total trade of $2.27B. Between 2017 and 2018 the exports of Hand Tools grew by 4.35%, from  $2.18B to $2.27B. Trade in Hand Tools represent 0.012% of total world trade.

Exports: In 2018 the top exporters of Hand Tools  were China ($802M), Germany ($389M), Chinese Taipei ($171M), United States ($117M), and Switzerland ($74.3M).

Imports: In 2018 the top importers of Hand Tools were United States ($450M), Germany ($166M), France ($104M), Netherlands ($85.1M), and United Kingdom ($82.5M).

Tariffs: In 2018 the average tariff for Hand Tools was 9.22%, been the 464 lowest tariff using the HS4 product classification.

The countries with the highest import tariffs for Hand Tools are Iran (35%), Uzbekistan (28.3%), Algeria (26.6%), Bermuda (25%), and Bahamas (22.3%). The countries with the lowest tariffs are Mauritius (0%), Hong Kong (0%), Japan (0%), Sri Lanka (0%), and Singapore (0%).

Ranking: Hand Tools ranks 318th in the Product Complexity Index (PCI).

Exporters and Importers

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Trade By Country

Top Origin (2018): China, $802M

Top Destination (2018): United States, $450M

Hand Tools are the world's 703rd most traded product.

In 2018, the top exporters of Hand Tools were China ($802M), Germany ($389M), Chinese Taipei ($171M), United States ($117M), and Switzerland ($74.3M).

In 2018, the top importers of Hand Tools were United States ($450M), Germany ($166M), France ($104M), Netherlands ($85.1M), and United Kingdom ($82.5M).

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Market Dynamics

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Trade by country

Value

Top Origin Growth (2017 -  2018): Germany, $62.2M

Top Destination Growth (2017 - 2018): United States, $62.2M

Between 2017 and 2018, the exports of Hand Tools grew the fastest in Germany ($62.2M), China ($51.7M), Belgium-Luxembourg ($22.7M), Netherlands ($16.7M), and Spain ($8.01M).

Between 2017 and 2018, the fastest growing importers of Hand Tools were United States ($62.2M), Poland ($11.4M), Costa Rica ($10.8M), Netherlands ($10.4M), and India ($8.99M).

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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 Hand Tools.

In 2018,  market concentration measured using Shannon Entropy, was 3.67. This means that most of the exports of Hand Tools are explained by 12 countries.

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TOP NET EXPORTER (2018): China, $770M

TOP NET IMPORTER (2018): United States, $332M

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

In 2018, the countries that had a largest trade value in exports than in imports of Hand Tools were China ($770M), Germany ($223M), Chinese Taipei ($148M), Switzerland ($44.6M), and India ($44.4M).

In 2018, the countries that had a largest trade value in imports than in exports of Hand Tools were United States ($332M), France ($56M), Russia ($44.6M), United Kingdom ($44.3M), and Australia ($38.7M).

Trade Forecasts

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This section shows forecasts for total trade for Hand Tools. 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 Hand Tools was 9.22%.  The countries with the highest tariffs for importing Hand Tools were Iran (35%), Uzbekistan (28.3%), Algeria (26.6%), Bermuda (25%), and Bahamas (22.3%).

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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.