HS Icon Excavation Machinery

8431 (Harmonized System 1992 for 4-digit)

World Trade (2018): $57.3B, Rnk 57 / 1225

Top Exporter (2018): $9.45B, China

Top Importer (2018): $9.49B, United States

Product Complexity (2018): 0.97, Rnk 183 / 1018

Export Growth (CAGR)(2017 - 2018): 12%, Rnk 671 / 1225

Mean Tariff (2018): 4.75%, Rnk 867 / 1259

Share of World Trade (2018): 0.31%, Rnk 57 / 1225

Overview: In 2018, Excavation Machinery were the world's 57th most traded product, with a total trade of $57.3B. Between 2017 and 2018 the exports of Excavation Machinery grew by 12%, from  $51.2B to $57.3B. Trade in Excavation Machinery represent 0.31% of total world trade.

Exports: In 2018 the top exporters of Excavation Machinery  were China ($9.45B), Germany ($5.41B), United States ($4.36B), Italy ($3.65B), and Japan ($2.98B).

Imports: In 2018 the top importers of Excavation Machinery were United States ($9.49B), Germany ($4.49B), China ($2.54B), France ($2.47B), and Japan ($2.07B).

Tariffs: In 2018 the average tariff for Excavation Machinery was 4.75%, been the 867 lowest tariff using the HS4 product classification.

The countries with the highest import tariffs for Excavation Machinery are Bahamas (40.2%), Bermuda (35%), Maldives (19.7%), Jordan (15.6%), and Cambodia (15%). The countries with the lowest tariffs are Angola (0%), Mauritius (0%), Armenia (0%), Hong Kong (0%), and Japan (0%).

Ranking: Excavation Machinery ranks 183rd in the Product Complexity Index (PCI).

Exporters and Importers

#permalink to section

Trade By Country

Top Origin (2018): China, $9.45B

Top Destination (2018): United States, $9.49B

Excavation Machinery are the world's 57th most traded product.

In 2018, the top exporters of Excavation Machinery were China ($9.45B), Germany ($5.41B), United States ($4.36B), Italy ($3.65B), and Japan ($2.98B).

In 2018, the top importers of Excavation Machinery were United States ($9.49B), Germany ($4.49B), China ($2.54B), France ($2.47B), and Japan ($2.07B).

Market Dynamics

#permalink to section

Trade by country

Value

Top Origin Growth (2017 -  2018): China, $1.32B

Top Destination Growth (2017 - 2018): United States, $1.27B

Between 2017 and 2018, the exports of Excavation Machinery grew the fastest in China ($1.32B), United States ($523M), South Korea ($449M), Japan ($402M), and Canada ($354M).

Between 2017 and 2018, the fastest growing importers of Excavation Machinery were United States ($1.27B), Australia ($1.14B), Germany ($576M), China ($447M), and Brazil ($400M).

Market Concentration

#permalink to section

Cumulative market share

This chart shows the evolution of the market concentration of exports of Excavation Machinery.

In 2018,  market concentration measured using Shannon Entropy, was 4.78. This means that most of the exports of Excavation Machinery are explained by 27 countries.

TOP NET EXPORTER (2018): China, $6.91B

TOP NET IMPORTER (2018): United States, $5.14B

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

In 2018, the countries that had a largest trade value in exports than imports of Excavation Machinery were China ($6.91B), Italy ($2.14B), South Korea ($1.85B), Canada ($1.02B), and Germany ($922M).

In 2018, the countries that had a largest trade value in imports than exports of Excavation Machinery were United States ($5.14B), Australia ($1.24B), Russia ($961M), Indonesia ($804M), and Brazil ($598M).

Trade Forecasts

#permalink to section

This section shows forecasts for total trade for Excavation Machinery. The forecast is based in a long short-term memory model or LSTM constructed using yearly trade data.

Explore Forecasts

Import Tariffs

#permalink to section

In 2018, the average tariff for importing Excavation Machinery was 4.75%.  The countries with the highest tariffs for importing Excavation Machinery were Bahamas (40.2%), Bermuda (35%), Maldives (19.7%), Jordan (15.6%), and Cambodia (15%).

Explore Tariff Data

Product Complexity

#permalink to section

Diversification Frontier

#permalink to section
Filter

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.