HS Icon Parts of boring or sinking machinery

843143 (Harmonized System 1992 for 6-digit)

World Trade (2018): $9.21B, Rnk 338 / 4726

Top Exporter (2018): $1.54B, United States

Top Importer (2018): $1.23B, United States

Product Complexity (2018): -0.98, Rnk 3974 / 4873

Export Growth (CAGR)(2017 - 2018): 9.95%, Rnk 2671 / 4726

Mean Tariff (2018): 4.02%, Rnk 4949 / 6538

Share of World Trade (2018): 0.05%, Rnk 338 / 4726

Overview:  This page contains the latest trade data of Parts of boring or sinking machinery. In 2018, Parts of boring or sinking machinery were the world's 338th most traded product, with a total trade of $9.21B. Between 2017 and 2018 the exports of Parts of boring or sinking machinery grew by 9.95%, from  $8.37B to $9.21B. Trade in Parts of boring or sinking machinery represent 0.05% of total world trade.

Exports: In 2018 the top exporters of Parts of boring or sinking machinery  were United States ($1.54B), China ($1.23B), Singapore ($752M), Canada ($572M), and Sweden ($533M).

Imports: In 2018 the top importers of Parts of boring or sinking machinery were United States ($1.23B), Singapore ($549M), United Arab Emirates ($426M), Saudi Arabia ($379M), and Norway ($303M).

Tariffs: In 2018 the average tariff for Parts of boring or sinking machinery was 4.02%, been the 4949 lowest tariff using the HS6 product classification.

The countries with the highest import tariffs for Parts of boring or sinking machinery are Bahamas (40.2%), Bermuda (35%), Maldives (19.6%), Jordan (15.6%), and Cambodia (15%). The countries with the lowest tariffs are Angola (0%), Mauritius (0%), South Africa (0%), Armenia (0%), and Hong Kong (0%).

Ranking: Parts of boring or sinking machinery ranks 3974th in the Product Complexity Index (PCI).

Exporters and Importers

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Trade By Country

Top Origin (2018): United States, $1.54B

Top Destination (2018): United States, $1.23B

Parts of boring or sinking machinery are the world's 338th most traded product.

In 2018, the top exporters of Parts of boring or sinking machinery were United States ($1.54B), China ($1.23B), Singapore ($752M), Canada ($572M), and Sweden ($533M).

In 2018, the top importers of Parts of boring or sinking machinery were United States ($1.23B), Singapore ($549M), United Arab Emirates ($426M), Saudi Arabia ($379M), and Norway ($303M).

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Market Dynamics

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Trade by country

Value

Top Origin Growth (2017 -  2018): China, $271M

Top Destination Growth (2017 - 2018): United States, $278M

Between 2017 and 2018, the exports of Parts of boring or sinking machinery grew the fastest in China ($271M), United Arab Emirates ($222M), Netherlands ($166M), Canada ($131M), and Sweden ($130M).

Between 2017 and 2018, the fastest growing importers of Parts of boring or sinking machinery were United States ($278M), Saudi Arabia ($174M), United Arab Emirates ($122M), Australia ($121M), and United Kingdom ($95.3M).

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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 Parts of boring or sinking machinery.

In 2018,  market concentration measured using Shannon Entropy, was 4.61. This means that most of the exports of Parts of boring or sinking machinery are explained by 24 countries.

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TOP NET EXPORTER (2018): China, $955M

TOP NET IMPORTER (2018): Saudi Arabia, $304M

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

In 2018, the countries that had a largest trade value in exports than in imports of Parts of boring or sinking machinery were China ($955M), Sweden ($442M), Canada ($415M), United States ($308M), and Italy ($208M).

In 2018, the countries that had a largest trade value in imports than in exports of Parts of boring or sinking machinery were Saudi Arabia ($304M), Russia ($242M), Oman ($183M), Australia ($174M), and Iraq ($119M).

Trade Forecasts

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This section shows forecasts for total trade for Parts of boring or sinking machinery. 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 Parts of boring or sinking machinery was 4.02%.  The countries with the highest tariffs for importing Parts of boring or sinking machinery were Bahamas (40.2%), Bermuda (35%), Maldives (19.6%), Jordan (15.6%), and Cambodia (15%).

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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.