HS Icon Electric Furnaces

8514 (Harmonized System 1992 for 4-digit)

World Trade (2018): $5.37B, Rnk 478 / 1225

Top Exporter (2018): $883M, Germany

Top Importer (2018): $859M, China

Product Complexity (2018): 1.55, Rnk 41 / 1018

Export Growth (CAGR)(2017 - 2018): 17.6%, Rnk 405 / 1225

Mean Tariff (2018): 4.62%, Rnk 888 / 1259

Share of World Trade (2018): 0.029%, Rnk 478 / 1225

Overview:  This page contains the latest trade data of Electric Furnaces. In 2018, Electric Furnaces were the world's 478th most traded product, with a total trade of $5.37B. Between 2017 and 2018 the exports of Electric Furnaces grew by 17.6%, from  $4.57B to $5.37B. Trade in Electric Furnaces represent 0.029% of total world trade.

Exports: In 2018 the top exporters of Electric Furnaces  were Germany ($883M), China ($717M), United States ($587M), Japan ($560M), and Italy ($524M).

Imports: In 2018 the top importers of Electric Furnaces were China ($859M), United States ($511M), Germany ($240M), Mexico ($209M), and South Korea ($184M).

Tariffs: In 2018 the average tariff for Electric Furnaces was 4.62%, been the 888 lowest tariff using the HS4 product classification.

The countries with the highest import tariffs for Electric Furnaces are Bahamas (40.2%), Hungary (25%), Bermuda (25%), Iran (19.8%), and Maldives (19.6%). The countries with the lowest tariffs are Angola (0%), Kenya (0%), Mauritius (0%), Rwanda (0%), and Tanzania (0%).

Ranking: Electric Furnaces ranks 41st in the Product Complexity Index (PCI).

Exporters and Importers

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Trade By Country

Top Origin (2018): Germany, $883M

Top Destination (2018): China, $859M

Electric Furnaces are the world's 478th most traded product.

In 2018, the top exporters of Electric Furnaces were Germany ($883M), China ($717M), United States ($587M), Japan ($560M), and Italy ($524M).

In 2018, the top importers of Electric Furnaces were China ($859M), United States ($511M), Germany ($240M), Mexico ($209M), and South Korea ($184M).

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Market Dynamics

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Trade by country

Value

Top Origin Growth (2017 -  2018): China, $134M

Top Destination Growth (2017 - 2018): Vietnam, $80.2M

Between 2017 and 2018, the exports of Electric Furnaces grew the fastest in China ($134M), Italy ($128M), Japan ($125M), Germany ($49.7M), and South Korea ($44.5M).

Between 2017 and 2018, the fastest growing importers of Electric Furnaces were Vietnam ($80.2M), Japan ($62.3M), Germany ($57.9M), Chinese Taipei ($57.5M), and China ($53.8M).

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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 Electric Furnaces.

In 2018,  market concentration measured using Shannon Entropy, was 4.21. This means that most of the exports of Electric Furnaces are explained by 18 countries.

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TOP NET EXPORTER (2018): Germany, $644M

TOP NET IMPORTER (2018): Mexico, $174M

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

In 2018, the countries that had a largest trade value in exports than in imports of Electric Furnaces were Germany ($644M), Italy ($402M), Japan ($381M), United States ($75.3M), and United Kingdom ($62.2M).

In 2018, the countries that had a largest trade value in imports than in exports of Electric Furnaces were Mexico ($174M), Vietnam ($164M), China ($142M), Russia ($136M), and Indonesia ($107M).

Trade Forecasts

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This section shows forecasts for total trade for Electric Furnaces. 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 Electric Furnaces was 4.62%.  The countries with the highest tariffs for importing Electric Furnaces were Bahamas (40.2%), Hungary (25%), Bermuda (25%), Iran (19.8%), and Maldives (19.6%).

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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.