HS Icon Locomotive Parts

8607 (Harmonized System 1992 for 4-digit)

World Trade (2018): $11.8B, Rnk 290 / 1225

Top Exporter (2018): $2.17B, Germany

Top Importer (2018): $1.61B, Germany

Product Complexity (2018): 1.08, Rnk 148 / 1018

Export Growth (CAGR)(2017 - 2018): 21.2%, Rnk 308 / 1225

Mean Tariff (2018): 4.85%, Rnk 844 / 1259

Share of World Trade (2018): 0.064%, Rnk 290 / 1225

Overview: In 2018, Locomotive Parts were the world's 290th most traded product, with a total trade of $11.8B. Between 2017 and 2018 the exports of Locomotive Parts grew by 21.2%, from  $9.7B to $11.8B. Trade in Locomotive Parts represent 0.064% of total world trade.

Exports: In 2018 the top exporters of Locomotive Parts  were Germany ($2.17B), China ($1.23B), United States ($1.04B), Austria ($724M), and Czechia ($629M).

Imports: In 2018 the top importers of Locomotive Parts were Germany ($1.61B), United States ($1.13B), Mexico ($975M), China ($718M), and United Kingdom ($660M).

Tariffs: In 2018 the average tariff for Locomotive Parts was 4.85%, been the 844 lowest tariff using the HS4 product classification.

The countries with the highest import tariffs for Locomotive Parts are Bahamas (40.2%), Bermuda (25%), Maldives (24.5%), Romania (16.8%), and Panama (15%). The countries with the lowest tariffs are Angola (0%), Ethiopia (0%), Kenya (0%), Mauritius (0%), and Rwanda (0%).

Ranking: Locomotive Parts ranks 148th in the Product Complexity Index (PCI).

Exporters and Importers

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Trade By Country

Top Origin (2018): Germany, $2.17B

Top Destination (2018): Germany, $1.61B

Locomotive Parts are the world's 290th most traded product.

In 2018, the top exporters of Locomotive Parts were Germany ($2.17B), China ($1.23B), United States ($1.04B), Austria ($724M), and Czechia ($629M).

In 2018, the top importers of Locomotive Parts were Germany ($1.61B), United States ($1.13B), Mexico ($975M), China ($718M), and United Kingdom ($660M).

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Market Dynamics

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Trade by country

Value

Top Origin Growth (2017 -  2018): United States, $485M

Top Destination Growth (2017 - 2018): Mexico, $549M

Between 2017 and 2018, the exports of Locomotive Parts grew the fastest in United States ($485M), China ($393M), Germany ($346M), Poland ($220M), and Mexico ($171M).

Between 2017 and 2018, the fastest growing importers of Locomotive Parts were Mexico ($549M), United States ($519M), Poland ($121M), Australia ($114M), and Switzerland ($113M).

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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 Locomotive Parts.

In 2018,  market concentration measured using Shannon Entropy, was 4.36. This means that most of the exports of Locomotive Parts are explained by 20 countries.

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TOP NET EXPORTER (2018): Germany, $556M

TOP NET IMPORTER (2018): Mexico, $733M

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

In 2018, the countries that had a largest trade value in exports than in imports of Locomotive Parts were Germany ($556M), China ($514M), Czechia ($496M), Japan ($356M), and Hungary ($285M).

In 2018, the countries that had a largest trade value in imports than in exports of Locomotive Parts were Mexico ($733M), United Kingdom ($408M), India ($164M), Australia ($155M), and Kazakhstan ($135M).

Trade Forecasts

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This section shows forecasts for total trade for Locomotive Parts. 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 Locomotive Parts was 4.85%.  The countries with the highest tariffs for importing Locomotive Parts were Bahamas (40.2%), Bermuda (25%), Maldives (24.5%), Romania (16.8%), and Panama (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.