HS Icon Vehicle Parts

8708 (Harmonized System 1992 for 4-digit)

World Trade (2018): $396B, Rnk 6 / 1225

Top Exporter (2018): $68.1B, Germany

Top Importer (2018): $73.6B, United States

Product Complexity (2018): 1.01, Rnk 170 / 1018

Export Growth (CAGR)(2017 - 2018): 8.77%, Rnk 827 / 1225

Mean Tariff (2018): 8.36%, Rnk 518 / 1259

Share of World Trade (2018): 2.16%, Rnk 6 / 1225

Overview: In 2018, Vehicle Parts were the world's 6th most traded product, with a total trade of $396B. Between 2017 and 2018 the exports of Vehicle Parts grew by 8.77%, from  $364B to $396B. Trade in Vehicle Parts represent 2.16% of total world trade.

Exports: In 2018 the top exporters of Vehicle Parts  were Germany ($68.1B), Japan ($36.3B), China ($34.2B), Mexico ($30.1B), and United States ($27B).

Imports: In 2018 the top importers of Vehicle Parts were United States ($73.6B), Germany ($44.1B), China ($28.5B), Mexico ($27.4B), and France ($16.4B).

Tariffs: In 2018 the average tariff for Vehicle Parts was 8.36%, been the 518 lowest tariff using the HS4 product classification.

The countries with the highest import tariffs for Vehicle Parts are Maldives (41.5%), Pakistan (35%), Cape Verde (30%), Sri Lanka (28.1%), and Bermuda (28%). The countries with the lowest tariffs are Ghana (0%), Hong Kong (0%), Japan (0%), Singapore (0%), and Switzerland (0%).

Ranking: Vehicle Parts ranks 170th in the Product Complexity Index (PCI).

Exporters and Importers

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Trade By Country

Top Origin (2018): Germany, $68.1B

Top Destination (2018): United States, $73.6B

Vehicle Parts are the world's 6th most traded product.

In 2018, the top exporters of Vehicle Parts were Germany ($68.1B), Japan ($36.3B), China ($34.2B), Mexico ($30.1B), and United States ($27B).

In 2018, the top importers of Vehicle Parts were United States ($73.6B), Germany ($44.1B), China ($28.5B), Mexico ($27.4B), and France ($16.4B).

Market Dynamics

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Trade by country

Value

Top Origin Growth (2017 -  2018): Germany, $4.01B

Top Destination Growth (2017 - 2018): United States, $6.52B

Between 2017 and 2018, the exports of Vehicle Parts grew the fastest in Germany ($4.01B), United States ($3.98B), China ($3.16B), Mexico ($2.11B), and Thailand ($2.1B).

Between 2017 and 2018, the fastest growing importers of Vehicle Parts were United States ($6.52B), Mexico ($2.12B), Germany ($2.05B), China ($1.77B), and South Africa ($1.73B).

Market Concentration

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Cumulative market share

This chart shows the evolution of the market concentration of exports of Vehicle Parts.

In 2018,  market concentration measured using Shannon Entropy, was 4.48. This means that most of the exports of Vehicle Parts are explained by 22 countries.

TOP NET EXPORTER (2018): Japan, $26.9B

TOP NET IMPORTER (2018): United States, $46.6B

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

In 2018, the countries that had a largest trade value in exports than imports of Vehicle Parts were Japan ($26.9B), Germany ($24B), South Korea ($15.3B), Italy ($6.68B), and Canada ($6.2B).

In 2018, the countries that had a largest trade value in imports than exports of Vehicle Parts were United States ($46.6B), United Kingdom ($8.59B), Russia ($7.7B), Brazil ($3.9B), and Slovakia ($3.14B).

Trade Forecasts

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This section shows forecasts for total trade for Vehicle 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 Vehicle Parts was 8.36%.  The countries with the highest tariffs for importing Vehicle Parts were Maldives (41.5%), Pakistan (35%), Cape Verde (30%), Sri Lanka (28.1%), and Bermuda (28%).

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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.