HS Icon Instruments

XVIII (Harmonized System 1992 for Section)

World Trade (2018): $682B, Rnk 8 / 21

Top Exporter (2018): $93.6B, United States

Top Importer (2018): $100B, United States

Product Complexity (2018): 1.19, Rnk 2 / 21

Export Growth (CAGR)(2017 - 2018): 11.9%, Rnk 10 / 21

Mean Tariff (2018): 6.69%, Rnk 15 / 21

Share of World Trade (2018): 3.71%, Rnk 8 / 21

Overview:  This page contains the latest trade data of Instruments. In 2018, Instruments were the world's 8th most traded product, with a total trade of $682B. Between 2017 and 2018 the exports of Instruments grew by 11.9%, from  $609B to $682B. Trade in Instruments represent 3.71% of total world trade.

Exports: In 2018 the top exporters of Instruments  were United States ($93.6B), Germany ($81.8B), China ($81.4B), Japan ($56.2B), and Switzerland ($40.1B).

Imports: In 2018 the top importers of Instruments were United States ($100B), China ($87.8B), Germany ($46.5B), South Korea ($33.9B), and Japan ($33.8B).

Tariffs: In 2018 the average tariff for Instruments was 6.69%, been the 15 lowest tariff using the Section product classification.

The countries with the highest import tariffs for Instruments are Bahamas (24.1%), Bermuda (20.7%), Ethiopia (19.8%), Iran (17.6%), and Chad (17.5%). The countries with the lowest tariffs are Mauritius (0%), Hong Kong (0%), Singapore (0%), Switzerland (0%), and Norway (0%).

Ranking: Instruments ranks 2nd in the Product Complexity Index (PCI).

Exporters and Importers

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Trade By Country

Top Origin (2018): United States, $93.6B

Top Destination (2018): United States, $100B

Instruments are the world's 8th most traded product.

In 2018, the top exporters of Instruments were United States ($93.6B), Germany ($81.8B), China ($81.4B), Japan ($56.2B), and Switzerland ($40.1B).

In 2018, the top importers of Instruments were United States ($100B), China ($87.8B), Germany ($46.5B), South Korea ($33.9B), and Japan ($33.8B).

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Market Dynamics

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Trade by country

Value

Top Origin Growth (2017 -  2018): Netherlands, $12.8B

Top Destination Growth (2017 - 2018): United States, $21.3B

Between 2017 and 2018, the exports of Instruments grew the fastest in Netherlands ($12.8B), Germany ($12.1B), United States ($8.81B), Mexico ($5.99B), and China ($4.23B).

Between 2017 and 2018, the fastest growing importers of Instruments were United States ($21.3B), Hong Kong ($5.7B), Netherlands ($4.25B), Chinese Taipei ($3.96B), and Germany ($3.67B).

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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 Instruments.

In 2018,  market concentration measured using Shannon Entropy, was 4.51. This means that most of the exports of Instruments are explained by 22 countries.

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TOP NET EXPORTER (2018): Germany, $35.3B

TOP NET IMPORTER (2018): Hong Kong, $24B

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

In 2018, the countries that had a largest trade value in exports than in imports of Instruments were Germany ($35.3B), Switzerland ($27.5B), Japan ($22.4B), Ireland ($12.1B), and Netherlands ($8.95B).

In 2018, the countries that had a largest trade value in imports than in exports of Instruments were Hong Kong ($24B), India ($7.29B), United States ($6.92B), Spain ($6.8B), and China ($6.39B).

Trade Forecasts

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This section shows forecasts for total trade for Instruments. 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 Instruments was 6.69%.  The countries with the highest tariffs for importing Instruments were Bahamas (24.1%), Bermuda (20.7%), Ethiopia (19.8%), Iran (17.6%), and Chad (17.5%).

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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.