HS Icon Foodstuffs

IV (Harmonized System 1992 for Section)

World Trade (2018): $618B, Rnk 9 / 21

Top Exporter (2018): $46.4B, United States

Top Importer (2018): $69.1B, United States

Product Complexity (2018): -0.55, Rnk 16 / 21

Export Growth (CAGR)(2017 - 2018): 11.1%, Rnk 12 / 21

Mean Tariff (2018): 23.6%, Rnk 2 / 21

Share of World Trade (2018): 3.36%, Rnk 9 / 21

Overview: In 2018, Foodstuffs were the world's 9th most traded product, with a total trade of $618B. Between 2017 and 2018 the exports of Foodstuffs grew by 11.1%, from  $556B to $618B. Trade in Foodstuffs represent 3.36% of total world trade.

Exports: In 2018 the top exporters of Foodstuffs  were United States ($46.4B), Germany ($45.3B), France ($39.2B), Netherlands ($38.3B), and China ($31.9B).

Imports: In 2018 the top importers of Foodstuffs were United States ($69.1B), Germany ($39.6B), United Kingdom ($34.2B), France ($28.1B), and Netherlands ($27.9B).

Tariffs: In 2018 the average tariff for Foodstuffs was 23.6%, been the 2 lowest tariff using the Section product classification.

The countries with the highest import tariffs for Foodstuffs are Egypt (148%), United States (114%), Austria (91.9%), Cyprus (74%), and Turkey (52.1%). The countries with the lowest tariffs are Hong Kong (0%), Singapore (0%), Switzerland (0%), Norway (0.36%), and Australia (1.42%).

Ranking: Foodstuffs ranks 16th in the Product Complexity Index (PCI).

Exporters and Importers

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Trade By Country

Top Origin (2018): United States, $46.4B

Top Destination (2018): United States, $69.1B

Foodstuffs are the world's 9th most traded product.

In 2018, the top exporters of Foodstuffs were United States ($46.4B), Germany ($45.3B), France ($39.2B), Netherlands ($38.3B), and China ($31.9B).

In 2018, the top importers of Foodstuffs were United States ($69.1B), Germany ($39.6B), United Kingdom ($34.2B), France ($28.1B), and Netherlands ($27.9B).

Market Dynamics

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Trade by country

Value

Top Origin Growth (2017 -  2018): Thailand, $5.63B

Top Destination Growth (2017 - 2018): United States, $6.59B

Between 2017 and 2018, the exports of Foodstuffs grew the fastest in Thailand ($5.63B), United Arab Emirates ($5.45B), United States ($5.31B), China ($5.03B), and Netherlands ($4.04B).

Between 2017 and 2018, the fastest growing importers of Foodstuffs were United States ($6.59B), Germany ($4.23B), Canada ($4.04B), United Kingdom ($2.77B), and Vietnam ($2.74B).

Market Concentration

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Cumulative market share

This chart shows the evolution of the market concentration of exports of Foodstuffs.

In 2018,  market concentration measured using Shannon Entropy, was 5.49. This means that most of the exports of Foodstuffs are explained by 44 countries.

TOP NET EXPORTER (2018): Brazil, $19.2B

TOP NET IMPORTER (2018): United States, $22.7B

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

In 2018, the countries that had a largest trade value in exports than imports of Foodstuffs were Brazil ($19.2B), Thailand ($14.4B), Italy ($13.4B), Argentina ($12.6B), and France ($11.1B).

In 2018, the countries that had a largest trade value in imports than exports of Foodstuffs were United States ($22.7B), Japan ($18.8B), United Kingdom ($13.2B), Hong Kong ($9.52B), and South Korea ($4.88B).

Trade Forecasts

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This section shows forecasts for total trade for Foodstuffs. 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 Foodstuffs was 23.6%.  The countries with the highest tariffs for importing Foodstuffs were Egypt (148%), United States (114%), Austria (91.9%), Cyprus (74%), and Turkey (52.1%).

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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.