HS Icon Refined Petroleum

2710 (Harmonized System 1992 for 4-digit)

World Trade (2018): $753B, Rnk 3 / 1225

Top Exporter (2018): $95.8B, United States

Top Importer (2018): $56B, United States

Product Complexity (2018): -0.97, Rnk 812 / 1018

Export Growth (CAGR)(2017 - 2018): 31.3%, Rnk 161 / 1225

Mean Tariff (2018): 13.1%, Rnk 268 / 1259

Share of World Trade (2018): 4.1%, Rnk 3 / 1225

Overview:  This page contains the latest trade data of Refined Petroleum. In 2018, Refined Petroleum were the world's 3rd most traded product, with a total trade of $753B. Between 2017 and 2018 the exports of Refined Petroleum grew by 31.3%, from  $573B to $753B. Trade in Refined Petroleum represent 4.1% of total world trade.

Exports: In 2018 the top exporters of Refined Petroleum  were United States ($95.8B), Russia ($77.5B), Singapore ($52.4B), Netherlands ($46.9B), and South Korea ($43.6B).

Imports: In 2018 the top importers of Refined Petroleum were United States ($56B), Singapore ($48B), Netherlands ($48B), Mexico ($31.3B), and China ($27.2B).

Tariffs: In 2018 the average tariff for Refined Petroleum was 13.1%, been the 268 lowest tariff using the HS4 product classification.

The countries with the highest import tariffs for Refined Petroleum are Austria (147%), Bermuda (25%), Uzbekistan (24.7%), Poland (21.9%), and Nepal (21.5%). The countries with the lowest tariffs are Mauritius (0%), Hong Kong (0%), Singapore (0%), Switzerland (0%), and Norway (0%).

Ranking: Refined Petroleum ranks 812th in the Product Complexity Index (PCI).

Exporters and Importers

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Trade By Country

Top Origin (2018): United States, $95.8B

Top Destination (2018): United States, $56B

Refined Petroleum are the world's 3rd most traded product.

In 2018, the top exporters of Refined Petroleum were United States ($95.8B), Russia ($77.5B), Singapore ($52.4B), Netherlands ($46.9B), and South Korea ($43.6B).

In 2018, the top importers of Refined Petroleum were United States ($56B), Singapore ($48B), Netherlands ($48B), Mexico ($31.3B), and China ($27.2B).

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Market Dynamics

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Trade by country

Value

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

Top Destination Growth (2017 - 2018): Netherlands, $14.9B

Between 2017 and 2018, the exports of Refined Petroleum grew the fastest in United States ($21.3B), Russia ($19.1B), China ($12.1B), India ($11.3B), and United Arab Emirates ($11.1B).

Between 2017 and 2018, the fastest growing importers of Refined Petroleum were Netherlands ($14.9B), China ($9.76B), United States ($9.74B), Mexico ($7.93B), and Chinese Taipei ($6.91B).

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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 Refined Petroleum.

In 2018,  market concentration measured using Shannon Entropy, was 4.99. This means that most of the exports of Refined Petroleum are explained by 31 countries.

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TOP NET EXPORTER (2018): Russia, $76.1B

TOP NET IMPORTER (2018): Mexico, $28.5B

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

In 2018, the countries that had a largest trade value in exports than in imports of Refined Petroleum were Russia ($76.1B), United States ($39.8B), India ($36.5B), South Korea ($23.4B), and Saudi Arabia ($20.2B).

In 2018, the countries that had a largest trade value in imports than in exports of Refined Petroleum were Mexico ($28.5B), Australia ($17.7B), Indonesia ($14.6B), Hong Kong ($13B), and France ($10.5B).

Trade Forecasts

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This section shows forecasts for total trade for Refined Petroleum. 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 Refined Petroleum was 13.1%.  The countries with the highest tariffs for importing Refined Petroleum were Austria (147%), Bermuda (25%), Uzbekistan (24.7%), Poland (21.9%), and Nepal (21.5%).

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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.