HS Icon Petroleum Gas

2711 (Harmonized System 1992 for 4-digit)

World Trade (2018): $299B, Rnk 9 / 1225

Top Exporter (2018): $37.2B, Norway

Top Importer (2018): $44.2B, China

Product Complexity (2018): -2.37, Rnk 1010 / 1018

Export Growth (CAGR)(2017 - 2018): 16.1%, Rnk 467 / 1225

Mean Tariff (2018): 3.1%, Rnk 75 / 1259

Share of World Trade (2018): 1.63%, Rnk 9 / 1225

Overview: In 2018, Petroleum Gas were the world's 9th most traded product, with a total trade of $299B. Between 2017 and 2018 the exports of Petroleum Gas grew by 16.1%, from  $257B to $299B. Trade in Petroleum Gas represent 1.63% of total world trade.

Exports: In 2018 the top exporters of Petroleum Gas  were Norway ($37.2B), Qatar ($31B), United States ($30.2B), Russia ($27.4B), and Australia ($17.6B).

Imports: In 2018 the top importers of Petroleum Gas were China ($44.2B), South Korea ($23B), Japan ($19.3B), Italy ($18.2B), and France ($17.3B).

Tariffs: In 2018 the average tariff for Petroleum Gas was 3.1%, been the 75 lowest tariff using the HS4 product classification.

The countries with the highest import tariffs for Petroleum Gas are Bermuda (25%), Jordan (23.3%), Iran (19.5%), Nepal (15%), and Zambia (13.6%). The countries with the lowest tariffs are Madagascar (0%), Mauritius (0%), Hong Kong (0%), Lebanon (0%), and Sri Lanka (0%).

Ranking: Petroleum Gas ranks 1010th in the Product Complexity Index (PCI).

Exporters and Importers

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Trade By Country

Top Origin (2018): Norway, $37.2B

Top Destination (2018): China, $44.2B

Petroleum Gas are the world's 9th most traded product.

In 2018, the top exporters of Petroleum Gas were Norway ($37.2B), Qatar ($31B), United States ($30.2B), Russia ($27.4B), and Australia ($17.6B).

In 2018, the top importers of Petroleum Gas were China ($44.2B), South Korea ($23B), Japan ($19.3B), Italy ($18.2B), and France ($17.3B).

Market Dynamics

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Trade by country

Value

Top Origin Growth (2017 -  2018): Norway, $9.52B

Top Destination Growth (2017 - 2018): China, $13.4B

Between 2017 and 2018, the exports of Petroleum Gas grew the fastest in Norway ($9.52B), Russia ($7.64B), United States ($5.72B), Qatar ($5.49B), and Nigeria ($2.14B).

Between 2017 and 2018, the fastest growing importers of Petroleum Gas were China ($13.4B), South Korea ($5.75B), Chinese Taipei ($5.09B), India ($4.72B), and Thailand ($4.72B).

Market Concentration

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Cumulative market share

This chart shows the evolution of the market concentration of exports of Petroleum Gas.

In 2018,  market concentration measured using Shannon Entropy, was 4.71. This means that most of the exports of Petroleum Gas are explained by 26 countries.

TOP NET EXPORTER (2018): Norway, $37B

TOP NET IMPORTER (2018): China, $42.2B

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

In 2018, the countries that had a largest trade value in exports than imports of Petroleum Gas were Norway ($37B), Qatar ($31B), Russia ($26.6B), United States ($19.2B), and Australia ($17B).

In 2018, the countries that had a largest trade value in imports than exports of Petroleum Gas were China ($42.2B), South Korea ($22.4B), Japan ($19.1B), Italy ($17.8B), and India ($16.6B).

Trade Forecasts

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This section shows forecasts for total trade for Petroleum Gas. 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 Petroleum Gas was 3.1%.  The countries with the highest tariffs for importing Petroleum Gas were Bermuda (25%), Jordan (23.3%), Iran (19.5%), Nepal (15%), and Zambia (13.6%).

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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.