HS Icon Petroleum bitumen

271320 (Harmonized System 1992 for 6-digit)

World Trade (2018): $10.6B, Rnk 292 / 4726

Top Exporter (2018): $1.41B, South Korea

Top Importer (2018): $1.65B, China

Product Complexity (2018): -0.58, Rnk 3481 / 4873

Export Growth (CAGR)(2017 - 2018): 31.4%, Rnk 745 / 4726

Mean Tariff (2018): 5.07%, Rnk 4087 / 6538

Share of World Trade (2018): 0.058%, Rnk 292 / 4726

Overview:  This page contains the latest trade data of Petroleum bitumen. In 2018, Petroleum bitumen were the world's 292nd most traded product, with a total trade of $10.6B. Between 2017 and 2018 the exports of Petroleum bitumen grew by 31.4%, from  $8.05B to $10.6B. Trade in Petroleum bitumen represent 0.058% of total world trade.

Exports: In 2018 the top exporters of Petroleum bitumen  were South Korea ($1.41B), Singapore ($1.06B), Canada ($965M), Spain ($844M), and Germany ($749M).

Imports: In 2018 the top importers of Petroleum bitumen were China ($1.65B), United States ($1.33B), France ($415M), Indonesia ($403M), and Australia ($391M).

Tariffs: In 2018 the average tariff for Petroleum bitumen was 5.07%, been the 4087 lowest tariff using the HS6 product classification.

The countries with the highest import tariffs for Petroleum bitumen are Trinidad and Tobago (33.1%), Turkmenistan (30%), Barbados (26.8%), Belize (26.4%), and Bermuda (25%). The countries with the lowest tariffs are Mauritius (0%), Hong Kong (0%), Japan (0%), Sri Lanka (0%), and Maldives (0%).

Ranking: Petroleum bitumen ranks 3481st in the Product Complexity Index (PCI).

Exporters and Importers

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Trade By Country

Top Origin (2018): South Korea, $1.41B

Top Destination (2018): China, $1.65B

Petroleum bitumen are the world's 292nd most traded product.

In 2018, the top exporters of Petroleum bitumen were South Korea ($1.41B), Singapore ($1.06B), Canada ($965M), Spain ($844M), and Germany ($749M).

In 2018, the top importers of Petroleum bitumen were China ($1.65B), United States ($1.33B), France ($415M), Indonesia ($403M), and Australia ($391M).

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Market Dynamics

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Trade by country

Value

Top Origin Growth (2017 -  2018): Canada, $258M

Top Destination Growth (2017 - 2018): United States, $373M

Between 2017 and 2018, the exports of Petroleum bitumen grew the fastest in Canada ($258M), Singapore ($223M), Germany ($191M), Iran ($188M), and Greece ($185M).

Between 2017 and 2018, the fastest growing importers of Petroleum bitumen were United States ($373M), China ($202M), United Arab Emirates ($175M), Egypt ($122M), and France ($111M).

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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 Petroleum bitumen.

In 2018,  market concentration measured using Shannon Entropy, was 4.6. This means that most of the exports of Petroleum bitumen are explained by 24 countries.

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TOP NET EXPORTER (2018): South Korea, $1.41B

TOP NET IMPORTER (2018): China, $1.35B

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

In 2018, the countries that had a largest trade value in exports than in imports of Petroleum bitumen were South Korea ($1.41B), Singapore ($1.06B), Canada ($885M), Spain ($730M), and Germany ($649M).

In 2018, the countries that had a largest trade value in imports than in exports of Petroleum bitumen were China ($1.35B), United States ($855M), Indonesia ($399M), Australia ($390M), and France ($248M).

Trade Forecasts

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This section shows forecasts for total trade for Petroleum bitumen. 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 bitumen was 5.07%.  The countries with the highest tariffs for importing Petroleum bitumen were Trinidad and Tobago (33.1%), Turkmenistan (30%), Barbados (26.8%), Belize (26.4%), and Bermuda (25%).

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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.