HS Icon Chemical Products

VI (Harmonized System 1992 for Section)

World Trade (2018): $1.8T, Rnk 4 / 21

Top Exporter (2018): $205B, Germany

Top Importer (2018): $230B, United States

Product Complexity (2018): 0.32, Rnk 10 / 21

Export Growth (CAGR)(2017 - 2018): 17.8%, Rnk 6 / 21

Mean Tariff (2018): 4.99%, Rnk 20 / 21

Share of World Trade (2018): 9.81%, Rnk 4 / 21

Overview: In 2018, Chemical Products were the world's 4th most traded product, with a total trade of $1.8T. Between 2017 and 2018 the exports of Chemical Products grew by 17.8%, from  $1.53T to $1.8T. Trade in Chemical Products represent 9.81% of total world trade.

Exports: In 2018 the top exporters of Chemical Products  were Germany ($205B), United States ($178B), China ($142B), Ireland ($106B), and Belgium-Luxembourg ($104B).

Imports: In 2018 the top importers of Chemical Products were United States ($230B), Germany ($141B), China ($133B), Belgium-Luxembourg ($85B), and Netherlands ($71.5B).

Tariffs: In 2018 the average tariff for Chemical Products was 4.99%, been the 20 lowest tariff using the Section product classification.

The countries with the highest import tariffs for Chemical Products are Bahamas (34.4%), Bermuda (22.2%), Iran (14.1%), Romania (13%), and Algeria (12.6%). The countries with the lowest tariffs are Hong Kong (0%), Singapore (0%), Switzerland (0%), Mauritius (0.2%), and Canada (0.42%).

Ranking: Chemical Products ranks 10th in the Product Complexity Index (PCI).

Exporters and Importers

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Trade By Country

Top Origin (2018): Germany, $205B

Top Destination (2018): United States, $230B

Chemical Products are the world's 4th most traded product.

In 2018, the top exporters of Chemical Products were Germany ($205B), United States ($178B), China ($142B), Ireland ($106B), and Belgium-Luxembourg ($104B).

In 2018, the top importers of Chemical Products were United States ($230B), Germany ($141B), China ($133B), Belgium-Luxembourg ($85B), and Netherlands ($71.5B).

Market Dynamics

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Trade by country

Value

Top Origin Growth (2017 -  2018): Belgium-Luxembourg, $33.7B

Top Destination Growth (2017 - 2018): United States, $52.1B

Between 2017 and 2018, the exports of Chemical Products grew the fastest in Belgium-Luxembourg ($33.7B), Germany ($28.3B), China ($23.6B), Switzerland ($18.4B), and Ireland ($16.7B).

Between 2017 and 2018, the fastest growing importers of Chemical Products were United States ($52.1B), Netherlands ($19.7B), China ($19.7B), Germany ($14.5B), and India ($9.6B).

Market Concentration

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Cumulative market share

This chart shows the evolution of the market concentration of exports of Chemical Products.

In 2018,  market concentration measured using Shannon Entropy, was 4.92. This means that most of the exports of Chemical Products are explained by 30 countries.

TOP NET EXPORTER (2018): Ireland, $83.1B

TOP NET IMPORTER (2018): United States, $51.4B

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

In 2018, the countries that had a largest trade value in exports than imports of Chemical Products were Ireland ($83.1B), Germany ($64.6B), Switzerland ($54.8B), Singapore ($27.8B), and France ($20.8B).

In 2018, the countries that had a largest trade value in imports than exports of Chemical Products were United States ($51.4B), Brazil ($24.2B), Mexico ($20.1B), Turkey ($13.2B), and Vietnam ($11.8B).

Trade Forecasts

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This section shows forecasts for total trade for Chemical Products. 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 Chemical Products was 4.99%.  The countries with the highest tariffs for importing Chemical Products were Bahamas (34.4%), Bermuda (22.2%), Iran (14.1%), Romania (13%), and Algeria (12.6%).

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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.