HS Icon Borates

2840 (Harmonized System 1992 for 4-digit)

World Trade (2018): $1.02B, Rnk 902 / 1225

Top Exporter (2018): $465M, Turkey

Top Importer (2018): $355M, China

Product Complexity (2018): 0.0051, Rnk 548 / 1018

Export Growth (CAGR)(2017 - 2018): 23.4%, Rnk 254 / 1225

Mean Tariff (2018): 3.05%, Rnk 1131 / 1259

Share of World Trade (2018): 0.0055%, Rnk 902 / 1225

Overview:  This page contains the latest trade data of Borates. In 2018, Borates were the world's 902nd most traded product, with a total trade of $1.02B. Between 2017 and 2018 the exports of Borates grew by 23.4%, from  $825M to $1.02B. Trade in Borates represent 0.0055% of total world trade.

Exports: In 2018 the top exporters of Borates  were Turkey ($465M), United States ($332M), China ($37.7M), Malaysia ($23.1M), and Belgium-Luxembourg ($17.9M).

Imports: In 2018 the top importers of Borates were China ($355M), United States ($64M), India ($47M), Indonesia ($46.7M), and Germany ($41.1M).

Tariffs: In 2018 the average tariff for Borates was 3.05%, been the 1131 lowest tariff using the HS4 product classification.

The countries with the highest import tariffs for Borates are Bahamas (40.2%), Bermuda (25%), Maldives (14.7%), Aruba (12%), and Ethiopia (9.9%). The countries with the lowest tariffs are Angola (0%), Kenya (0%), Mauritius (0%), Rwanda (0%), and Tanzania (0%).

Ranking: Borates ranks 548th in the Product Complexity Index (PCI).

Exporters and Importers

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Trade By Country

Top Origin (2018): Turkey, $465M

Top Destination (2018): China, $355M

Borates are the world's 902nd most traded product.

In 2018, the top exporters of Borates were Turkey ($465M), United States ($332M), China ($37.7M), Malaysia ($23.1M), and Belgium-Luxembourg ($17.9M).

In 2018, the top importers of Borates were China ($355M), United States ($64M), India ($47M), Indonesia ($46.7M), and Germany ($41.1M).

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Market Dynamics

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Trade by country

Value

Top Origin Growth (2017 -  2018): United States, $114M

Top Destination Growth (2017 - 2018): China, $145M

Between 2017 and 2018, the exports of Borates grew the fastest in United States ($114M), Turkey ($40.1M), Malaysia ($11.6M), Slovenia ($10.2M), and Poland ($6.47M).

Between 2017 and 2018, the fastest growing importers of Borates were China ($145M), Canada ($12.8M), Slovenia ($10M), Brazil ($9.47M), and Poland ($7.48M).

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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 Borates.

In 2018,  market concentration measured using Shannon Entropy, was 2.46. This means that most of the exports of Borates are explained by 5 countries.

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TOP NET EXPORTER (2018): Turkey, $464M

TOP NET IMPORTER (2018): China, $317M

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

In 2018, the countries that had a largest trade value in exports than in imports of Borates were Turkey ($464M), United States ($268M), Argentina ($7.12M), Belgium-Luxembourg ($5.61M), and Austria ($4.1M).

In 2018, the countries that had a largest trade value in imports than in exports of Borates were China ($317M), Indonesia ($46M), India ($42.7M), Canada ($36.7M), and Germany ($33.3M).

Trade Forecasts

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This section shows forecasts for total trade for Borates. 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 Borates was 3.05%.  The countries with the highest tariffs for importing Borates were Bahamas (40.2%), Bermuda (25%), Maldives (14.7%), Aruba (12%), and Ethiopia (9.9%).

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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.