HS Icon Essential Oils

3301 (Harmonized System 1992 for 4-digit)

World Trade (2018): $6.22B, Rnk 450 / 1225

Top Exporter (2018): $823M, India

Top Importer (2018): $1.4B, United States

Product Complexity (2018): -1.36, Rnk 913 / 1018

Export Growth (CAGR)(2017 - 2018): 14.3%, Rnk 551 / 1225

Mean Tariff (2018): 7.32%, Rnk 596 / 1259

Share of World Trade (2018): 0.034%, Rnk 450 / 1225

Overview: In 2018, Essential Oils were the world's 450th most traded product, with a total trade of $6.22B. Between 2017 and 2018 the exports of Essential Oils grew by 14.3%, from  $5.44B to $6.22B. Trade in Essential Oils represent 0.034% of total world trade.

Exports: In 2018 the top exporters of Essential Oils  were India ($823M), United States ($782M), China ($564M), France ($513M), and Brazil ($443M).

Imports: In 2018 the top importers of Essential Oils were United States ($1.4B), France ($522M), Germany ($412M), United Kingdom ($322M), and China ($310M).

Tariffs: In 2018 the average tariff for Essential Oils was 7.32%, been the 596 lowest tariff using the HS4 product classification.

The countries with the highest import tariffs for Essential Oils are Romania (42.1%), Bahamas (41.2%), Cambodia (35%), Sudan (35%), and South Korea (34.4%). The countries with the lowest tariffs are Kenya (0%), Mauritius (0%), Rwanda (0%), Tanzania (0%), and Uganda (0%).

Ranking: Essential Oils ranks 913th in the Product Complexity Index (PCI).

Exporters and Importers

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Trade By Country

Top Origin (2018): India, $823M

Top Destination (2018): United States, $1.4B

Essential Oils are the world's 450th most traded product.

In 2018, the top exporters of Essential Oils were India ($823M), United States ($782M), China ($564M), France ($513M), and Brazil ($443M).

In 2018, the top importers of Essential Oils were United States ($1.4B), France ($522M), Germany ($412M), United Kingdom ($322M), and China ($310M).

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Market Dynamics

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Trade by country

Value

Top Origin Growth (2017 -  2018): India, $157M

Top Destination Growth (2017 - 2018): United States, $125M

Between 2017 and 2018, the exports of Essential Oils grew the fastest in India ($157M), United States ($84.3M), Argentina ($61.2M), Spain ($52.3M), and France ($46.6M).

Between 2017 and 2018, the fastest growing importers of Essential Oils were United States ($125M), Hong Kong ($83.8M), France ($77.5M), Netherlands ($77M), and Indonesia ($71.4M).

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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 Essential Oils.

In 2018,  market concentration measured using Shannon Entropy, was 4.69. This means that most of the exports of Essential Oils are explained by 25 countries.

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TOP NET EXPORTER (2018): India, $624M

TOP NET IMPORTER (2018): United States, $613M

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

In 2018, the countries that had a largest trade value in exports than in imports of Essential Oils were India ($624M), Brazil ($362M), China ($254M), Argentina ($232M), and Italy ($117M).

In 2018, the countries that had a largest trade value in imports than in exports of Essential Oils were United States ($613M), Netherlands ($213M), Japan ($194M), Germany ($172M), and Hong Kong ($133M).

Trade Forecasts

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This section shows forecasts for total trade for Essential Oils. 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 Essential Oils was 7.32%.  The countries with the highest tariffs for importing Essential Oils were Romania (42.1%), Bahamas (41.2%), Cambodia (35%), Sudan (35%), and South Korea (34.4%).

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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.