HS Icon Waxes

3404 (Harmonized System 1992 for 4-digit)

World Trade (2018): $2.94B, Rnk 632 / 1225

Top Exporter (2018): $612M, Germany

Top Importer (2018): $364M, China

Product Complexity (2018): 0.6, Rnk 333 / 1018

Export Growth (CAGR)(2017 - 2018): 7.59%, Rnk 876 / 1225

Mean Tariff (2018): 6.81%, Rnk 628 / 1259

Share of World Trade (2018): 0.016%, Rnk 632 / 1225

Overview: In 2018, Waxes were the world's 632nd most traded product, with a total trade of $2.94B. Between 2017 and 2018 the exports of Waxes grew by 7.59%, from  $2.74B to $2.94B. Trade in Waxes represent 0.016% of total world trade.

Exports: In 2018 the top exporters of Waxes  were Germany ($612M), United States ($540M), South Korea ($221M), China ($180M), and Denmark ($131M).

Imports: In 2018 the top importers of Waxes were China ($364M), United States ($209M), Germany ($191M), France ($163M), and Italy ($117M).

Tariffs: In 2018 the average tariff for Waxes was 6.81%, been the 628 lowest tariff using the HS4 product classification.

The countries with the highest import tariffs for Waxes are Bahamas (40.2%), Cameroon (29.4%), Gabon (29.4%), Chad (29.4%), and Uzbekistan (28.7%). The countries with the lowest tariffs are Kenya (0%), Mauritius (0%), Rwanda (0%), Tanzania (0%), and Uganda (0%).

Ranking: Waxes ranks 333rd in the Product Complexity Index (PCI).

Exporters and Importers

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Trade By Country

Top Origin (2018): Germany, $612M

Top Destination (2018): China, $364M

Waxes are the world's 632nd most traded product.

In 2018, the top exporters of Waxes were Germany ($612M), United States ($540M), South Korea ($221M), China ($180M), and Denmark ($131M).

In 2018, the top importers of Waxes were China ($364M), United States ($209M), Germany ($191M), France ($163M), and Italy ($117M).

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Market Dynamics

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Trade by country

Value

Top Origin Growth (2017 -  2018): United States, $69.1M

Top Destination Growth (2017 - 2018): Canada, $45.2M

Between 2017 and 2018, the exports of Waxes grew the fastest in United States ($69.1M), South Korea ($50.5M), Germany ($41.7M), Thailand ($17.9M), and France ($14.4M).

Between 2017 and 2018, the fastest growing importers of Waxes were Canada ($45.2M), Mexico ($25.9M), Vietnam ($21.1M), Turkey ($18.3M), and India ($15.2M).

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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 Waxes.

In 2018,  market concentration measured using Shannon Entropy, was 4.15. This means that most of the exports of Waxes are explained by 17 countries.

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TOP NET EXPORTER (2018): Germany, $421M

TOP NET IMPORTER (2018): China, $184M

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

In 2018, the countries that had a largest trade value in exports than in imports of Waxes were Germany ($421M), United States ($331M), South Korea ($154M), Denmark ($117M), and Malaysia ($83.4M).

In 2018, the countries that had a largest trade value in imports than in exports of Waxes were China ($184M), Turkey ($91.5M), France ($74.8M), Mexico ($61.7M), and Vietnam ($50.3M).

Trade Forecasts

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This section shows forecasts for total trade for Waxes. 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 Waxes was 6.81%.  The countries with the highest tariffs for importing Waxes were Bahamas (40.2%), Cameroon (29.4%), Gabon (29.4%), Chad (29.4%), and Uzbekistan (28.7%).

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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.