HS Icon Bar/rod, iron or non-alloy steel, forged

721410 (Harmonized System 1992 for 6-digit)

World Trade (2018): $527M, Rnk 2727 / 4726

Top Exporter (2018): $185M, Saudi Arabia

Top Importer (2018): $81.5M, Egypt

Export Growth (CAGR)(2017 - 2018): 58.9%, Rnk 246 / 4726

Mean Tariff (2018): 7.51%, Rnk 3013 / 6538

Share of World Trade (2018): 0.0029%, Rnk 2727 / 4726

Overview:  This page contains the latest trade data of Bar/rod, iron or non-alloy steel, forged. In 2018, Bar/rod, iron or non-alloy steel, forged were the world's 2727th most traded product, with a total trade of $527M. Between 2017 and 2018 the exports of Bar/rod, iron or non-alloy steel, forged grew by 58.9%, from  $332M to $527M. Trade in Bar/rod, iron or non-alloy steel, forged represent 0.0029% of total world trade.

Exports: In 2018 the top exporters of Bar/rod, iron or non-alloy steel, forged  were Saudi Arabia ($185M), China ($54M), Russia ($29.9M), Belgium-Luxembourg ($27M), and Germany ($17.2M).

Imports: In 2018 the top importers of Bar/rod, iron or non-alloy steel, forged were Egypt ($81.5M), Lebanon ($52.7M), Germany ($40.1M), Belgium-Luxembourg ($31.2M), and Kuwait ($31M).

Tariffs: In 2018 the average tariff for Bar/rod, iron or non-alloy steel, forged was 7.51%, been the 3013 lowest tariff using the HS6 product classification.

The countries with the highest import tariffs for Bar/rod, iron or non-alloy steel, forged are Nepal (30%), Bermuda (25%), Bangladesh (24.4%), Kenya (23.6%), and Tanzania (23.6%). The countries with the lowest tariffs are Egypt (0%), Mauritius (0%), Hong Kong (0%), Japan (0%), and South Korea (0%).

Exporters and Importers

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Trade By Country

Top Origin (2018): Saudi Arabia, $185M

Top Destination (2018): Egypt, $81.5M

Bar/rod, iron or non-alloy steel, forged are the world's 2727th most traded product.

In 2018, the top exporters of Bar/rod, iron or non-alloy steel, forged were Saudi Arabia ($185M), China ($54M), Russia ($29.9M), Belgium-Luxembourg ($27M), and Germany ($17.2M).

In 2018, the top importers of Bar/rod, iron or non-alloy steel, forged were Egypt ($81.5M), Lebanon ($52.7M), Germany ($40.1M), Belgium-Luxembourg ($31.2M), and Kuwait ($31M).

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Market Dynamics

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Trade by country

Value

Top Origin Growth (2017 -  2018): Saudi Arabia, $185M

Top Destination Growth (2017 - 2018): Egypt, $81.3M

Between 2017 and 2018, the exports of Bar/rod, iron or non-alloy steel, forged grew the fastest in Saudi Arabia ($185M), Belgium-Luxembourg ($11.8M), Russia ($11.4M), Chinese Taipei ($10.7M), and Burkina Faso ($10.4M).

Between 2017 and 2018, the fastest growing importers of Bar/rod, iron or non-alloy steel, forged were Egypt ($81.3M), Lebanon ($45.9M), Kuwait ($26.6M), Belgium-Luxembourg ($17.1M), and Jordan ($15.7M).

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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 Bar/rod, iron or non-alloy steel, forged.

In 2018,  market concentration measured using Shannon Entropy, was 3.93. This means that most of the exports of Bar/rod, iron or non-alloy steel, forged are explained by 15 countries.

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TOP NET EXPORTER (2018): Saudi Arabia, $174M

TOP NET IMPORTER (2018): Egypt, $81.5M

This map shows which countries export or import more of Bar/rod, iron or non-alloy steel, forged. Each country is colored based on the difference in exports and imports of Bar/rod, iron or non-alloy steel, forged during 2018.

In 2018, the countries that had a largest trade value in exports than in imports of Bar/rod, iron or non-alloy steel, forged were Saudi Arabia ($174M), China ($44.1M), Russia ($29.7M), South Africa ($15.7M), and Oman ($14.8M).

In 2018, the countries that had a largest trade value in imports than in exports of Bar/rod, iron or non-alloy steel, forged were Egypt ($81.5M), Lebanon ($52.7M), Kuwait ($31M), Germany ($22.8M), and Jordan ($15.7M).

Trade Forecasts

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This section shows forecasts for total trade for Bar/rod, iron or non-alloy steel, forged. 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 Bar/rod, iron or non-alloy steel, forged was 7.51%.  The countries with the highest tariffs for importing Bar/rod, iron or non-alloy steel, forged were Nepal (30%), Bermuda (25%), Bangladesh (24.4%), Kenya (23.6%), and Tanzania (23.6%).

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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.