HS Icon Crude Petroleum

2709 (Harmonized System 1992 for 4-digit)

Overview This page contains the latest trade data of Crude Petroleum. In 2019, Crude Petroleum were the world's 1st most traded product, with a total trade of $986B. Between 2018 and 2019 the exports of Crude Petroleum decreased by -10.6%, from $1.1T to $986B. Trade in Crude Petroleum represent 5.44% of total world trade.

Exports In 2019 the top exporters of Crude Petroleum  were Saudi Arabia ($145B), Russia ($123B), Iraq ($73.8B), Canada ($67.8B), and United States ($61.9B).

Imports In 2019 the top importers of Crude Petroleum were China ($204B), United States ($123B), India ($92.7B), South Korea ($67.4B), and Japan ($64B).

Tariffs In 2018 the average tariff for Crude Petroleum was 1.84%, making it the 1250th lowest tariff using the HS4 product classification.

The countries with the highest import tariffs for Crude Petroleum are Cayman Islands (22%), Bhutan (19.6%), Comoros (18.9%), Sao Tome and Principe (10%), and Anguilla (10%). The countries with the lowest tariffs are Angola (0%), Cote d'Ivoire (0%), Egypt (0%), Ghana (0%), and Guinea (0%).

Ranking Crude Petroleum ranks 960th in the Product Complexity Index (PCI).

Historical Data

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Exporters and Importers

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Trade By Country

Top Origin (2019): Saudi Arabia, $145B

Top Destination (2019): China, $204B

Crude Petroleum are the world's 1st most traded product.

In 2019, the top exporters of Crude Petroleum were Saudi Arabia ($145B), Russia ($123B), Iraq ($73.8B), Canada ($67.8B), and United States ($61.9B).

In 2019, the top importers of Crude Petroleum were China ($204B), United States ($123B), India ($92.7B), South Korea ($67.4B), and Japan ($64B).

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Market Dynamics

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Trade by country

Value

Top Origin Growth (2018 -  2019): United States, $16.6B

Top Destination Growth (2018 - 2019): Turkey, $4.69B

Between 2018 and 2019, the exports of Crude Petroleum grew the fastest in United States ($16.6B), Mexico ($1.64B), Canada ($1.09B), Gabon ($705M), and Trinidad and Tobago ($481M).

Between 2018 and 2019, the fastest growing importers of Crude Petroleum were Turkey ($4.69B), China ($2.27B), Vietnam ($1.29B), Brunei ($972M), and Panama ($670M).

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Market Concentration

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Cumulative market share

Value

This chart shows the evolution of the market concentration of exports of Crude Petroleum.

In 2019,  market concentration measured using Shannon Entropy, was 4.5. This means that most of the exports of Crude Petroleum are explained by 22 countries.

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TOP NET EXPORTER (2019): Saudi Arabia, $145B

TOP NET IMPORTER (2019): China, $204B

This map shows which countries export or import more of Crude Petroleum. Each country is colored based on the difference in exports and imports of Crude Petroleum during 2019.

In 2019, the countries that had a largest trade value in exports than in imports of Crude Petroleum were Saudi Arabia ($145B), Russia ($123B), Iraq ($73.8B), Canada ($54.3B), and United Arab Emirates ($54.2B).

In 2019, the countries that had a largest trade value in imports than in exports of Crude Petroleum were China ($204B), India ($92.7B), South Korea ($67B), Japan ($64B), and United States ($60.6B).

Disaggregation

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Value

In 2019, the world most traded Crude Petroleum, disaggragated by their HS6 level were Petroleum oils, oils from bituminous minerals,... ($986B)

Import Tariffs

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In 2018, the average tariff for importing Crude Petroleum was 1.84%. The countries with the highest tariffs for importing Crude Petroleum were Cayman Islands (22%), Bhutan (19.6%), Comoros (18.9%), Sao Tome and Principe (10%), and Anguilla (10%).

Product Complexity

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Diversification Frontier

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Specialization

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.

Country by Relatedness

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The following visualization shows the relatedness of Crude Petroleum to countries. Higher relatedness values ​​indicate greater knowledge, which predicts a greater probability of exporting that product in the future.