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 1.85%, making it the 1249th lowest tariff using the HS4 product classification.
The countries with the highest import tariffs for Crude Petroleum are Nepal (9.89%), Republic of the Congo (9.81%), Gabon (9.81%), Chad (9.81%), and Bolivia (9.61%). 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).