Overview: This page contains the latest trade data of Crude Petroleum. In 2018, Crude Petroleum were the world's 1st most traded product, with a total trade of $1.08T. Between 2017 and 2018 the exports of Crude Petroleum grew by 36%, from $792B to $1.08T. Trade in Crude Petroleum represent 5.86% of total world trade.
Between 2017 and 2018, the fastest growing importers of Crude Petroleum were China ($62.9B), India ($26.6B), Chinese Taipei ($19.1B), Netherlands ($19.1B), and Thailand ($19B).
This chart shows the evolution of the market concentration of exports of Crude Petroleum.
In 2018, market concentration measured using Shannon Entropy, was 4.54. This means that most of the exports of Crude Petroleum are explained by 23 countries.
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 2018.
In 2018, the countries that had a largest trade value in exports than in imports of Crude Petroleum were Saudi Arabia ($165B), Russia ($134B), Iraq ($82.1B), United Arab Emirates ($54.6B), and Canada ($54.4B).
In 2018, the countries that had a largest trade value in imports than in exports of Crude Petroleum were China ($206B), India ($101B), United States ($94.3B), South Korea ($74.6B), and Japan ($72.3B).
In 2018, the average tariff for importing Crude Petroleum was 1.85%. The countries with the highest tariffs for importing Crude Petroleum were Nepal (9.89%), Republic of the Congo (9.81%), Gabon (9.81%), Chad (9.81%), and Bolivia (9.61%).
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.