HS Icon Electric Furnaces

8514 (Harmonized System 1992 for 4-digit)

 2019
World Trade
: $5.65B, Rnk 463 / 1217

2019
Top Exporter | Top Importer
: $1.01B | $763M, China | China

2019
Product Complexity
: 1.34, Rnk 72 / 961

2018 - 2019
Export Growth (CAGR)
: 3.87%, Rnk 203 / 1217

2018
Mean Tariff
: 4.62%, Rnk 888 / 1259

 2019
Share of World Trade
: 0.031%, Rnk 463 / 1217

Overview:  This page contains the latest trade data of Electric Furnaces. In 2019, Electric Furnaces were the world's 463rd most traded product, with a total trade of $5.65B. Between 2018 and 2019 the exports of Electric Furnaces grew by 3.87%, from  $5.44B to $5.65B. Trade in Electric Furnaces represent 0.031% of total world trade.

Exports: In 2019 the top exporters of Electric Furnaces  were China ($1.01B), Germany ($901M), United States ($566M), Japan ($551M), and Italy ($516M).

Imports: In 2019 the top importers of Electric Furnaces were China ($763M), United States ($577M), Indonesia ($377M), Germany ($219M), and Japan ($184M).

Tariffs: In 2018 the average tariff for Electric Furnaces was 4.62%, making it the 888th lowest tariff using the HS4 product classification.

The countries with the highest import tariffs for Electric Furnaces are Bahamas (40.2%), Hungary (25%), Bermuda (25%), Iran (19.8%), and Maldives (19.6%). The countries with the lowest tariffs are Angola (0%), Kenya (0%), Mauritius (0%), Rwanda (0%), and Tanzania (0%).

Ranking: Electric Furnaces ranks 72nd in the Product Complexity Index (PCI).

Description: Industrial or laboratory electric furnaces and ovens are used to heat materials. They can be made from a variety of materials, including steel, aluminum, copper, and other metals.

Exporters and Importers

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Trade By Country

Top Origin (2019): China, $1.01B

Top Destination (2019): China, $763M

Electric Furnaces are the world's 463rd most traded product.

In 2019, the top exporters of Electric Furnaces were China ($1.01B), Germany ($901M), United States ($566M), Japan ($551M), and Italy ($516M).

In 2019, the top importers of Electric Furnaces were China ($763M), United States ($577M), Indonesia ($377M), Germany ($219M), and Japan ($184M).

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Market Dynamics

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Trade by country

Value

Top Origin Growth (2018 -  2019): China, $283M

Top Destination Growth (2018 - 2019): Indonesia, $267M

Between 2018 and 2019, the exports of Electric Furnaces grew the fastest in China ($283M), Sweden ($41M), Spain ($28M), France ($22.3M), and Germany ($16.7M).

Between 2018 and 2019, the fastest growing importers of Electric Furnaces were Indonesia ($267M), United States ($64.8M), Peru ($48.8M), India ($37.3M), and Sweden ($29.5M).

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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 Electric Furnaces.

In 2019,  market concentration measured using Shannon Entropy, was 4.14. This means that most of the exports of Electric Furnaces are explained by 17 countries.

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TOP NET EXPORTER (2019): Germany, $682M

TOP NET IMPORTER (2019): Indonesia, $376M

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

In 2019, the countries that had a largest trade value in exports than in imports of Electric Furnaces were Germany ($682M), Italy ($391M), Japan ($367M), China ($251M), and United Kingdom ($70.1M).

In 2019, the countries that had a largest trade value in imports than in exports of Electric Furnaces were Indonesia ($376M), Vietnam ($165M), Mexico ($138M), Malaysia ($111M), and Russia ($105M).

Disaggregation

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Value

In 2019, the world most traded Electric Furnaces, disaggragated by their HS6 level were Industrial electric resistance heated furnaces &... ($1.97B), Parts of industrial/etc electric furnaces/ovens nes ($1.39B), Industrial/laboratory electric furnaces and ovens nes ($1.03B), Industrial induction/dielectric heating equipment nes ($714M), and Industrial electric induction, dielectric furnace/ove ($558M)

Import Tariffs

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In 2018, the average tariff for importing Electric Furnaces was 4.62%.  The countries with the highest tariffs for importing Electric Furnaces were Bahamas (40.2%), Hungary (25%), Bermuda (25%), Iran (19.8%), and Maldives (19.6%).

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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.