Excavation Machinery8431 (Harmonized System 1992 for 4-digit)
2019 World Trade: $58.7B, Rnk 49 / 1217
2019 Top Exporter | Top Importer: $9.52B | $9.18B, China | United States
2019 Product Complexity: 0.82, Rnk 215 / 961
2018 - 2019 Export Growth (CAGR): -1.61%, Rnk 523 / 1217
2018 Mean Tariff: 4.75%, Rnk 867 / 1259
2019 Share of World Trade: 0.32%, Rnk 49 / 1217
Overview This page contains the latest trade data of Excavation Machinery. In 2019, Excavation Machinery were the world's 49th most traded product, with a total trade of $58.7B. Between 2018 and 2019 the exports of Excavation Machinery decreased by -1.61%, from $59.7B to $58.7B. Trade in Excavation Machinery represent 0.32% of total world trade.
Exports In 2019 the top exporters of Excavation Machinery were China ($9.52B), United States ($6.47B), Germany ($5.24B), Italy ($3.4B), and Japan ($2.67B).
Imports In 2019 the top importers of Excavation Machinery were United States ($9.18B), Germany ($4.43B), Canada ($2.63B), France ($2.42B), and China ($2.21B).
Tariffs In 2018 the average tariff for Excavation Machinery was 4.75%, making it the 867th lowest tariff using the HS4 product classification.
The countries with the highest import tariffs for Excavation Machinery are Bahamas (40.2%), Bermuda (35%), Maldives (19.7%), Jordan (15.6%), and Cambodia (15%). The countries with the lowest tariffs are Angola (0%), Mauritius (0%), Armenia (0%), Hong Kong (0%), and Japan (0%).
Ranking Excavation Machinery ranks 215th in the Product Complexity Index (PCI).
Description Parts suitable for use solely or principally with the machinery of heading 8425 to 8430 are used in the production of other goods. They can be made from a variety of materials, including steel, aluminum, and plastic.
Trade By Country
Top Origin (2019): China, $9.52B
Top Destination (2019): United States, $9.18B
Excavation Machinery are the world's 49th most traded product.
In 2019, the top exporters of Excavation Machinery were China ($9.52B), United States ($6.47B), Germany ($5.24B), Italy ($3.4B), and Japan ($2.67B).
In 2019, the top importers of Excavation Machinery were United States ($9.18B), Germany ($4.43B), Canada ($2.63B), France ($2.42B), and China ($2.21B).
Trade by country
Top Origin Growth (2018 - 2019): Guyana, $295M
Top Destination Growth (2018 - 2019): Trinidad and Tobago, $295M
Between 2018 and 2019, the exports of Excavation Machinery grew the fastest in Guyana ($295M), United Arab Emirates ($289M), Canada ($155M), Trinidad and Tobago ($146M), and Malaysia ($101M).
Between 2018 and 2019, the fastest growing importers of Excavation Machinery were Trinidad and Tobago ($295M), Oman ($163M), Guyana ($126M), Kuwait ($104M), and Hong Kong ($94.7M).
Cumulative market share
This chart shows the evolution of the market concentration of exports of Excavation Machinery.
In 2019, market concentration measured using Shannon Entropy, was 4.77. This means that most of the exports of Excavation Machinery are explained by 27 countries.
TOP NET EXPORTER (2019): China, $7.31B
TOP NET IMPORTER (2019): United States, $2.71B
This map shows which countries export or import more of Excavation Machinery. Each country is colored based on the difference in exports and imports of Excavation Machinery during 2019.
In 2019, the countries that had a largest trade value in exports than in imports of Excavation Machinery were China ($7.31B), Italy ($2.02B), South Korea ($1.54B), Germany ($808M), and Sweden ($799M).
In 2019, the countries that had a largest trade value in imports than in exports of Excavation Machinery were United States ($2.71B), Australia ($1.18B), Russia ($948M), Indonesia ($883M), and Saudi Arabia ($666M).
In 2019, the world most traded Excavation Machinery, disaggragated by their HS6 level were Parts of cranes, work-trucks, shovels, constr... ($25B), Parts of boring or sinking machinery ($10.2B), Parts of lifting/handling machinery nes ($8.67B), Parts of fork-lift etc trucks ($5.85B), and Parts of lifts, skip hoist or... ($4.92B)
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.