HS Icon Excavation Machinery

8431 (Harmonized System 1992 for 4-digit)

World Trade (2019): $58.7B, Rnk 49 / 1217

Top Exporter (2019): $9.52B, China

Top Importer (2019): $9.18B, United States

Product Complexity (2019): 0.82, Rnk 215 / 961

Export Growth (CAGR)(2018 - 2019): -1.61%, Rnk 523 / 1217

Mean Tariff (2018): 4.75%, Rnk 867 / 1259

Share of World Trade (2019): 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.

Exporters and Importers

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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).

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Market Dynamics

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Trade by country

Value

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).

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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 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.

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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).

Disaggregation

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Value

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)

Import Tariffs

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In 2018, the average tariff for importing Excavation Machinery was 4.75%.  The countries with the highest tariffs for importing Excavation Machinery were Bahamas (40.2%), Bermuda (35%), Maldives (19.7%), Jordan (15.6%), and Cambodia (15%).

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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.