HS Icon Iron and steel

72 (Harmonized System 1992 for 2-digit)

 2019
World Trade
: $380B, Rnk 10 / 96

2019
Top Exporter | Top Importer
: $39.8B | $26.3B, China | Germany

2019
Product Complexity
: 0.19, Rnk 39 / 96

2018 - 2019
Export Growth (CAGR)
: -13.7%, Rnk 92 / 96

2018
Mean Tariff
: 5.11%, Rnk 79 / 96

 2019
Share of World Trade
: 2.1%, Rnk 10 / 96

Overview:  This page contains the latest trade data of Iron and steel. In 2019, Iron and steel were the world's 10th most traded product, with a total trade of $380B. Between 2018 and 2019 the exports of Iron and steel decreased by -13.7%, from  $440B to $380B. Trade in Iron and steel represent 2.1% of total world trade.

Exports: In 2019 the top exporters of Iron and steel  were China ($39.8B), Japan ($26.7B), Germany ($25.4B), South Korea ($23.5B), and Russia ($19.8B).

Imports: In 2019 the top importers of Iron and steel were Germany ($26.3B), United States ($23.9B), China ($21.9B), Italy ($18.4B), and South Korea ($14.7B).

Tariffs: In 2018 the average tariff for Iron and steel was 5.11%, making it the 79th lowest tariff using the HS2 product classification.

The countries with the highest import tariffs for Iron and steel are Bahamas (40.1%), Bermuda (25%), Sudan (24.1%), Cameroon (14.8%), and Gabon (14.7%). The countries with the lowest tariffs are Hong Kong (0%), Singapore (0%), Taiwan (0%), Switzerland (0%), and Norway (0%).

Ranking: Iron and steel ranks 39th in the Product Complexity Index (PCI).

Exporters and Importers

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Trade By Country

Top Origin (2019): China, $39.8B

Top Destination (2019): Germany, $26.3B

Iron and steel are the world's 10th most traded product.

In 2019, the top exporters of Iron and steel were China ($39.8B), Japan ($26.7B), Germany ($25.4B), South Korea ($23.5B), and Russia ($19.8B).

In 2019, the top importers of Iron and steel were Germany ($26.3B), United States ($23.9B), China ($21.9B), Italy ($18.4B), and South Korea ($14.7B).

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Market Dynamics

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Trade by country

Value

Top Origin Growth (2018 -  2019): Indonesia, $1.69B

Top Destination Growth (2018 - 2019): Saudi Arabia, $584M

Between 2018 and 2019, the exports of Iron and steel grew the fastest in Indonesia ($1.69B), Malaysia ($1.08B), Oman ($244M), Algeria ($65.2M), and North Macedonia ($56.4M).

Between 2018 and 2019, the fastest growing importers of Iron and steel were Saudi Arabia ($584M), China ($436M), Russia ($314M), Cambodia ($291M), and Bangladesh ($146M).

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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 Iron and steel.

In 2019,  market concentration measured using Shannon Entropy, was 5.21. This means that most of the exports of Iron and steel are explained by 36 countries.

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TOP NET EXPORTER (2019): Japan, $19.2B

TOP NET IMPORTER (2019): United States, $9.4B

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

In 2019, the countries that had a largest trade value in exports than in imports of Iron and steel were Japan ($19.2B), China ($18B), Russia ($14.9B), Brazil ($9.27B), and South Korea ($8.84B).

In 2019, the countries that had a largest trade value in imports than in exports of Iron and steel were United States ($9.4B), Thailand ($9.3B), Mexico ($7.98B), Vietnam ($6.83B), and Italy ($4.93B).

Disaggregation

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Value
Disaggregation

In 2019, the world most traded Iron and steel, disaggragated by their HS6 level were Flat rolled iron or non-alloy steel,... ($22.7B), Ferrous waste or scrap, nes ($21.1B), Hot rolled iron or non-alloy steel,... ($17.5B), Flat rolled iron or non-alloy steel,... ($11.6B), and Bar/rod, iron or non-alloy steel, indented... ($11.3B)

Import Tariffs

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In 2018, the average tariff for importing Iron and steel was 5.11%.  The countries with the highest tariffs for importing Iron and steel were Bahamas (40.1%), Bermuda (25%), Sudan (24.1%), Cameroon (14.8%), and Gabon (14.7%).

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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.