HS Icon Iron Ingots

7206 (Harmonized System 1992 for 4-digit)

World Trade (2018): $610M, Rnk 998 / 1225

Top Exporter (2018): $81.5M, United States

Top Importer (2018): $71.8M, Kuwait

Product Complexity (2018): -0.89, Rnk 791 / 1018

Export Growth (CAGR)(2017 - 2018): 9.11%, Rnk 813 / 1225

Mean Tariff (2018): 3.35%, Rnk 1103 / 1259

Share of World Trade (2018): 0.0033%, Rnk 998 / 1225

Overview:  This page contains the latest trade data of Iron Ingots. In 2018, Iron Ingots were the world's 998th most traded product, with a total trade of $610M. Between 2017 and 2018 the exports of Iron Ingots grew by 9.11%, from  $559M to $610M. Trade in Iron Ingots represent 0.0033% of total world trade.

Exports: In 2018 the top exporters of Iron Ingots  were United States ($81.5M), Greece ($57.3M), Egypt ($44.7M), Sweden ($44.1M), and Kuwait ($29.2M).

Imports: In 2018 the top importers of Iron Ingots were Kuwait ($71.8M), Germany ($58.9M), North Macedonia ($52.4M), Denmark ($35.3M), and Saudi Arabia ($31M).

Tariffs: In 2018 the average tariff for Iron Ingots was 3.35%, been the 1103 lowest tariff using the HS4 product classification.

The countries with the highest import tariffs for Iron Ingots are Bahamas (40.2%), Bermuda (25%), Algeria (12.5%), Aruba (12%), and Poland (10.6%). The countries with the lowest tariffs are Angola (0%), Kenya (0%), Mauritius (0%), Rwanda (0%), and Tanzania (0%).

Ranking: Iron Ingots ranks 791st in the Product Complexity Index (PCI).

Exporters and Importers

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Trade By Country

Top Origin (2018): United States, $81.5M

Top Destination (2018): Kuwait, $71.8M

Iron Ingots are the world's 998th most traded product.

In 2018, the top exporters of Iron Ingots were United States ($81.5M), Greece ($57.3M), Egypt ($44.7M), Sweden ($44.1M), and Kuwait ($29.2M).

In 2018, the top importers of Iron Ingots were Kuwait ($71.8M), Germany ($58.9M), North Macedonia ($52.4M), Denmark ($35.3M), and Saudi Arabia ($31M).

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Market Dynamics

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Trade by country

Value

Top Origin Growth (2017 -  2018): Egypt, $44.7M

Top Destination Growth (2017 - 2018): Denmark, $34.8M

Between 2017 and 2018, the exports of Iron Ingots grew the fastest in Egypt ($44.7M), Greece ($30.6M), Kuwait ($28.8M), Sweden ($26.7M), and Norway ($14.7M).

Between 2017 and 2018, the fastest growing importers of Iron Ingots were Denmark ($34.8M), Saudi Arabia ($30.6M), Philippines ($26.1M), North Macedonia ($25.8M), and Kuwait ($16.7M).

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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 Iron Ingots.

In 2018,  market concentration measured using Shannon Entropy, was 4.82. This means that most of the exports of Iron Ingots are explained by 28 countries.

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TOP NET EXPORTER (2018): United States, $67.3M

TOP NET IMPORTER (2018): Kuwait, $42.6M

This map shows which countries export or import more of Iron Ingots. Each country is colored based on the difference in exports and imports of Iron Ingots during 2018.

In 2018, the countries that had a largest trade value in exports than in imports of Iron Ingots were United States ($67.3M), Greece ($56.6M), Egypt ($44.3M), Sweden ($38.7M), and Russia ($27.5M).

In 2018, the countries that had a largest trade value in imports than in exports of Iron Ingots were Kuwait ($42.6M), Germany ($35.6M), Denmark ($33.7M), Saudi Arabia ($30.8M), and Philippines ($26.7M).

Trade Forecasts

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This section shows forecasts for total trade for Iron Ingots. The forecast is based in a long short-term memory model or LSTM constructed using yearly trade data.

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Import Tariffs

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In 2018, the average tariff for importing Iron Ingots was 3.35%.  The countries with the highest tariffs for importing Iron Ingots were Bahamas (40.2%), Bermuda (25%), Algeria (12.5%), Aruba (12%), and Poland (10.6%).

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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.