HS Icon Iron Springs

7320 (Harmonized System 1992 for 4-digit)

World Trade (2019): $7.18B, Rnk 402 / 1217

Top Exporter (2019): $1.53B, Germany

Top Importer (2019): $1.23B, United States

Product Complexity (2019): 0.95, Rnk 167 / 961

Export Growth (CAGR)(2018 - 2019): -4.34%, Rnk 709 / 1217

Mean Tariff (2018): 8.53%, Rnk 506 / 1259

Share of World Trade (2019): 0.04%, Rnk 402 / 1217

Overview:  This page contains the latest trade data of Iron Springs. In 2019, Iron Springs were the world's 402nd most traded product, with a total trade of $7.18B. Between 2018 and 2019 the exports of Iron Springs decreased by -4.34%, from  $7.51B to $7.18B. Trade in Iron Springs represent 0.04% of total world trade.

Exports: In 2019 the top exporters of Iron Springs  were Germany ($1.53B), United States ($760M), Mexico ($722M), China ($582M), and Japan ($437M).

Imports: In 2019 the top importers of Iron Springs were United States ($1.23B), Germany ($593M), Mexico ($496M), China ($437M), and Poland ($314M).

Tariffs: In 2018 the average tariff for Iron Springs was 8.53%, making it the 506th lowest tariff using the HS4 product classification.

The countries with the highest import tariffs for Iron Springs are Bahamas (41.4%), Cambodia (35%), Pakistan (29.1%), Iran (26.6%), and Bangladesh (24.5%). The countries with the lowest tariffs are Mauritius (0%), Hong Kong (0%), Singapore (0%), Switzerland (0%), and Norway (0%).

Ranking: Iron Springs ranks 167th in the Product Complexity Index (PCI).

Description: Springs are used to store energy and can be made from a variety of materials, including steel.

Exporters and Importers

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Trade By Country

Top Origin (2019): Germany, $1.53B

Top Destination (2019): United States, $1.23B

Iron Springs are the world's 402nd most traded product.

In 2019, the top exporters of Iron Springs were Germany ($1.53B), United States ($760M), Mexico ($722M), China ($582M), and Japan ($437M).

In 2019, the top importers of Iron Springs were United States ($1.23B), Germany ($593M), Mexico ($496M), China ($437M), and Poland ($314M).

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Market Dynamics

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Trade by country

Value

Top Origin Growth (2018 -  2019): China, $27.8M

Top Destination Growth (2018 - 2019): Senegal, $26M

Between 2018 and 2019, the exports of Iron Springs grew the fastest in China ($27.8M), Denmark ($21.1M), Poland ($20.1M), Ukraine ($4.59M), and Vietnam ($2.33M).

Between 2018 and 2019, the fastest growing importers of Iron Springs were Senegal ($26M), Malaysia ($15.2M), Cambodia ($14.5M), Canada ($12.8M), and Hong Kong ($7.49M).

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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 Springs.

In 2019,  market concentration measured using Shannon Entropy, was 4.38. This means that most of the exports of Iron Springs are explained by 20 countries.

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TOP NET EXPORTER (2019): Germany, $939M

TOP NET IMPORTER (2019): United States, $466M

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

In 2019, the countries that had a largest trade value in exports than in imports of Iron Springs were Germany ($939M), Japan ($330M), Mexico ($226M), China ($146M), and Switzerland ($67.5M).

In 2019, the countries that had a largest trade value in imports than in exports of Iron Springs were United States ($466M), Poland ($121M), Russia ($90M), Slovakia ($76M), and Hungary ($74.7M).

Disaggregation

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Value

In 2019, the world most traded Iron Springs, disaggragated by their HS6 level were Springs, helical, iron or steel ($3.33B), Springs, iron or steel, except helical/leaf ($1.93B), and Leaf springs/leaves thereof, iron or steel ($1.92B)

Import Tariffs

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In 2018, the average tariff for importing Iron Springs was 8.53%.  The countries with the highest tariffs for importing Iron Springs were Bahamas (41.4%), Cambodia (35%), Pakistan (29.1%), Iran (26.6%), and Bangladesh (24.5%).

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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.