MachinesXVI (Harmonized System 1992 for Section)
2019 World Trade: $4.7T, Rnk 1 / 21
2019 Top Exporter | Top Importer: $1.2T | $708B, China | United States
2019 Product Complexity: 1.7, Rnk 1 / 21
2018 - 2019 Export Growth (CAGR): -2.64%, Rnk 14 / 21
2018 Mean Tariff: 5.89%, Rnk 19 / 21
2019 Share of World Trade: 26%, Rnk 1 / 21
Overview This page contains the latest trade data of Machines. In 2019, Machines were the world's 1st most traded product, with a total trade of $4.7T. Between 2018 and 2019 the exports of Machines decreased by -2.64%, from $4.83T to $4.7T. Trade in Machines represent 26% of total world trade.
Exports In 2019 the top exporters of Machines were China ($1.2T), Germany ($414B), United States ($370B), Japan ($244B), and South Korea ($231B).
Imports In 2019 the top importers of Machines were United States ($708B), China ($374B), Hong Kong ($363B), Germany ($298B), and Mexico ($175B).
Tariffs In 2018 the average tariff for Machines was 5.89%, making it the 19th lowest tariff using the Section product classification.
The countries with the highest import tariffs for Machines are Bahamas (32.2%), Bermuda (24.1%), Maldives (20.3%), Iran (18%), and Cambodia (13.9%). The countries with the lowest tariffs are Hong Kong (0%), Singapore (0%), Switzerland (0%), Norway (0%), and Japan (0.012%).
Ranking Machines ranks 1st in the Product Complexity Index (PCI).
Trade By Country
Top Origin (2019): China, $1.2T
Top Destination (2019): United States, $708B
Machines are the world's 1st most traded product.
In 2019, the top exporters of Machines were China ($1.2T), Germany ($414B), United States ($370B), Japan ($244B), and South Korea ($231B).
In 2019, the top importers of Machines were United States ($708B), China ($374B), Hong Kong ($363B), Germany ($298B), and Mexico ($175B).
Trade by country
Top Origin Growth (2018 - 2019): Vietnam, $14.3B
Top Destination Growth (2018 - 2019): Vietnam, $14.6B
Between 2018 and 2019, the exports of Machines grew the fastest in Vietnam ($14.3B), India ($3.89B), Ireland ($3.5B), United Arab Emirates ($3.26B), and Turkey ($2.86B).
Between 2018 and 2019, the fastest growing importers of Machines were Vietnam ($14.6B), Saudi Arabia ($3.1B), Nigeria ($1.99B), Chinese Taipei ($1.94B), and Belgium ($1.92B).
Cumulative market share
This chart shows the evolution of the market concentration of exports of Machines.
In 2019, market concentration measured using Shannon Entropy, was 4.43. This means that most of the exports of Machines are explained by 21 countries.
TOP NET EXPORTER (2019): China, $822B
TOP NET IMPORTER (2019): United States, $338B
This map shows which countries export or import more of Machines. Each country is colored based on the difference in exports and imports of Machines during 2019.
In 2019, the countries that had a largest trade value in exports than in imports of Machines were China ($822B), Chinese Taipei ($119B), Germany ($117B), South Korea ($103B), and Japan ($92.3B).
In 2019, the countries that had a largest trade value in imports than in exports of Machines were United States ($338B), Hong Kong ($313B), Canada ($61.7B), India ($56.4B), and Russia ($52.2B).
In 2019, the world most traded Machines, disaggragated by their HS6 level were Monolithic integrated circuits, digital ($578B), Transmit-receive apparatus for radio, TV, etc. ($411B), Parts and accessories of data processing... ($230B), Computer data storage units ($144B), and Parts of line telephone/telegraph equipment, nes ($106B)
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.