HS Icon Mineral fuels, mineral oils and products of their distillation

27 (Harmonized System 1992 for 2-digit)

Overview This page contains the latest trade data of Mineral fuels, mineral oils and products of their distillation. In 2019, Mineral fuels, mineral oils and products of their distillation were the world's 2nd most traded product, with a total trade of $2.21T. Between 2018 and 2019 the exports of Mineral fuels, mineral oils and products of their distillation decreased by -10.4%, from $2.46T to $2.21T. Trade in Mineral fuels, mineral oils and products of their distillation represent 12.2% of total world trade.

Mineral fuels, mineral oils and products of their distillation are a part of Mineral Products. They include Mineral fuels, mineral oils and products of their distillation.

Exports In 2019 the top exporters of Mineral fuels, mineral oils and products of their distillation  were Russia ($241B), United States ($198B), Saudi Arabia ($171B), Canada ($98.8B), and United Arab Emirates ($96.2B).

Imports In 2019 the top importers of Mineral fuels, mineral oils and products of their distillation were China ($303B), United States ($193B), India ($144B), Japan ($141B), and South Korea ($121B).

Tariffs In 2018 the average tariff for Mineral fuels, mineral oils and products of their distillation was 3.67%, making it the 88th lowest tariff using the HS2 product classification.

The countries with the highest import tariffs for Mineral fuels, mineral oils and products of their distillation are Austria (25.6%), Bermuda (20.9%), Cayman Islands (19.3%), and Comoros (18.6%). The countries with the lowest tariffs are Mauritius (0%), Hong Kong (0%), Singapore (0%), Switzerland (0%), and Norway (0%).

Ranking Mineral fuels, mineral oils and products of their distillation ranks 96th in the Product Complexity Index (PCI).

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The following visualization shows the latest trends on Mineral fuels, mineral oils and products of their distillation. Countries are shown based on data availability.

For a full breakdown of trade patterns, visit the trend explorer or the product in country profile.

* Using October 2021 exchange rates when trade data is reported in local currency.

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Historical Data

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Exporters and Importers

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Trade By Country

Top Origin (2019): Russia, $241B

Top Destination (2019): China, $303B

Mineral fuels, mineral oils and products of their distillation are the world's 2nd most traded product.

In 2019, the top exporters of Mineral fuels, mineral oils and products of their distillation were Russia ($241B), United States ($198B), Saudi Arabia ($171B), Canada ($98.8B), and United Arab Emirates ($96.2B).

In 2019, the top importers of Mineral fuels, mineral oils and products of their distillation were China ($303B), United States ($193B), India ($144B), Japan ($141B), and South Korea ($121B).

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Market Dynamics

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Trade by country

Value

Top Origin Growth (2018 -  2019): United States, $4.41B

Top Destination Growth (2018 - 2019): Norway, $1.83B

Between 2018 and 2019, the exports of Mineral fuels, mineral oils and products of their distillation grew the fastest in United States ($4.41B), Qatar ($3.9B), Turkey ($1.61B), China ($1.32B), and Bahrain ($1.27B).

Between 2018 and 2019, the fastest growing importers of Mineral fuels, mineral oils and products of their distillation were Norway ($1.83B), Vietnam ($1.52B), Bangladesh ($1.41B), Panama ($1.27B), and Brunei ($1.24B).

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Market Concentration

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Cumulative market share

Value

This chart shows the evolution of the market concentration of exports of Mineral fuels, mineral oils and products of their distillation.

In 2019,  market concentration measured using Shannon Entropy, was 5.32. This means that most of the exports of Mineral fuels, mineral oils and products of their distillation are explained by 40 countries.

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TOP NET EXPORTER (2019): Russia, $237B

TOP NET IMPORTER (2019): China, $259B

This map shows which countries export or import more of Mineral fuels, mineral oils and products of their distillation. Each country is colored based on the difference in exports and imports of Mineral fuels, mineral oils and products of their distillation during 2019.

In 2019, the countries that had a largest trade value in exports than in imports of Mineral fuels, mineral oils and products of their distillation were Russia ($237B), Saudi Arabia ($167B), United Arab Emirates ($75.7B), Iraq ($74.6B), and Qatar ($67B).

In 2019, the countries that had a largest trade value in imports than in exports of Mineral fuels, mineral oils and products of their distillation were China ($259B), Japan ($127B), India ($102B), South Korea ($78.9B), and Italy ($49.1B).

Disaggregation

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Value
Disaggregation

In 2019, the world most traded Mineral fuels, mineral oils and products..., disaggragated by their HS6 level were Petroleum oils, oils from bituminous minerals,... ($986B), Oils petroleum, bituminous, distillates, except crude ($688B), Natural gas, liquefied ($143B), Natural gas in gaseous state ($99.5B), and Bituminous coal, not agglomerated ($94.8B)

Country Comparison

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Ranking

This visualization shows the countries that have an important ratio of their trade related to Mineral fuels, mineral oils and products of their distillation.
It is possible to select the main countries that export or import Mineral fuels, mineral oils and products of their distillation in the world, or by continent, as well as select the measure of interest.

Import Tariffs

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In 2018, the average tariff for importing Mineral fuels, mineral oils and products of their distillation was 3.67%. The countries with the highest tariffs for importing Mineral fuels, mineral oils and products of their distillation were Austria (25.6%), Bermuda (20.9%), Cayman Islands (19.3%), and Comoros (18.6%).

Product Complexity

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Diversification Frontier

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Specialization

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.