Mineral Products
V (Harmonized System 1992 for Section)
Overview: This page contains the latest trade data of Mineral Products. In 2018, Mineral Products were the world's 2nd most traded product, with a total trade of $2.64T. Between 2017 and 2018 the exports of Mineral Products grew by 27.8%, from $2.06T to $2.64T. Trade in Mineral Products represent 14.4% of total world trade.
Exports: In 2018 the top exporters of Mineral Products were Russia ($269B), United States ($204B), Saudi Arabia ($195B), Australia ($144B), and Canada ($107B).
Imports: In 2018 the top importers of Mineral Products were China ($427B), United States ($219B), India ($163B), Japan ($154B), and South Korea ($150B).
Tariffs: In 2018 the average tariff for Mineral Products was 3.41%, been the 21 lowest tariff using the Section product classification.
The countries with the highest import tariffs for Mineral Products are Bahamas (24.4%), Bermuda (22.4%), Austria (17.8%), Uzbekistan (13.3%), and Nepal (11.1%). The countries with the lowest tariffs are Hong Kong (0%), Singapore (0%), Switzerland (0%), Norway (0%), and Mauritius (0.04%).
Ranking: Mineral Products ranks 21st in the Product Complexity Index (PCI).
Product Trade
#permalink to sectionExporters and Importers
#permalink to sectionTrade By Country
Mineral Products are the world's 2nd most traded product.
In 2018, the top exporters of Mineral Products were Russia ($269B), United States ($204B), Saudi Arabia ($195B), Australia ($144B), and Canada ($107B).
In 2018, the top importers of Mineral Products were China ($427B), United States ($219B), India ($163B), Japan ($154B), and South Korea ($150B).
Market Dynamics
#permalink to sectionTrade by country
Between 2017 and 2018, the exports of Mineral Products grew the fastest in Russia ($69.7B), Saudi Arabia ($65.3B), United States ($60.6B), United Arab Emirates ($28.7B), and Iraq ($26.5B).
Between 2017 and 2018, the fastest growing importers of Mineral Products were China ($94.2B), Netherlands ($41.4B), India ($39.7B), Chinese Taipei ($33.1B), and South Korea ($33B).
Market Concentration
#permalink to sectionCumulative market share
This chart shows the evolution of the market concentration of exports of Mineral Products.
In 2018, market concentration measured using Shannon Entropy, was 5.45. This means that most of the exports of Mineral Products are explained by 43 countries.
Net Trade
#permalink to sectionThis map shows which countries export or import more of Mineral Products. Each country is colored based on the difference in exports and imports of Mineral Products during 2018.
In 2018, the countries that had a largest trade value in exports than in imports of Mineral Products were Russia ($263B), Saudi Arabia ($189B), Australia ($113B), Iraq ($83.9B), and United Arab Emirates ($81.2B).
In 2018, the countries that had a largest trade value in imports than in exports of Mineral Products were China ($381B), Japan ($139B), India ($116B), South Korea ($101B), and Germany ($59.3B).
Forecasts
#permalink to sectionTrade Forecasts
#permalink to sectionThis section shows forecasts for total trade for Mineral Products. The forecast is based in a long short-term memory model or LSTM constructed using yearly trade data.
Tariffs
#permalink to sectionImport Tariffs
#permalink to sectionIn 2018, the average tariff for importing Mineral Products was 3.41%. The countries with the highest tariffs for importing Mineral Products were Bahamas (24.4%), Bermuda (22.4%), Austria (17.8%), Uzbekistan (13.3%), and Nepal (11.1%).
Product Complexity
#permalink to sectionDiversification Frontier
#permalink to sectionThe 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.
