Mineral ProductsV (Harmonized System 1992 for Section)
2019 World Trade: $2.51T, Rnk 2 / 21
2019 Top Exporter | Top Importer: $246B | $446B, Russia | China
2019 Product Complexity: -2.4, Rnk 21 / 21
2018 - 2019 Export Growth (CAGR): -8.63%, Rnk 21 / 21
2018 Mean Tariff: 3.41%, Rnk 21 / 21
2019 Share of World Trade: 13.8%, Rnk 2 / 21
Overview This page contains the latest trade data of Mineral Products. In 2019, Mineral Products were the world's 2nd most traded product, with a total trade of $2.51T. Between 2018 and 2019 the exports of Mineral Products decreased by -8.63%, from $2.74T to $2.51T. Trade in Mineral Products represent 13.8% of total world trade.
Exports In 2019 the top exporters of Mineral Products were Russia ($246B), United States ($209B), Saudi Arabia ($172B), Australia ($172B), and Canada ($110B).
Imports In 2019 the top importers of Mineral Products were China ($446B), United States ($201B), Japan ($164B), India ($150B), and South Korea ($137B).
Tariffs In 2018 the average tariff for Mineral Products was 3.41%, making it the 21st 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).
Trade By Country
Mineral Products are the world's 2nd most traded product.
In 2019, the top exporters of Mineral Products were Russia ($246B), United States ($209B), Saudi Arabia ($172B), Australia ($172B), and Canada ($110B).
In 2019, the top importers of Mineral Products were China ($446B), United States ($201B), Japan ($164B), India ($150B), and South Korea ($137B).
Trade by country
Top Origin Growth (2018 - 2019): Australia, $15.2B
Top Destination Growth (2018 - 2019): China, $22.5B
Between 2018 and 2019, the exports of Mineral Products grew the fastest in Australia ($15.2B), United States ($4.78B), Qatar ($3.86B), Brazil ($2.72B), and Turkey ($1.74B).
Between 2018 and 2019, the fastest growing importers of Mineral Products were China ($22.5B), Norway ($1.67B), Vietnam ($1.62B), Bangladesh ($1.51B), and Mozambique ($1.29B).
Cumulative market share
This chart shows the evolution of the market concentration of exports of Mineral Products.
In 2019, market concentration measured using Shannon Entropy, was 5.45. This means that most of the exports of Mineral Products are explained by 43 countries.
This 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 2019.
In 2019, the countries that had a largest trade value in exports than in imports of Mineral Products were Russia ($240B), Saudi Arabia ($167B), Australia ($145B), United Arab Emirates ($77B), and Iraq ($74.5B).
In 2019, the countries that had a largest trade value in imports than in exports of Mineral Products were China ($397B), Japan ($148B), India ($103B), South Korea ($93.7B), and Germany ($53.6B).
In 2019, the world most traded Mineral 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), Iron ore, concentrate, not iron pyrites,unagglomerate ($106B), and Natural gas in gaseous state ($99.5B)
In 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%).
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.