HS Icon Oils petroleum, bituminous, distillates, except crude

271000 (Harmonized System 1992 for 6-digit)

 2019
World Trade
: $688B, Rnk 2 / 4648

2019
Top Exporter | Top Importer
: $84.9B | $54B, United States | United States

2019
Product Complexity
: -0.85, Rnk 3789 / 4826

2018 - 2019
Export Growth (CAGR)
: -10.4%, Rnk 3475 / 4648

2018
Mean Tariff
: 25.7%, Rnk 195 / 6538

 2019
Share of World Trade
: 3.8%, Rnk 2 / 4648

Overview:  This page contains the latest trade data of Oils petroleum, bituminous, distillates, except crude. In 2019, Oils petroleum, bituminous, distillates, except crude were the world's 2nd most traded product, with a total trade of $688B. Between 2018 and 2019 the exports of Oils petroleum, bituminous, distillates, except crude decreased by -10.4%, from  $768B to $688B. Trade in Oils petroleum, bituminous, distillates, except crude represent 3.8% of total world trade.

Exports: In 2019 the top exporters of Oils petroleum, bituminous, distillates, except crude  were United States ($84.9B), Russia ($66.2B), Netherlands ($46.2B), Singapore ($43.1B), and India ($39.2B).

Imports: In 2019 the top importers of Oils petroleum, bituminous, distillates, except crude were United States ($54B), Netherlands ($41.8B), Singapore ($41.4B), Mexico ($29.3B), and Germany ($23.5B).

Tariffs: In 2018 the average tariff for Oils petroleum, bituminous, distillates, except crude was 25.7%, making it the 195th lowest tariff using the HS6 product classification.

Ranking: Oils petroleum, bituminous, distillates, except crude ranks 3789th in the Product Complexity Index (PCI).

Exporters and Importers

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Trade By Country

Top Origin (2019): United States, $84.9B

Top Destination (2019): United States, $54B

Oils petroleum, bituminous, distillates, except crude are the world's 2nd most traded product.

In 2019, the top exporters of Oils petroleum, bituminous, distillates, except crude were United States ($84.9B), Russia ($66.2B), Netherlands ($46.2B), Singapore ($43.1B), and India ($39.2B).

In 2019, the top importers of Oils petroleum, bituminous, distillates, except crude were United States ($54B), Netherlands ($41.8B), Singapore ($41.4B), Mexico ($29.3B), and Germany ($23.5B).

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Market Dynamics

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Trade by country

Value

Top Origin Growth (2018 -  2019): China, $3.45B

Top Destination Growth (2018 - 2019): Iraq, $1.78B

Between 2018 and 2019, the exports of Oils petroleum, bituminous, distillates, except crude grew the fastest in China ($3.45B), Turkey ($3.2B), Brazil ($1.62B), Bahrain ($1.08B), and Iraq ($866M).

Between 2018 and 2019, the fastest growing importers of Oils petroleum, bituminous, distillates, except crude were Iraq ($1.78B), Mozambique ($1.11B), Trinidad and Tobago ($825M), India ($798M), and Colombia ($679M).

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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 Oils petroleum, bituminous, distillates, except crude.

In 2019,  market concentration measured using Shannon Entropy, was 5.01. This means that most of the exports of Oils petroleum, bituminous, distillates, except crude are explained by 32 countries.

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TOP NET EXPORTER (2019): Russia, $64.8B

TOP NET IMPORTER (2019): Mexico, $27.1B

This map shows which countries export or import more of Oils petroleum, bituminous, distillates, except crude. Each country is colored based on the difference in exports and imports of Oils petroleum, bituminous, distillates, except crude during 2019.

In 2019, the countries that had a largest trade value in exports than in imports of Oils petroleum, bituminous, distillates, except crude were Russia ($64.8B), India ($33.3B), United States ($30.9B), South Korea ($20.5B), and Saudi Arabia ($17.9B).

In 2019, the countries that had a largest trade value in imports than in exports of Oils petroleum, bituminous, distillates, except crude were Mexico ($27.1B), Australia ($15.9B), Hong Kong ($12.1B), France ($11.7B), and Germany ($10.9B).

Import Tariffs

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In 2018, the average tariff for importing Oils petroleum, bituminous, distillates, except crude was 25.7%.  The countries with the highest tariffs for importing Oils petroleum, bituminous, distillates, except crude were Austria (147%), Finland (0.76%), Latvia (0%), Turkmenistan (0%), and Estonia (0%).

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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.