HS Icon Petroleum bitumen

271320 (Harmonized System 1992 for 6-digit)

Overview This page contains the latest trade data of Petroleum bitumen. In 2019, Petroleum bitumen were the world's 274th most traded product, with a total trade of $10.8B. Between 2018 and 2019 the exports of Petroleum bitumen decreased by -0.89%, from $10.9B to $10.8B. Trade in Petroleum bitumen represent 0.06% of total world trade.

Exports In 2019 the top exporters of Petroleum bitumen  were South Korea ($1.28B), Singapore ($993M), Canada ($979M), Spain ($669M), and Germany ($644M).

Imports In 2019 the top importers of Petroleum bitumen were China ($1.65B), United States ($1.2B), Indonesia ($477M), France ($429M), and Australia ($365M).

Tariffs In 2018 the average tariff for Petroleum bitumen was 5.07%, making it the 4087th lowest tariff using the HS6 product classification.

The countries with the highest import tariffs for Petroleum bitumen are Trinidad and Tobago (33.1%), Turkmenistan (30%), Barbados (26.8%), Belize (26.4%), and Bermuda (25%). The countries with the lowest tariffs are Mauritius (0%), Hong Kong (0%), Japan (0%), Sri Lanka (0%), and Maldives (0%).

Ranking Petroleum bitumen ranks 3654th in the Product Complexity Index (PCI).

Description Petroleum bitumen is the thick, sticky, black substance that is composed of large molecules. The oil sands of Canada are one of the largest sources of petroleum bitumen. The substance is refined into crude oil, which can then be used for fuel for vehicles or in the production of plastics.

Historical Data

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Exporters and Importers

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Trade By Country

Top Origin (2019): South Korea, $1.28B

Top Destination (2019): China, $1.65B

Petroleum bitumen are the world's 274th most traded product.

In 2019, the top exporters of Petroleum bitumen were South Korea ($1.28B), Singapore ($993M), Canada ($979M), Spain ($669M), and Germany ($644M).

In 2019, the top importers of Petroleum bitumen were China ($1.65B), United States ($1.2B), Indonesia ($477M), France ($429M), and Australia ($365M).

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Market Dynamics

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Trade by country

Value

Top Origin Growth (2018 -  2019): Iraq, $293M

Top Destination Growth (2018 - 2019): Malaysia, $133M

Between 2018 and 2019, the exports of Petroleum bitumen grew the fastest in Iraq ($293M), Turkey ($274M), Malaysia ($235M), Greece ($147M), and United Arab Emirates ($79.3M).

Between 2018 and 2019, the fastest growing importers of Petroleum bitumen were Malaysia ($133M), India ($88M), Mexico ($78M), Indonesia ($76.3M), and Romania ($52.5M).

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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 Petroleum bitumen.

In 2019,  market concentration measured using Shannon Entropy, was 4.75. This means that most of the exports of Petroleum bitumen are explained by 26 countries.

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TOP NET EXPORTER (2019): South Korea, $1.28B

TOP NET IMPORTER (2019): China, $1.35B

This map shows which countries export or import more of Petroleum bitumen. Each country is colored based on the difference in exports and imports of Petroleum bitumen during 2019.

In 2019, the countries that had a largest trade value in exports than in imports of Petroleum bitumen were South Korea ($1.28B), Singapore ($981M), Canada ($904M), Germany ($539M), and Spain ($531M).

In 2019, the countries that had a largest trade value in imports than in exports of Petroleum bitumen were China ($1.35B), United States ($695M), Indonesia ($474M), Australia ($365M), and India ($297M).

Import Tariffs

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In 2018, the average tariff for importing Petroleum bitumen was 5.07%. The countries with the highest tariffs for importing Petroleum bitumen were Trinidad and Tobago (33.1%), Turkmenistan (30%), Barbados (26.8%), Belize (26.4%), and Bermuda (25%).

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.