HS Icon Petroleum oils, oils from bituminous minerals, crude

270900 (Harmonized System 1992 for 6-digit)

World Trade (2019): $986B, Rnk 1 / 4648

Top Exporter (2019): $145B, Saudi Arabia

Top Importer (2019): $204B, China

Product Complexity (2019): -2.87, Rnk 4818 / 4826

Export Growth (CAGR)(2018 - 2019): -10.6%, Rnk 3492 / 4648

Mean Tariff (2018): 1.85%, Rnk 6238 / 6538

Share of World Trade (2019): 5.44%, Rnk 1 / 4648

Overview:  This page contains the latest trade data of Petroleum oils, oils from bituminous minerals, crude. In 2019, Petroleum oils, oils from bituminous minerals, crude were the world's 1st most traded product, with a total trade of $986B. Between 2018 and 2019 the exports of Petroleum oils, oils from bituminous minerals, crude decreased by -10.6%, from  $1.1T to $986B. Trade in Petroleum oils, oils from bituminous minerals, crude represent 5.44% of total world trade.

Exports: In 2019 the top exporters of Petroleum oils, oils from bituminous minerals, crude  were Saudi Arabia ($145B), Russia ($123B), Iraq ($73.8B), Canada ($67.8B), and United States ($61.9B).

Imports: In 2019 the top importers of Petroleum oils, oils from bituminous minerals, crude were China ($204B), United States ($123B), India ($92.7B), South Korea ($67.4B), and Japan ($64B).

Tariffs: In 2018 the average tariff for Petroleum oils, oils from bituminous minerals, crude was 1.85%, making it the 6238th lowest tariff using the HS6 product classification.

The countries with the highest import tariffs for Petroleum oils, oils from bituminous minerals, crude are Nepal (9.89%), Republic of the Congo (9.81%), Gabon (9.81%), Chad (9.81%), and Bolivia (9.61%). The countries with the lowest tariffs are Angola (0%), Cote d'Ivoire (0%), Egypt (0%), Ghana (0%), and Guinea (0%).

Ranking: Petroleum oils, oils from bituminous minerals, crude ranks 4818th in the Product Complexity Index (PCI).

Description: Petroleum oils are used to create plastics, make machinery work, make cosmetics, etc. Oils from bituminous minerals are used in making paint, making building materials, etc. Crude is used for making gasoline, fuel, making plastics, etc.

Exporters and Importers

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Trade By Country

Top Origin (2019): Saudi Arabia, $145B

Top Destination (2019): China, $204B

Petroleum oils, oils from bituminous minerals, crude are the world's 1st most traded product.

In 2019, the top exporters of Petroleum oils, oils from bituminous minerals, crude were Saudi Arabia ($145B), Russia ($123B), Iraq ($73.8B), Canada ($67.8B), and United States ($61.9B).

In 2019, the top importers of Petroleum oils, oils from bituminous minerals, crude were China ($204B), United States ($123B), India ($92.7B), South Korea ($67.4B), and Japan ($64B).

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Market Dynamics

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Trade by country

Value

Top Origin Growth (2018 -  2019): United States, $16.6B

Top Destination Growth (2018 - 2019): Turkey, $4.69B

Between 2018 and 2019, the exports of Petroleum oils, oils from bituminous minerals, crude grew the fastest in United States ($16.6B), Mexico ($1.64B), Canada ($1.09B), Gabon ($705M), and Trinidad and Tobago ($481M).

Between 2018 and 2019, the fastest growing importers of Petroleum oils, oils from bituminous minerals, crude were Turkey ($4.69B), China ($2.27B), Vietnam ($1.29B), Brunei ($972M), and Panama ($670M).

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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 Petroleum oils, oils from bituminous minerals, crude.

In 2019,  market concentration measured using Shannon Entropy, was 4.5. This means that most of the exports of Petroleum oils, oils from bituminous minerals, crude are explained by 22 countries.

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TOP NET EXPORTER (2019): Saudi Arabia, $145B

TOP NET IMPORTER (2019): China, $204B

This map shows which countries export or import more of Petroleum oils, oils from bituminous minerals, crude. Each country is colored based on the difference in exports and imports of Petroleum oils, oils from bituminous minerals, crude during 2019.

In 2019, the countries that had a largest trade value in exports than in imports of Petroleum oils, oils from bituminous minerals, crude were Saudi Arabia ($145B), Russia ($123B), Iraq ($73.8B), Canada ($54.3B), and United Arab Emirates ($54.2B).

In 2019, the countries that had a largest trade value in imports than in exports of Petroleum oils, oils from bituminous minerals, crude were China ($204B), India ($92.7B), South Korea ($67B), Japan ($64B), and United States ($60.6B).

Import Tariffs

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In 2018, the average tariff for importing Petroleum oils, oils from bituminous minerals, crude was 1.85%.  The countries with the highest tariffs for importing Petroleum oils, oils from bituminous minerals, crude were Nepal (9.89%), Republic of the Congo (9.81%), Gabon (9.81%), Chad (9.81%), and Bolivia (9.61%).

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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.