HS Icon Raw Iron Bars

7214 (Harmonized System 1992 for 4-digit)

Overview This page contains the latest trade data of Raw Iron Bars. In 2019, Raw Iron Bars were the world's 225th most traded product, with a total trade of $16B. Between 2018 and 2019 the exports of Raw Iron Bars decreased by -15.6%, from $19B to $16B. Trade in Raw Iron Bars represent 0.088% of total world trade.

Exports In 2019 the top exporters of Raw Iron Bars  were Turkey ($2.77B), Italy ($1.18B), Russia ($798M), Germany ($670M), and China ($575M).

Imports In 2019 the top importers of Raw Iron Bars were Germany ($975M), Hong Kong ($671M), United States ($665M), Yemen ($468M), and Singapore ($442M).

Tariffs In 2018 the average tariff for Raw Iron Bars was 7.96%, making it the 548th lowest tariff using the HS4 product classification.

The countries with the highest import tariffs for Raw Iron Bars are Bahamas (33.5%), Nepal (27.5%), Bermuda (25%), Kenya (23.6%), and Tanzania (23.6%). The countries with the lowest tariffs are Egypt (0%), Hong Kong (0%), Japan (0%), South Korea (0%), and Singapore (0%).

Ranking Raw Iron Bars ranks 876th in the Product Complexity Index (PCI).

Description Bars and rods of iron or non-alloy steel are used in the production of other goods. They can be made from a variety of materials, including carbon steel, stainless steel, and nickel-chromium alloys.

Historical Data

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Exporters and Importers

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Trade By Country

Top Origin (2019): Turkey, $2.77B

Top Destination (2019): Germany, $975M

Raw Iron Bars are the world's 225th most traded product.

In 2019, the top exporters of Raw Iron Bars were Turkey ($2.77B), Italy ($1.18B), Russia ($798M), Germany ($670M), and China ($575M).

In 2019, the top importers of Raw Iron Bars were Germany ($975M), Hong Kong ($671M), United States ($665M), Yemen ($468M), and Singapore ($442M).

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Market Dynamics

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Trade by country

Value

Top Origin Growth (2018 -  2019): United Arab Emirates, $254M

Top Destination Growth (2018 - 2019): Russia, $235M

Between 2018 and 2019, the exports of Raw Iron Bars grew the fastest in United Arab Emirates ($254M), Malaysia ($114M), Mexico ($86.4M), Algeria ($59M), and Vietnam ($55.9M).

Between 2018 and 2019, the fastest growing importers of Raw Iron Bars were Russia ($235M), Hong Kong ($114M), Cambodia ($102M), Algeria ($82.7M), and Myanmar ($65.5M).

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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 Raw Iron Bars.

In 2019,  market concentration measured using Shannon Entropy, was 5.19. This means that most of the exports of Raw Iron Bars are explained by 36 countries.

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TOP NET EXPORTER (2019): Turkey, $2.64B

TOP NET IMPORTER (2019): Hong Kong, $606M

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

In 2019, the countries that had a largest trade value in exports than in imports of Raw Iron Bars were Turkey ($2.64B), Italy ($1.01B), China ($474M), Ukraine ($464M), and Russia ($458M).

In 2019, the countries that had a largest trade value in imports than in exports of Raw Iron Bars were Hong Kong ($606M), United States ($445M), Israel ($389M), Canada ($338M), and Romania ($305M).

Disaggregation

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Value

In 2019, the world most traded Raw Iron Bars, disaggragated by their HS6 level were Bar/rod, iron or non-alloy steel, indented... ($11.3B), Bar/rod, iron or non-alloy steel, hot... ($3.86B), Bar/rod, iron or non-alloy steel, forged ($465M), and Bar/rod, iron or non-alloy steel, of... ($364M)

Import Tariffs

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In 2018, the average tariff for importing Raw Iron Bars was 7.96%. The countries with the highest tariffs for importing Raw Iron Bars were Bahamas (33.5%), Nepal (27.5%), Bermuda (25%), Kenya (23.6%), and Tanzania (23.6%).

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.

Country by Relatedness

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The following visualization shows the relatedness of Raw Iron Bars to countries. Higher relatedness values ​​indicate greater knowledge, which predicts a greater probability of exporting that product in the future.