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.
Product Trade
#permalink to sectionExporters and Importers
#permalink to sectionTrade By Country
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).
Market Dynamics
#permalink to sectionTrade by country
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).
Market Concentration
#permalink to sectionCumulative market share
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.
Net Trade
#permalink to sectionThis 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
#permalink to sectionIn 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)
Tariffs
#permalink to sectionProduct Complexity
#permalink to sectionDiversification Frontier
#permalink to sectionThe 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.
