Overview: This page contains the latest trade data of Refined Petroleum. In 2019, Refined Petroleum were the world's 3rd most traded product, with a total trade of $688B. Between 2018 and 2019 the exports of Refined Petroleum decreased by -10.4%, from $768B to $688B. Trade in Refined Petroleum represent 3.8% of total world trade.
Ranking: Refined Petroleum ranks 748th in the Product Complexity Index (PCI).
Description: Petroleum oils and oils obtained from bituminous minerals are used in the production of lubricants, fuels, and other oil-based products. These oils are also used in the production of asphalt, plastics, and other materials.
Top Destination Growth (2018 - 2019): Iraq, $1.78B
Between 2018 and 2019, the exports of Refined Petroleum grew the fastest in China ($3.45B), Turkey ($3.2B), Brazil ($1.62B), Bahrain ($1.08B), and Iraq ($866M).
This chart shows the evolution of the market concentration of exports of Refined Petroleum.
In 2019, market concentration measured using Shannon Entropy, was 5.01. This means that most of the exports of Refined Petroleum are explained by 32 countries.
This map shows which countries export or import more of Refined Petroleum. Each country is colored based on the difference in exports and imports of Refined Petroleum during 2019.
In 2019, the countries that had a largest trade value in exports than in imports of Refined Petroleum 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 Refined Petroleum were Mexico ($27.1B), Australia ($15.9B), Hong Kong ($12.1B), France ($11.7B), and Germany ($10.9B).
In 2018, the average tariff for importing Refined Petroleum was 13.1%. The countries with the highest tariffs for importing Refined Petroleum were Austria (147%), Bermuda (25%), Uzbekistan (24.7%), Poland (21.9%), and Nepal (21.5%).
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.