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.

Exports In 2019 the top exporters of Refined Petroleum  were United States ($84.9B), Russia ($66.2B), Netherlands ($46.2B), Singapore ($43.1B), and India ($39.2B).

Imports In 2019 the top importers of Refined Petroleum were United States ($54B), Netherlands ($41.8B), Singapore ($41.4B), Mexico ($29.3B), and Germany ($23.5B).

Tariffs In 2018 the average tariff for Refined Petroleum was 13.1%, making it the 268th lowest tariff using the HS4 product classification.

The countries with the highest import tariffs for Refined Petroleum are Austria (147%), Bermuda (25%), Uzbekistan (24.7%), Poland (21.9%), and Nepal (21.5%). The countries with the lowest tariffs are Mauritius (0%), Hong Kong (0%), Singapore (0%), Switzerland (0%), and Norway (0%).

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.

Historical Data

#permalink to section

Exporters and Importers

#permalink to section

Trade By Country

Top Origin (2019): United States, $84.9B

Top Destination (2019): United States, $54B

Refined Petroleum are the world's 3rd most traded product.

In 2019, the top exporters of Refined Petroleum were United States ($84.9B), Russia ($66.2B), Netherlands ($46.2B), Singapore ($43.1B), and India ($39.2B).

In 2019, the top importers of Refined Petroleum were United States ($54B), Netherlands ($41.8B), Singapore ($41.4B), Mexico ($29.3B), and Germany ($23.5B).

Explore Visualizations

Market Dynamics

#permalink to section

Trade by country

Value

Top Origin Growth (2018 -  2019): China, $3.45B

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).

Between 2018 and 2019, the fastest growing importers of Refined Petroleum were Iraq ($1.78B), Mozambique ($1.11B), Trinidad and Tobago ($825M), India ($798M), and Colombia ($679M).

Explore Visualizations

Market Concentration

#permalink to section

Cumulative market share

Value

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.

Explore Visualizations

TOP NET EXPORTER (2019): Russia, $64.8B

TOP NET IMPORTER (2019): Mexico, $27.1B

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).

Disaggregation

#permalink to section
Value

In 2019, the world most traded Refined Petroleum, disaggragated by their HS6 level were Oils petroleum, bituminous, distillates, except crude ($688B)

Import Tariffs

#permalink to section

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%).

Product Complexity

#permalink to section

Diversification Frontier

#permalink to section
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

#permalink to section

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