Refined Petroleum2710 (Harmonized System 1992 for 4-digit)
2019 World Trade: $688B, Rnk 3 / 1217
2019 Top Exporter | Top Importer: $84.9B | $54B, United States | United States
2019 Product Complexity: -0.87, Rnk 748 / 961
2018 - 2019 Export Growth (CAGR): -10.4%, Rnk 980 / 1217
2018 Mean Tariff: 13.1%, Rnk 268 / 1259
2019 Share of World Trade: 3.8%, Rnk 3 / 1217
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.
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).
Trade by country
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).
Cumulative market share
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 2019, the world most traded Refined Petroleum, disaggragated by their HS6 level were Oils petroleum, bituminous, distillates, except crude ($688B)
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.