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Petroleum oils and oils obtained from bituminous minerals; crude

2709 (Harmonized System 1992 for 4-digit)

2023
World Trade $1.28TRnk 1 / 1217
2023
Top Exporter | Top Importer $181B | $319BSaudi Arabia | China
2023
Product Complexity -2.33Rnk 1029 / 1044
2022 - 2023
Export Growth (CAGR) -18.7%Rnk 1011 / 1217
2023
Share of World Trade 5.66%Rnk 1 / 1217

About

Overview This page contains the latest trade data of Crude Petroleum. In 2023, Crude Petroleum were the world's 1st most traded product, with a total trade of $1.28T. Between 2022 and 2023 the exports of Crude Petroleum decreased by -18.7%, from $1.57T to $1.28T. Trade in Crude Petroleum represent 5.66% of total world trade.

Crude Petroleum are a part of Mineral fuels, mineral oils and products of their distillation. They include Crude Petroleum Oils.

Exports In 2023 the top exporters of Crude Petroleum  were Saudi Arabia ($181B), United States ($125B), Russia ($122B), Canada ($107B), and United Arab Emirates ($99B).

Imports In 2023 the top importers of Crude Petroleum were China ($319B), United States ($170B), India ($140B), Japan ($80.4B), and Netherlands ($54.2B).

Ranking Crude Petroleum ranks 1029th in the Product Complexity Index (PCI).

Latest Trends

Latest Data

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Y-AXIS SCALE

The following visualization shows the latest trends on Crude Petroleum. Countries are shown based on data availability.

For a full breakdown of trade patterns, visit the trend explorer or the product in country profile.

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* Trade values are converted to USD using each month's exchange rate. For December 2023 data, the exchange rate from December 30, 2023 is used.

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Historical Data

Exporters and Importers

Top Origin (2023)Saudi Arabia$181B
Top Destination (2023)China$319B

In 2023 Crude Petroleum were the world's 1st most traded product (out of 1,217).

In 2023, the top exporters of Crude Petroleum were Saudi Arabia ($181B), United States ($125B), Russia ($122B), Canada ($107B), and United Arab Emirates ($99B).

In 2023, the top importers of Crude Petroleum were China ($319B), United States ($170B), India ($140B), Japan ($80.4B), and Netherlands ($54.2B).

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Exporters of Crude Petroleum (2023)
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Importers of Crude Petroleum (2023)
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Market Dynamics

Color
Top Origin Growth (2022 -  2023)Netherlands$11.9B
Top Destination Growth (2022 -  2023)Belgium$11.7B

Between 2022 and 2023, the exports of Crude Petroleum grew the fastest in Netherlands ($11.9B), Malaysia ($5.04B), United States ($4.45B), Venezuela ($3.47B), and Argentina ($706M).

Between 2022 and 2023, the fastest growing importers of Crude Petroleum were Belgium ($11.7B), Malaysia ($2B), Oman ($1.57B), Austria ($750M), and Azerbaijan ($670M).

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Exporters of Crude Petroleum (2022 - 2023)

Importers of Crude Petroleum (2022 - 2023)

Market Concentration

Value

This chart shows the evolution of the market concentration of exports of Crude Petroleum.

In 2023, market concentration measured using Shannon Entropy, was 4.43. This means that most of the exports of Crude Petroleum are explained by 21 countries.

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Value of Exports in Crude Petroleum

Net Trade

TOP NET EXPORTER (2023)Saudi Arabia$181B
TOP NET IMPORTER (2023)China$319B

This map shows which countries export or import more of Crude Petroleum. Each country is colored based on the difference in exports and imports of Crude Petroleum during 2023.

In 2023, the countries that had a largest trade value in exports than in imports of Crude Petroleum were Saudi Arabia ($181B), Russia ($122B), United Arab Emirates ($96.2B), Iraq ($92.4B), and Canada ($90.9B).

In 2023, the countries that had a largest trade value in imports than in exports of Crude Petroleum were China ($319B), India ($140B), Japan ($80.4B), United States ($45.1B), and Italy ($35.9B).

Net Trade (2023)

Country Comparison

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Ranking

This visualization shows the countries that have an important ratio of their trade related to Crude Petroleum.
It is possible to select the main countries that export or import Crude Petroleum in the world, or by continent, as well as select the measure of interest.

Top 10 Exporters Countries of Crude Petroleum by percentage of total exports

Potential Exports

Potential Exports

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TOP EXPORT POTENTIALChina+ $2.7B
TOP IMPORT POTENTIALUnited States+ $1.11B

Crude Petroleum’s highest export potential is China. With an export gap of $2.7B.  Crude Petroleum’s highest import potential is United States with an import gap of $1.11B.

See methodology.

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Product Complexity

Diversification Frontier

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.

Relatedness vs Country Complexity (2023)

Related Products

This visualization shows products that are likely to be exported by countries that export Crude Petroleum.

Country by Relatedness

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

Relative Relatedness by Country (2023)

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