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Industrial or laboratory electric furnaces and ovens (including those functioning by induction or dielectric loss); other industrial or laboratory equipment for the heat treatment of materials by induction or dielectric loss

8514 (Harmonized System 1992 for 4-digit)

2023
World Trade $6.24BRnk 480 / 1217
2023
Top Exporter | Top Importer $1.28B | $739MChina | United States
2023
Product Complexity 0.66Rnk 310 / 1044
2022 - 2023
Export Growth (CAGR) 8.81%Rnk 180 / 1217
2023
Share of World Trade 0.028%Rnk 480 / 1217

About

Overview This page contains the latest trade data of Electric Furnaces. In 2023, Electric Furnaces were the world's 480th most traded product, with a total trade of $6.24B. Between 2022 and 2023 the exports of Electric Furnaces grew by 8.81%, from $5.73B to $6.24B. Trade in Electric Furnaces represent 0.028% of total world trade.

Electric Furnaces are a part of Electrical machinery and electronics. They include Industrial electric resistance heated furnaces & oven, Parts of industrial/etc electric furnaces/ovens nes, Industrial/laboratory electric furnaces and ovens nes, Industrial electric induction, dielectric furnace/ove, and Industrial induction/dielectric heating equipment nes.

Exports In 2023 the top exporters of Electric Furnaces  were China ($1.28B), Germany ($988M), Italy ($638M), United States ($571M), and Japan ($367M).

Imports In 2023 the top importers of Electric Furnaces were United States ($739M), China ($650M), Indonesia ($304M), Germany ($293M), and South Korea ($230M).

Ranking Electric Furnaces ranks 310th in the Product Complexity Index (PCI).

Description Industrial or laboratory electric furnaces and ovens are used to heat materials. They can be made from a variety of materials, including steel, aluminum, copper, and other metals.

Latest Trends

Latest Data

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The following visualization shows the latest trends on Electric Furnaces. 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)China$1.28B
Top Destination (2023)United States$739M

In 2023 Electric Furnaces were the world's 480th most traded product (out of 1,217).

In 2023, the top exporters of Electric Furnaces were China ($1.28B), Germany ($988M), Italy ($638M), United States ($571M), and Japan ($367M).

In 2023, the top importers of Electric Furnaces were United States ($739M), China ($650M), Indonesia ($304M), Germany ($293M), and South Korea ($230M).

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Exporters of Electric Furnaces (2023)
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Importers of Electric Furnaces (2023)
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Market Dynamics

Color
Top Origin Growth (2022 -  2023)Germany$138M
Top Destination Growth (2022 -  2023)Mexico$81.3M

Between 2022 and 2023, the exports of Electric Furnaces grew the fastest in Germany ($138M), China ($122M), United States ($108M), United Kingdom ($78M), and Italy ($38.4M).

Between 2022 and 2023, the fastest growing importers of Electric Furnaces were Mexico ($81.3M), Canada ($79.1M), Japan ($57.7M), Russia ($52.5M), and Thailand ($49.2M).

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Exporters of Electric Furnaces (2022 - 2023)

Importers of Electric Furnaces (2022 - 2023)

Market Concentration

Value

This chart shows the evolution of the market concentration of exports of Electric Furnaces.

In 2023, market concentration measured using Shannon Entropy, was 4.2. This means that most of the exports of Electric Furnaces are explained by 18 countries.

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Value of Exports in Electric Furnaces

Net Trade

TOP NET EXPORTER (2023)Germany$695M
TOP NET IMPORTER (2023)Indonesia$304M

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

In 2023, the countries that had a largest trade value in exports than in imports of Electric Furnaces were Germany ($695M), China ($627M), Italy ($496M), Japan ($193M), and Austria ($122M).

In 2023, the countries that had a largest trade value in imports than in exports of Electric Furnaces were Indonesia ($304M), United States ($167M), Mexico ($164M), Russia ($155M), and Canada ($118M).

Net Trade (2023)

Disaggregation

Value

In 2023, the world most traded Electric Furnaces, disaggragated by their HS6 level were Industrial electric resistance heated furnaces &... ($2.19B), Parts of industrial/etc electric furnaces/ovens nes ($1.69B), Industrial/laboratory electric furnaces and ovens nes ($1B), Industrial induction/dielectric heating equipment nes ($703M), and Industrial electric induction, dielectric furnace/ove ($649M)

HS6 Disaggregation for Electric Furnaces (2023)
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Country Comparison

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Ranking

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

Top 10 Exporters Countries of Electric Furnaces by percentage of total exports

Potential Exports

Potential Exports

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TOP EXPORT POTENTIALIndia+ $30.5M
TOP IMPORT POTENTIALItaly+ $15.7M

Electric Furnaces’s highest export potential is India. With an export gap of $30.5M.  Electric Furnaces’s highest import potential is Italy with an import gap of $15.7M.

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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 Electric Furnaces.

Country by Relatedness

The following visualization shows the relatedness of Electric Furnaces 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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