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291511 (Harmonized System 1992 for 6-digit)

2023
World Trade $387MRnk 3093 / 4644
2023
Top Exporter | Top Importer $185M | $49.9MChina | Netherlands
2023
Product Complexity 1.46Rnk 207 / 4656
2022 - 2023
Export Growth (CAGR) -24.2%Rnk 3961 / 4644
2023
Share of World Trade 0.0017%Rnk 3093 / 4644

About

Overview This page contains the latest trade data of Formic acid. In 2023, Formic acid were the world's 3093rd most traded product, with a total trade of $387M. Between 2022 and 2023 the exports of Formic acid decreased by -24.2%, from $510M to $387M. Trade in Formic acid represent 0.0017% of total world trade.

Formic acid are a part of Saturated Acyclic Monocarboxylic Acids.

Exports In 2023 the top exporters of Formic acid  were China ($185M), Germany ($55.7M), Finland ($51.4M), Netherlands ($25.1M), and United States ($18.7M).

Imports In 2023 the top importers of Formic acid were Netherlands ($49.9M), Germany ($28.8M), Italy ($23.7M), Turkey ($21M), and Spain ($20.3M).

Ranking Formic acid ranks 207th in the Product Complexity Index (PCI).

Description Formic acid is most commonly used as a preservative in food, as a disinfectant in the medical field, and as a component in the textile industry.

Latest Trends

Latest Data

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The following visualization shows the latest trends on Formic acid. 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$185M
Top Destination (2023)Netherlands$49.9M

In 2023 Formic acid were the world's 3093rd most traded product (out of 4,644).

In 2023, the top exporters of Formic acid were China ($185M), Germany ($55.7M), Finland ($51.4M), Netherlands ($25.1M), and United States ($18.7M).

In 2023, the top importers of Formic acid were Netherlands ($49.9M), Germany ($28.8M), Italy ($23.7M), Turkey ($21M), and Spain ($20.3M).

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Exporters of Formic acid (2023)
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Importers of Formic acid (2023)
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Market Dynamics

Color
Top Origin Growth (2022 -  2023)Finland$9.33M
Top Destination Growth (2022 -  2023)Germany$3.55M

Between 2022 and 2023, the exports of Formic acid grew the fastest in Finland ($9.33M), Netherlands ($1.4M), Hungary ($633k), France ($606k), and Spain ($466k).

Between 2022 and 2023, the fastest growing importers of Formic acid were Germany ($3.55M), United States ($2.52M), Spain ($840k), Ethiopia ($480k), and Estonia ($463k).

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Exporters of Formic acid (2022 - 2023)

Importers of Formic acid (2022 - 2023)

Market Concentration

Value

This chart shows the evolution of the market concentration of exports of Formic acid.

In 2023, market concentration measured using Shannon Entropy, was 2.62. This means that most of the exports of Formic acid are explained by 6 countries.

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Value of Exports in Formic acid

Net Trade

TOP NET EXPORTER (2023)China$184M
TOP NET IMPORTER (2023)Netherlands$24.8M

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

In 2023, the countries that had a largest trade value in exports than in imports of Formic acid were China ($184M), Finland ($51.1M), Germany ($26.9M), United States ($10.7M), and Sweden ($10M).

In 2023, the countries that had a largest trade value in imports than in exports of Formic acid were Netherlands ($24.8M), Italy ($22.4M), Turkey ($19.2M), Brazil ($18.6M), and Spain ($16.8M).

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 Formic acid.
It is possible to select the main countries that export or import Formic acid in the world, or by continent, as well as select the measure of interest.

Top 10 Exporters Countries of Formic acid by percentage of total exports

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)

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