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Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes

27 (Harmonized System 1992 for 2-digit)

2022
World Trade $3.88TRnk 1 / 96
2022
Top Exporter | Top Importer $411B | $424BUnited States | China
2022
Product Complexity -2.35Rnk 96 / 96
2021 - 2022
Export Growth (CAGR) 55.4%Rnk 1 / 96
2022
Share of World Trade 16.4%Rnk 1 / 96

About

Overview This page contains the latest trade data of Mineral fuels, mineral oils and products of their distillation. In 2022, Mineral fuels, mineral oils and products of their distillation were the world's 1st most traded product, with a total trade of $3.88T. Between 2021 and 2022 the exports of Mineral fuels, mineral oils and products of their distillation grew by 55.4%, from $2.5T to $3.88T. Trade in Mineral fuels, mineral oils and products of their distillation represent 16.4% of total world trade.

Mineral fuels, mineral oils and products of their distillation are a part of Mineral Products. They include Crude Petroleum, Refined Petroleum, Petroleum Gas, Coal Briquettes, Electricity, Coal Tar Oil, Petroleum Coke, Coke, Petroleum Jelly, and Lignite, among others.

Exports In 2022 the top exporters of Mineral fuels, mineral oils and products of their distillation  were United States ($411B), Russia ($313B), Saudi Arabia ($288B), Norway ($226B), and Australia ($185B).

Imports In 2022 the top importers of Mineral fuels, mineral oils and products of their distillation were China ($424B), United States ($318B), India ($281B), Japan ($226B), and Germany ($194B).

Ranking Mineral fuels, mineral oils and products of their distillation ranks 96th in the Product Complexity Index (PCI).

Latest Trends

Latest Data

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Flow
Y-AXIS SCALE

The following visualization shows the latest trends on Mineral fuels, mineral oils and products of their distillation. 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 (2022)United States$411B
Top Destination (2022)China$424B

In 2022 Mineral fuels, mineral oils and products of their distillation were the world's 1st most traded product (out of 96).

In 2022, the top exporters of Mineral fuels, mineral oils and products of their distillation were United States ($411B), Russia ($313B), Saudi Arabia ($288B), Norway ($226B), and Australia ($185B).

In 2022, the top importers of Mineral fuels, mineral oils and products of their distillation were China ($424B), United States ($318B), India ($281B), Japan ($226B), and Germany ($194B).

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Exporters of Mineral fuels, mineral oils and products of their distillation (2022)
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Importers of Mineral fuels, mineral oils and products of their distillation (2022)
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Market Dynamics

Color
Top Origin Growth (2021 -  2022)United States$165B
Top Destination Growth (2021 -  2022)India$109B

Between 2021 and 2022, the exports of Mineral fuels, mineral oils and products of their distillation grew the fastest in United States ($165B), Norway ($108B), Saudi Arabia ($103B), Australia ($83.2B), and United Arab Emirates ($66.8B).

Between 2021 and 2022, the fastest growing importers of Mineral fuels, mineral oils and products of their distillation were India ($109B), United States ($107B), Germany ($105B), China ($87.6B), and Japan ($87.3B).

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Exporters of Mineral fuels, mineral oils and products of their distillation (2021 - 2022)

Importers of Mineral fuels, mineral oils and products of their distillation (2021 - 2022)

Market Concentration

Value

This chart shows the evolution of the market concentration of exports of Mineral fuels, mineral oils and products of their distillation.

In 2022, market concentration measured using Shannon Entropy, was 5.28. This means that most of the exports of Mineral fuels, mineral oils and products of their distillation are explained by 38 countries.

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Value of Exports in Mineral fuels, mineral oils and products of their distillation

Net Trade

TOP NET EXPORTER (2022)Russia$311B
TOP NET IMPORTER (2022)China$361B

This map shows which countries export or import more of Mineral fuels, mineral oils and products of their distillation. Each country is colored based on the difference in exports and imports of Mineral fuels, mineral oils and products of their distillation during 2022.

In 2022, the countries that had a largest trade value in exports than in imports of Mineral fuels, mineral oils and products of their distillation were Russia ($311B), Saudi Arabia ($282B), Norway ($214B), United Arab Emirates ($156B), and Canada ($139B).

In 2022, the countries that had a largest trade value in imports than in exports of Mineral fuels, mineral oils and products of their distillation were China ($361B), Japan ($207B), India ($191B), Germany ($137B), and South Korea ($125B).

Net Trade (2022)

Disaggregation

Value
Disaggregation

In 2022, the world most traded Mineral fuels, mineral oils and products..., disaggragated by their HS6 level were Crude Petroleum ($1.45T), Refined Petroleum ($1.08T), Petroleum Gas ($827B), Coal Briquettes ($283B), and Electricity ($131B)

HS6 Disaggregation for Mineral fuels, mineral oils and products of their distillation (2022)
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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 Mineral fuels, mineral oils and products of their distillation.
It is possible to select the main countries that export or import Mineral fuels, mineral oils and products of their distillation in the world, or by continent, as well as select the measure of interest.

Top 10 Exporters Countries of Mineral fuels, mineral oils and products of their distillation by percentage of total exports

Potential Exports

Potential Exports

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TOP EXPORT POTENTIALChina+ $3.11B
TOP IMPORT POTENTIALUnited States+ $4.06B

Mineral fuels, mineral oils and products of their distillation’s highest export potential is China. With an export gap of $3.11B.  Mineral fuels, mineral oils and products of their distillation’s highest import potential is United States with an import gap of $4.06B.

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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 (2022)

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