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Petroleum oils and oils from bituminous minerals, not crude; preparations n.e.c, containing by weight 70% or more of petroleum oils or oils from bituminous minerals; these being the basic constituents of the preparations; waste oils

2710 (Harmonized System 1992 for 4-digit)

2023
World Trade $931BRnk 3 / 1217
2023
Top Exporter | Top Importer $107B | $68.8BUnited States | United States
2023
Product Complexity -1.16Rnk 897 / 1044
2022 - 2023
Export Growth (CAGR) -14%Rnk 873 / 1217
2023
Share of World Trade 4.12%Rnk 3 / 1217

About

Overview This page contains the latest trade data of Refined Petroleum. In 2023, Refined Petroleum were the world's 3rd most traded product, with a total trade of $931B. Between 2022 and 2023 the exports of Refined Petroleum decreased by -14%, from $1.08T to $931B. Trade in Refined Petroleum represent 4.12% of total world trade.

Refined Petroleum are a part of Mineral fuels, mineral oils and products of their distillation. They include Bituminous Petroleum Distillates (Excl. Crude).

Exports In 2023 the top exporters of Refined Petroleum  were United States ($107B), Singapore ($55.9B), India ($55.8B), Netherlands ($55.6B), and Russia ($52.1B).

Imports In 2023 the top importers of Refined Petroleum were United States ($68.8B), Singapore ($55.7B), Australia ($35.3B), Netherlands ($35.3B), and Mexico ($31.9B).

Ranking Refined Petroleum ranks 897th 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.

Latest Trends

Latest Data

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The following visualization shows the latest trends on Refined 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)United States$107B
Top Destination (2023)United States$68.8B

In 2023 Refined Petroleum were the world's 3rd most traded product (out of 1,217).

In 2023, the top exporters of Refined Petroleum were United States ($107B), Singapore ($55.9B), India ($55.8B), Netherlands ($55.6B), and Russia ($52.1B).

In 2023, the top importers of Refined Petroleum were United States ($68.8B), Singapore ($55.7B), Australia ($35.3B), Netherlands ($35.3B), and Mexico ($31.9B).

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

Color
Top Origin Growth (2022 -  2023)China$5.29B
Top Destination Growth (2022 -  2023)China$7.4B

Between 2022 and 2023, the exports of Refined Petroleum grew the fastest in China ($5.29B), Kuwait ($4.49B), Malta ($2.47B), Turkmenistan ($1.33B), and Indonesia ($1.16B).

Between 2022 and 2023, the fastest growing importers of Refined Petroleum were China ($7.4B), Egypt ($2.2B), New Zealand ($2.01B), Turkey ($1.66B), and Mozambique ($1.6B).

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Exporters of Refined Petroleum (2022 - 2023)

Importers of Refined Petroleum (2022 - 2023)

Market Concentration

Value

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

In 2023, market concentration measured using Shannon Entropy, was 5.13. This means that most of the exports of Refined Petroleum are explained by 35 countries.

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Value of Exports in Refined Petroleum

Net Trade

TOP NET EXPORTER (2023)Russia$51.3B
TOP NET IMPORTER (2023)Australia$33.8B

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 2023.

In 2023, the countries that had a largest trade value in exports than in imports of Refined Petroleum were Russia ($51.3B), India ($44.1B), United States ($37.8B), South Korea ($37.3B), and United Arab Emirates ($34.5B).

In 2023, the countries that had a largest trade value in imports than in exports of Refined Petroleum were Australia ($33.8B), Mexico ($26.9B), France ($19B), Nigeria ($17.5B), and Indonesia ($14.3B).

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

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

Potential Exports

Potential Exports

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TOP EXPORT POTENTIALCanada+ $1.7B
TOP IMPORT POTENTIALCanada+ $4.2B

Refined Petroleum’s highest export potential is Canada. With an export gap of $1.7B.  Refined Petroleum’s highest import potential is Canada with an import gap of $4.2B.

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 Refined Petroleum.

Country by Relatedness

The following visualization shows the relatedness of Refined 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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