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291512 (Harmonized System 1992 for 6-digit)

2023
World Trade $358MRnk 3174 / 4644
2023
Top Exporter | Top Importer $165M | $32.3MChina | India
2023
Product Complexity 0.43Rnk 1798 / 4656
2022 - 2023
Export Growth (CAGR) -19.5%Rnk 3647 / 4644
2023
Share of World Trade 0.0016%Rnk 3174 / 4644

About

Overview This page contains the latest trade data of Salts of formic acid. In 2023, Salts of formic acid were the world's 3174th most traded product, with a total trade of $358M. Between 2022 and 2023 the exports of Salts of formic acid decreased by -19.5%, from $444M to $358M. Trade in Salts of formic acid represent 0.0016% of total world trade.

Salts of formic acid are a part of Saturated Acyclic Monocarboxylic Acids.

Exports In 2023 the top exporters of Salts of formic acid  were China ($165M), Germany ($33.3M), Sweden ($29.1M), Norway ($20.9M), and Canada ($17.7M).

Imports In 2023 the top importers of Salts of formic acid were India ($32.3M), United States ($27.7M), Netherlands ($26.7M), Norway ($22.1M), and Russia ($19.9M).

Ranking Salts of formic acid ranks 1798th in the Product Complexity Index (PCI).

Description Formic acid is mainly used as a preservative in animal feed, as a preservative of fruits and vegetables, and in the production of dyestuffs. Formic acid can also be used in making resins, and in production of dyes.

Latest Trends

Latest Data

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The following visualization shows the latest trends on Salts of 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$165M
Top Destination (2023)India$32.3M

In 2023 Salts of formic acid were the world's 3174th most traded product (out of 4,644).

In 2023, the top exporters of Salts of formic acid were China ($165M), Germany ($33.3M), Sweden ($29.1M), Norway ($20.9M), and Canada ($17.7M).

In 2023, the top importers of Salts of formic acid were India ($32.3M), United States ($27.7M), Netherlands ($26.7M), Norway ($22.1M), and Russia ($19.9M).

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Exporters of Salts of formic acid (2023)
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Importers of Salts of formic acid (2023)
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Market Dynamics

Color
Top Origin Growth (2022 -  2023)Belgium$7.32M
Top Destination Growth (2022 -  2023)United Arab Emirates$3.67M

Between 2022 and 2023, the exports of Salts of formic acid grew the fastest in Belgium ($7.32M), Chinese Taipei ($665k), Croatia ($517k), United Arab Emirates ($299k), and South Africa ($233k).

Between 2022 and 2023, the fastest growing importers of Salts of formic acid were United Arab Emirates ($3.67M), Albania ($3.64M), Senegal ($3.18M), Netherlands ($2.84M), and Russia ($2.56M).

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Exporters of Salts of formic acid (2022 - 2023)

Importers of Salts of formic acid (2022 - 2023)

Market Concentration

Value

This chart shows the evolution of the market concentration of exports of Salts of formic acid.

In 2023, market concentration measured using Shannon Entropy, was 3.11. This means that most of the exports of Salts of formic acid are explained by 8 countries.

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Value of Exports in Salts of formic acid

Net Trade

TOP NET EXPORTER (2023)China$163M
TOP NET IMPORTER (2023)India$29M

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

In 2023, the countries that had a largest trade value in exports than in imports of Salts of formic acid were China ($163M), Sweden ($23.7M), Germany ($19.4M), Canada ($11.4M), and Chinese Taipei ($6.73M).

In 2023, the countries that had a largest trade value in imports than in exports of Salts of formic acid were India ($29M), United States ($21.2M), Russia ($19.7M), Brazil ($15.3M), and Netherlands ($12.6M).

Net Trade (2023)

Country Comparison

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Measure
Ranking

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

Top 10 Exporters Countries of Salts 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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