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Alloy steel in ingots or other primary forms, semi-finished products of other alloy steel

7224 (Harmonized System 1992 for 4-digit)

2023
World Trade $5.07BRnk 535 / 1217
2023
Top Exporter | Top Importer $1.1B | $2.26BBrazil | United States
2023
Product Complexity 0.21Rnk 489 / 1044
2022 - 2023
Export Growth (CAGR) -4.02%Rnk 532 / 1217
2023
Share of World Trade 0.022%Rnk 535 / 1217

About

Overview This page contains the latest trade data of Steel Ingots. In 2023, Steel Ingots were the world's 535th most traded product, with a total trade of $5.07B. Between 2022 and 2023 the exports of Steel Ingots decreased by -4.02%, from $5.28B to $5.07B. Trade in Steel Ingots represent 0.022% of total world trade.

Steel Ingots are a part of Iron & steel. They include Semi-finished products of alloy steel except stainles and Ingots, primary forms of alloy steel, except stainles.

Exports In 2023 the top exporters of Steel Ingots  were Brazil ($1.1B), Mexico ($714M), Germany ($409M), Italy ($316M), and China ($296M).

Imports In 2023 the top importers of Steel Ingots were United States ($2.26B), Italy ($376M), Germany ($328M), France ($325M), and Canada ($192M).

Ranking Steel Ingots ranks 489th in the Product Complexity Index (PCI).

Description Steel is a metal that is used in the production of other goods. It can be made from many different materials, including iron and chromium. Steel can also be made into various shapes, such as wire or bars.

Latest Trends

Latest Data

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The following visualization shows the latest trends on Steel Ingots. 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)Brazil$1.1B
Top Destination (2023)United States$2.26B

In 2023 Steel Ingots were the world's 535th most traded product (out of 1,217).

In 2023, the top exporters of Steel Ingots were Brazil ($1.1B), Mexico ($714M), Germany ($409M), Italy ($316M), and China ($296M).

In 2023, the top importers of Steel Ingots were United States ($2.26B), Italy ($376M), Germany ($328M), France ($325M), and Canada ($192M).

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Exporters of Steel Ingots (2023)
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Importers of Steel Ingots (2023)
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Market Dynamics

Color
Top Origin Growth (2022 -  2023)Brazil$287M
Top Destination Growth (2022 -  2023)United States$103M

Between 2022 and 2023, the exports of Steel Ingots grew the fastest in Brazil ($287M), Belgium ($57.9M), Argentina ($42.3M), Turkey ($41.4M), and China ($34M).

Between 2022 and 2023, the fastest growing importers of Steel Ingots were United States ($103M), Belgium ($89.7M), France ($55.6M), Canada ($43.1M), and Chinese Taipei ($39.6M).

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Exporters of Steel Ingots (2022 - 2023)

Importers of Steel Ingots (2022 - 2023)

Market Concentration

Value

This chart shows the evolution of the market concentration of exports of Steel Ingots.

In 2023, market concentration measured using Shannon Entropy, was 4.12. This means that most of the exports of Steel Ingots are explained by 17 countries.

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Value of Exports in Steel Ingots

Net Trade

TOP NET EXPORTER (2023)Brazil$1.04B
TOP NET IMPORTER (2023)United States$2.17B

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

In 2023, the countries that had a largest trade value in exports than in imports of Steel Ingots were Brazil ($1.04B), Mexico ($676M), Austria ($195M), Romania ($161M), and Argentina ($138M).

In 2023, the countries that had a largest trade value in imports than in exports of Steel Ingots were United States ($2.17B), France ($196M), Chinese Taipei ($121M), Canada ($70.4M), and Italy ($60.2M).

Net Trade (2023)

Disaggregation

Value

In 2023, the world most traded Steel Ingots, disaggragated by their HS6 level were Semi-finished products of alloy steel except... ($4.36B) and Ingots, primary forms of alloy steel,... ($707M)

HS6 Disaggregation for Steel Ingots (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 Steel Ingots.
It is possible to select the main countries that export or import Steel Ingots in the world, or by continent, as well as select the measure of interest.

Top 10 Exporters Countries of Steel Ingots by percentage of total exports

Potential Exports

Potential Exports

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TOP EXPORT POTENTIALChina+ $10.5M
TOP IMPORT POTENTIALUnited States+ $503k

Steel Ingots’s highest export potential is China. With an export gap of $10.5M.  Steel Ingots’s highest import potential is United States with an import gap of $503k.

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 Steel Ingots.

Country by Relatedness

The following visualization shows the relatedness of Steel Ingots 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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