Overview This page contains the latest trade data of Crude Petroleum. In 2020, Crude Petroleum were the world's 3rd most traded product, with a total trade of $640B. Between 2019 and 2020 the exports of Crude Petroleum decreased by -35.5%, from $992B to $640B. Trade in Crude Petroleum represent 3.82% of total world trade.
Crude Petroleum are a part of Mineral fuels, mineral oils and products of their distillation. They include Petroleum oils, oils from bituminous minerals, crude.
Exports In 2020 the top exporters of Crude Petroleum were Saudi Arabia ($95.7B), Russia ($74.4B), United States ($52.3B), Canada ($47.2B), and Iraq ($45.2B).
Imports In 2020 the top importers of Crude Petroleum were China ($150B), United States ($75.1B), India ($59B), South Korea ($42.2B), and Japan ($38.4B).
Tariffs In 2018 the average tariff for Crude Petroleum was 1.84%, making it the 1250th lowest tariff using the HS4 product classification.
The countries with the highest import tariffs for Crude Petroleum are Cayman Islands (22%), Bhutan (19.6%), Comoros (18.9%), Sao Tome and Principe (10%), and Anguilla (10%). The countries with the lowest tariffs are Angola (0%), Cote d'Ivoire (0%), Egypt (0%), Ghana (0%), and Guinea (0%).
Ranking Crude Petroleum ranks 1020th in the Product Complexity Index (PCI).