HS Icon Crude Petroleum

2709 (Harmonized System 1992 for 4-digit)

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).

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Y-AXIS SCALE

The following visualization shows the latest trends on Crude 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.

* Using January 2020 exchange rates when trade data is reported in local currency.

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Historical Data

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Exporters and Importers

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Trade By Country

Top Origin (2020): Saudi Arabia, $95.7B

Top Destination (2020): China, $150B

Crude Petroleum are the world's 3rd most traded product.

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).

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).

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Market Dynamics

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Trade by country

Value

Top Origin Growth (2019 -  2020): Guyana, $1.17B

Top Destination Growth (2019 - 2020): Egypt, $785M

Between 2019 and 2020, the exports of Crude Petroleum grew the fastest in Guyana ($1.17B), Croatia ($683M), Chad ($308M), Italy ($186M), and South Africa ($121M).

Between 2019 and 2020, the fastest growing importers of Crude Petroleum were Egypt ($785M), Togo ($558M), Brunei ($340M), Gibraltar ($324M), and Tunisia ($296M).

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Market Concentration

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Cumulative market share

Value

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

In 2020,  market concentration measured using Shannon Entropy, was 4.42. This means that most of the exports of Crude Petroleum are explained by 21 countries.

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TOP NET EXPORTER (2020): Saudi Arabia, $95.7B

TOP NET IMPORTER (2020): China, $150B

This map shows which countries export or import more of Crude Petroleum. Each country is colored based on the difference in exports and imports of Crude Petroleum during 2020.

In 2020, the countries that had a largest trade value in exports than in imports of Crude Petroleum were Saudi Arabia ($95.7B), Russia ($74.4B), Iraq ($45.2B), United Arab Emirates ($40.6B), and Canada ($39.2B).

In 2020, the countries that had a largest trade value in imports than in exports of Crude Petroleum were China ($150B), India ($59B), South Korea ($41.9B), Japan ($38.4B), and Netherlands ($27.4B).

Disaggregation

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Value

In 2019, the world most traded Crude Petroleum, disaggragated by their HS6 level were Petroleum oils, oils from bituminous minerals,... ($640B)

Country Comparison

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Ranking

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

Import Tariffs

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In 2018, the average tariff for importing Crude Petroleum was 1.84%. The countries with the highest tariffs for importing Crude Petroleum were Cayman Islands (22%), Bhutan (19.6%), Comoros (18.9%), Sao Tome and Principe (10%), and Anguilla (10%).

Product Complexity

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Diversification Frontier

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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.

Country by Relatedness

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The following visualization shows the relatedness of Crude Petroleum to countries. Higher relatedness values ​​indicate greater knowledge, which predicts a greater probability of exporting that product in the future.