HS Icon Refined Petroleum

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)

Overview This page contains the latest trade data of Refined Petroleum. In 2020, Refined Petroleum were the world's 4th most traded product, with a total trade of $451B. Between 2019 and 2020 the exports of Refined Petroleum decreased by -36.6%, from $710B to $451B. Trade in Refined Petroleum represent 2.69% of total world trade.

Refined Petroleum are a part of Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral.... They include Oils petroleum, bituminous, distillates, except crude.

Exports In 2020 the top exporters of Refined Petroleum  were United States ($58.4B), Russia ($48B), Netherlands ($29.7B), Singapore ($27B), and India ($25.3B).

Imports In 2020 the top importers of Refined Petroleum were United States ($31B), Singapore ($30.2B), Netherlands ($23.8B), Mexico ($18.1B), and China ($16.2B).

Ranking Refined Petroleum ranks 821st 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.

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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.

* 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): United States, $58.4B

Top Destination (2020): United States, $31B

Refined Petroleum are the world's 4th most traded product.

In 2020, the top exporters of Refined Petroleum were United States ($58.4B), Russia ($48B), Netherlands ($29.7B), Singapore ($27B), and India ($25.3B).

In 2020, the top importers of Refined Petroleum were United States ($31B), Singapore ($30.2B), Netherlands ($23.8B), Mexico ($18.1B), and China ($16.2B).

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Market Dynamics

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Trade by country

Value

Top Origin Growth (2019 -  2020): Brunei, $1.42B

Top Destination Growth (2019 - 2020): Paraguay, $590M

Between 2019 and 2020, the exports of Refined Petroleum grew the fastest in Brunei ($1.42B), Bahamas ($198M), Republic of the Congo ($175M), Nigeria ($109M), and Namibia ($101M).

Between 2019 and 2020, the fastest growing importers of Refined Petroleum were Paraguay ($590M), Cape Verde ($213M), Liberia ($205M), Ghana ($139M), and Seychelles ($85.1M).

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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 Refined Petroleum.

In 2020,  market concentration measured using Shannon Entropy, was 4.98. This means that most of the exports of Refined Petroleum are explained by 31 countries.

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TOP NET EXPORTER (2020): Russia, $46.7B

TOP NET IMPORTER (2020): Mexico, $16.8B

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 2020.

In 2020, the countries that had a largest trade value in exports than in imports of Refined Petroleum were Russia ($46.7B), United States ($27.4B), India ($19.9B), United Arab Emirates ($12.4B), and South Korea ($10.3B).

In 2020, the countries that had a largest trade value in imports than in exports of Refined Petroleum were Mexico ($16.8B), France ($10.3B), Australia ($9.89B), Hong Kong ($7.38B), and Nigeria ($7.13B).

Disaggregation

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Value

In 2020, the world most traded Refined Petroleum, disaggragated by their HS6 level were Oils petroleum, bituminous, distillates, except crude ($451B)

Country Comparison

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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.

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 Refined Petroleum to countries. Higher relatedness values ​​indicate greater knowledge, which predicts a greater probability of exporting that product in the future.