Crude PetroleumPetroleum oils and oils obtained from bituminous minerals; crude
2709 (Harmonized System 1992 for 4-digit)
2021 World Trade: $951B, Rnk 1 / 1217
2021 Top Exporter | Top Importer: $138B | $208B, Saudi Arabia | China
2021 Product Complexity: -2.39, Rnk 1013 / 1024
2020 - 2021 Export Growth (CAGR): 47.4%, Rnk 134 / 1217
2018 Mean Tariff: 1.84%, Rnk 1250 / 1259
2021 Share of World Trade: 4.52%, Rnk 1 / 1217
Overview This page contains the latest trade data of Crude Petroleum. In 2021, Crude Petroleum were the world's 1st most traded product, with a total trade of $951B. Between 2020 and 2021 the exports of Crude Petroleum grew by 47.4%, from $646B to $951B. Trade in Crude Petroleum represent 4.52% 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 2021 the top exporters of Crude Petroleum were Saudi Arabia ($138B), Russia ($113B), Canada ($81.2B), Iraq ($72B), and United States ($67.6B).
Imports In 2021 the top importers of Crude Petroleum were China ($208B), United States ($120B), India ($93.5B), South Korea ($60.6B), and Japan ($54.9B).
Tariffs In 2018 the average tariff for Crude Petroleum was 1.84%, making it the 1250th lowest tariff using the HS4 product classification.
Ranking Crude Petroleum ranks 1013th in the Product Complexity Index (PCI).
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.
Trade By Country
Top Origin (2021): Saudi Arabia, $138B
Top Destination (2021): China, $208B
Crude Petroleum are the world's 1st most traded product.
In 2021, the top exporters of Crude Petroleum were Saudi Arabia ($138B), Russia ($113B), Canada ($81.2B), Iraq ($72B), and United States ($67.6B).
In 2021, the top importers of Crude Petroleum were China ($208B), United States ($120B), India ($93.5B), South Korea ($60.6B), and Japan ($54.9B).
Trade by country
Top Origin Growth (2020 - 2021): Saudi Arabia, $40.2B
Top Destination Growth (2020 - 2021): China, $56.4B
Between 2020 and 2021, the exports of Crude Petroleum grew the fastest in Saudi Arabia ($40.2B), Russia ($38.3B), Canada ($34.1B), Iraq ($26.6B), and Libya ($21.4B).
Between 2020 and 2021, the fastest growing importers of Crude Petroleum were China ($56.4B), United States ($45.3B), India ($34.7B), South Korea ($18.3B), and Japan ($16.5B).
Cumulative market share
This chart shows the evolution of the market concentration of exports of Crude Petroleum.
In 2021, market concentration measured using Shannon Entropy, was 4.43. This means that most of the exports of Crude Petroleum are explained by 21 countries.
TOP NET EXPORTER (2021): Saudi Arabia, $138B
TOP NET IMPORTER (2021): China, $207B
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 2021.
In 2021, the countries that had a largest trade value in exports than in imports of Crude Petroleum were Saudi Arabia ($138B), Russia ($113B), Iraq ($72B), Canada ($69.3B), and United Arab Emirates ($56.6B).
In 2021, the countries that had a largest trade value in imports than in exports of Crude Petroleum were China ($207B), India ($93.5B), South Korea ($60.4B), Japan ($54.6B), and United States ($52.6B).
In 2021, the world most traded Crude Petroleum, disaggragated by their HS6 level were Petroleum oils, oils from bituminous minerals,... ($951B)
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.
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.
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