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Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes

27 (Harmonized System 1992 for 2-digit)

2023
World Trade $3.16TRnk 2 / 96
2023
Top Exporter | Top Importer $348B | $490BUnited States | China
2023
Product Complexity -2.54Rnk 96 / 96
2022 - 2023
Export Growth (CAGR) -22.7%Rnk 94 / 96
2023
Share of World Trade 14%Rnk 2 / 96

About

Overview This page contains the latest trade data of Mineral fuels, mineral oils and products of their distillation. In 2023, Mineral fuels, mineral oils and products of their distillation were the world's 2nd most traded product, with a total trade of $3.16T. Between 2022 and 2023 the exports of Mineral fuels, mineral oils and products of their distillation decreased by -22.7%, from $4.08T to $3.16T. Trade in Mineral fuels, mineral oils and products of their distillation represent 14% of total world trade.

Mineral fuels, mineral oils and products of their distillation are a part of Mineral Products. They include Crude Petroleum, Refined Petroleum, Petroleum Gas, Coal Briquettes, Electricity, Coal Tar Oil, Petroleum Coke, Coke, Petroleum Jelly, and Lignite, among others.

Exports In 2023 the top exporters of Mineral fuels, mineral oils and products of their distillation  were United States ($348B), Russia ($242B), Saudi Arabia ($226B), United Arab Emirates ($166B), and Canada ($154B).

Imports In 2023 the top importers of Mineral fuels, mineral oils and products of their distillation were China ($490B), United States ($266B), India ($222B), Japan ($189B), and Germany ($122B).

Ranking Mineral fuels, mineral oils and products of their distillation ranks 96th in the Product Complexity Index (PCI).

Latest Trends

Latest Data

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Flow
Y-AXIS SCALE

The following visualization shows the latest trends on Mineral fuels, mineral oils and products of their distillation. 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)United States$348B
Top Destination (2023)China$490B

In 2023 Mineral fuels, mineral oils and products of their distillation were the world's 2nd most traded product (out of 96).

In 2023, the top exporters of Mineral fuels, mineral oils and products of their distillation were United States ($348B), Russia ($242B), Saudi Arabia ($226B), United Arab Emirates ($166B), and Canada ($154B).

In 2023, the top importers of Mineral fuels, mineral oils and products of their distillation were China ($490B), United States ($266B), India ($222B), Japan ($189B), and Germany ($122B).

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Exporters of Mineral fuels, mineral oils and products of their distillation (2023)
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Importers of Mineral fuels, mineral oils and products of their distillation (2023)
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Market Dynamics

Color
Top Origin Growth (2022 -  2023)Venezuela$3.47B
Top Destination Growth (2022 -  2023)Denmark$2.32B

Between 2022 and 2023, the exports of Mineral fuels, mineral oils and products of their distillation grew the fastest in Venezuela ($3.47B), Mongolia ($2.61B), Malta ($2.55B), China ($1.62B), and Turkmenistan ($1.41B).

Between 2022 and 2023, the fastest growing importers of Mineral fuels, mineral oils and products of their distillation were Denmark ($2.32B), Kuwait ($1.8B), Mozambique ($1.74B), Ethiopia ($1.49B), and New Zealand ($1.43B).

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Exporters of Mineral fuels, mineral oils and products of their distillation (2022 - 2023)

Importers of Mineral fuels, mineral oils and products of their distillation (2022 - 2023)

Market Concentration

Value

This chart shows the evolution of the market concentration of exports of Mineral fuels, mineral oils and products of their distillation.

In 2023, market concentration measured using Shannon Entropy, was 5.31. This means that most of the exports of Mineral fuels, mineral oils and products of their distillation are explained by 39 countries.

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Value of Exports in Mineral fuels, mineral oils and products of their distillation

Net Trade

TOP NET EXPORTER (2023)Russia$240B
TOP NET IMPORTER (2023)China$438B

This map shows which countries export or import more of Mineral fuels, mineral oils and products of their distillation. Each country is colored based on the difference in exports and imports of Mineral fuels, mineral oils and products of their distillation during 2023.

In 2023, the countries that had a largest trade value in exports than in imports of Mineral fuels, mineral oils and products of their distillation were Russia ($240B), Saudi Arabia ($212B), United Arab Emirates ($143B), Norway ($122B), and Canada ($115B).

In 2023, the countries that had a largest trade value in imports than in exports of Mineral fuels, mineral oils and products of their distillation were China ($438B), Japan ($174B), India ($163B), Germany ($88.7B), and Italy ($77.1B).

Net Trade (2023)

Disaggregation

Value
Disaggregation

In 2023, the world most traded Mineral fuels, mineral oils and products..., disaggragated by their HS6 level were Crude Petroleum ($1.28T), Refined Petroleum ($931B), Petroleum Gas ($565B), Coal Briquettes ($208B), and Electricity ($75.6B)

HS6 Disaggregation for Mineral fuels, mineral oils and products of their distillation (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 Mineral fuels, mineral oils and products of their distillation.
It is possible to select the main countries that export or import Mineral fuels, mineral oils and products of their distillation in the world, or by continent, as well as select the measure of interest.

Top 10 Exporters Countries of Mineral fuels, mineral oils and products of their distillation by percentage of total exports

Potential Exports

Potential Exports

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TOP EXPORT POTENTIALChina+ $3.11B
TOP IMPORT POTENTIALUnited States+ $4.06B

Mineral fuels, mineral oils and products of their distillation’s highest export potential is China. With an export gap of $3.11B.  Mineral fuels, mineral oils and products of their distillation’s highest import potential is United States with an import gap of $4.06B.

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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)

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