HS Code:
Bituminous mixtures based on natural asphalt, natural bitumen, petroleum bitumen, mineral tar, or mineral tar pitch (HS Code: 2715) include products such as bituminous mastics and cut-backs. These materials are primarily used in construction for road surfacing, roofing, waterproofing, and as adhesives or sealants. The category encompasses a range of products that are critical to infrastructure development and maintenance, with petroleum bitumen being the most commonly traded due to its widespread use in asphalt for roads.
Total Trade Volume
Approximately $5.2 billion USD
Data from 2022
Source
United Nations Comtrade Database, International Trade Centre (ITC)
$1.1 billion USD
21.2% of total trade of total trade
Increasing
$800 million USD
15.4% of total trade of total trade
Stable
$600 million USD
11.5% of total trade of total trade
Increasing
$500 million USD
9.6% of total trade of total trade
Decreasing
$400 million USD
7.7% of total trade of total trade
Stable
Average Rate
5.2% ad valorem
Highest Rate
10% (applied by certain developing countries)
Lowest Rate
0% (under free trade agreements like EU Single Market or USMCA)
Rising demand for sustainable bituminous mixtures
Increased investment in bio-based or recycled bitumen products to reduce environmental impact, influencing trade towards greener alternatives.
2021-2023
Infrastructure boom in developing economies
Significant growth in demand from Asia-Pacific and African regions due to urbanization and road network expansion, boosting export opportunities for major producers.
2020-2022
Volatility in crude oil prices
Fluctuations in petroleum bitumen prices due to dependency on crude oil, affecting trade profitability and supply chain stability.
2022
The European Union introduced stricter environmental regulations under the Green Deal, encouraging the use of recycled and low-emission bituminous products.
January 2023
Increased costs for non-compliant exporters but opened markets for sustainable product suppliers.
The US passed a $1.2 trillion infrastructure bill, boosting demand for bituminous mixtures for road and highway projects.
November 2021
Significant rise in imports and domestic production, benefiting exporters like Canada and Singapore.
Geopolitical tensions have led to sanctions on Russian bitumen exports, reducing supply in European markets and increasing prices.
February 2022
Shift in trade patterns with European countries seeking alternative suppliers from the Middle East and North America.