HS Code:
Kerosene-type jet fuel (HS Code: 2710.19.20) is a specialized type of aviation fuel designed for use in aircraft powered by gas-turbine engines. It is a clear to straw-colored liquid with specific properties to ensure performance at high altitudes and low temperatures. This category is critical for the aviation industry, constituting a significant portion of global energy trade. It is derived from refined crude oil and is subject to stringent quality standards to ensure safety and efficiency in flight operations. The trade of kerosene-type jet fuel is influenced by global oil prices, geopolitical factors, and the demand for air travel.
Total Trade Volume
Approximately $120 billion USD
Data from 2022
Source
International Trade Centre (ITC), UN Comtrade Database
$25 billion USD
20.8% of total trade of total trade
Increasing
$18 billion USD
15.0% of total trade of total trade
Stable
$15 billion USD
12.5% of total trade of total trade
Increasing
$10 billion USD
8.3% of total trade of total trade
Stable
$8 billion USD
6.7% of total trade of total trade
Increasing
Average Rate
3.5% ad valorem
Highest Rate
10% (imposed by certain developing countries to protect domestic industries)
Lowest Rate
0% (under free trade agreements such as USMCA and EU-Singapore FTA)
Rising demand due to recovery in global air travel post-COVID-19
Increased trade volumes and higher prices for kerosene-type jet fuel as airlines ramp up operations
2022-2023
Shift towards sustainable aviation fuels (SAF)
Potential reduction in traditional kerosene-type jet fuel demand as SAF adoption grows, driven by environmental regulations
2021-2025
Geopolitical tensions affecting supply chains
Disruptions in major oil-producing regions have led to volatility in jet fuel prices and trade flows
2022
OPEC+ announced production cuts in late 2022 to stabilize oil prices, impacting the availability and cost of kerosene-type jet fuel globally.
October 2022
Increased jet fuel prices by approximately 10-15%, affecting airline operating costs and trade margins.
The European Union introduced stricter targets for sustainable aviation fuel usage under the Green Deal, pushing for a gradual phase-out of traditional kerosene-type jet fuel.
July 2023
Potential long-term decline in demand for kerosene-type jet fuel in the European market, encouraging innovation in alternative fuels.
A new bilateral agreement eased tariffs on energy products, including kerosene-type jet fuel, between the US and China to boost trade relations.
March 2023
Increased export opportunities for US producers, with trade volume expected to grow by 5% in the next year.