HS Code:
The Oil and Gas Field Wireline and Downhole Equipment category (often classified under HS Code 8431.43, which includes parts for boring or sinking machinery used in oil and gas exploration) encompasses specialized tools and equipment used in the exploration, drilling, and extraction of oil and gas. This includes wireline tools for logging and intervention, downhole sensors, drilling bits, and other components critical to subsurface operations. These products are vital for the efficiency and safety of oil and gas extraction processes, often operating under extreme conditions of pressure and temperature.
Total Trade Volume
USD 12.5 billion
Data from 2022
Source
United Nations Comtrade Database
USD 3.8 billion
30.4% of total trade of total trade
Increasing
USD 2.1 billion
16.8% of total trade of total trade
Increasing
USD 1.5 billion
12.0% of total trade of total trade
Stable
USD 1.2 billion
9.6% of total trade of total trade
Decreasing
USD 0.9 billion
7.2% of total trade of total trade
Stable
Average Rate
5.2% ad valorem
Highest Rate
12% (imposed by certain developing countries to protect domestic industries)
Lowest Rate
0% (under free trade agreements like NAFTA/USMCA and EU single market)
Increased demand for digital downhole tools
Growing adoption of IoT-enabled sensors and real-time data analytics in wireline equipment to optimize drilling efficiency and reduce costs.
2021-2023
Shift towards sustainable energy solutions
Slight decline in traditional oil and gas equipment demand as investments pivot to renewable energy, though demand for equipment in carbon capture and storage (CCS) projects is rising.
2022-2023
Supply chain disruptions
Post-COVID supply chain bottlenecks and geopolitical tensions (e.g., Russia-Ukraine conflict) have increased costs and delayed delivery of specialized equipment.
2021-2022
The US Department of Commerce introduced stricter export controls on advanced wireline and downhole technologies to certain countries, citing national security concerns.
March 2023
Potential reduction in trade volume to restricted markets, pushing companies to seek alternative markets or localize production.
The European Union’s Green Deal policies are incentivizing reduced dependency on fossil fuel extraction, influencing demand for traditional downhole equipment while boosting innovation in eco-friendly alternatives.
January 2023
Mixed impact with declining demand in Europe but opportunities for companies innovating in sustainable technologies.
A leading oilfield service company announced a new line of high-temperature, high-pressure downhole sensors, improving data accuracy in deep-sea drilling operations.
September 2022
Likely to increase trade volume as demand for advanced equipment grows in challenging exploration environments.