HS Code:
This category, classified under HS Code 2710.20, includes petroleum oils and oils obtained from bituminous minerals (other than crude) and preparations containing by weight 70% or more of such oils, with biodiesel as a component. These products are primarily used as fuels, lubricants, or in industrial applications. This category excludes waste oils and focuses on blended products that incorporate biodiesel, reflecting a growing emphasis on renewable energy sources in fuel mixtures.
Total Trade Volume
USD 45.3 billion
Data from 2022
Source
UN Comtrade Database
USD 9.8 billion
21.6% of total trade of total trade
Increasing
USD 6.2 billion
13.7% of total trade of total trade
Stable
USD 5.1 billion
11.3% of total trade of total trade
Increasing
USD 4.7 billion
10.4% of total trade of total trade
Stable
USD 3.9 billion
8.6% of total trade of total trade
Increasing
Average Rate
5.2%
Highest Rate
12% (applied by certain developing countries)
Lowest Rate
0% (under free trade agreements like EU-USMCA)
Rising demand for biodiesel blends
Increased trade volumes as countries adopt renewable energy policies, pushing for higher biodiesel content in fuels.
2021-2022
Shift toward sustainable sourcing
Greater scrutiny on the origin of biodiesel components, favoring suppliers with certified sustainable practices.
2022
Technological advancements in refining
Improved efficiency in blending biodiesel with petroleum oils, reducing costs and boosting market competitiveness.
2020-2022
The European Union revised its import tariffs on biodiesel-containing fuels to support local producers, imposing stricter sustainability criteria.
March 2023
Potential reduction in imports from non-compliant countries, redirecting trade flows toward certified suppliers.
The US Environmental Protection Agency increased mandatory biodiesel blending requirements under the Renewable Fuel Standard program.
June 2022
Boosted domestic demand for biodiesel blends, increasing imports from key partners like Canada and the EU.
Singapore invested in advanced refining facilities to enhance the production of biodiesel-blended fuels for export to Asia-Pacific markets.
September 2022
Solidified Singapore's position as a key exporter, potentially increasing trade volumes in the region.