HS Code:
White mineral oil, classified under HS Code 271019, is a highly refined, colorless, and odorless petroleum-derived product used in various applications including pharmaceuticals, cosmetics, food processing, and industrial lubricants. It is prized for its purity and stability, making it suitable for sensitive applications such as baby oils, laxatives, and food-grade lubricants. The global trade of white mineral oil is influenced by the demand for safe and high-quality ingredients in consumer goods and industrial products.
Total Trade Volume
USD 1.2 billion
Data from 2022
Source
UN Comtrade Database, International Trade Centre (ITC)
USD 300 million
25% of total trade of total trade
Increasing
USD 200 million
16.7% of total trade of total trade
Stable
USD 150 million
12.5% of total trade of total trade
Increasing
USD 120 million
10% of total trade of total trade
Stable
USD 100 million
8.3% 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-US trade)
Rising demand for food-grade white mineral oil
Increased trade volumes due to growing food processing and packaging industries, especially in Asia-Pacific
2021-2022
Shift towards sustainable alternatives
Potential decline in demand as bio-based oils gain traction in cosmetics and pharmaceuticals
2022-2023
Technological advancements in refining
Improved product purity and safety standards driving exports from developed countries
2020-2022
The European Union introduced stricter safety and environmental standards for white mineral oil used in food and cosmetics, requiring additional certifications.
January 2023
Increased compliance costs for exporters to the EU, potentially affecting trade volumes from non-compliant countries.
A new bilateral agreement reduced tariffs on certain petrochemical products, including white mineral oil, between the US and India.
March 2022
Boosted trade between the two countries, with India emerging as a key supplier to the US market.
Major South Korean manufacturers announced investments in refining facilities to meet growing global demand for high-purity white mineral oil.
September 2022
Expected to increase South Korea's export share in the Asia-Pacific region over the next few years.