Petroleum gases and other gaseous hydrocarbons: liquefied, n.e.c. in heading no. 2711

In 2024, petroleum gases and other gaseous hydrocarbons: liquefied, n.e.c. in heading no. 2711 trade exhibited strong growth, with global flows reaching $8,664,699,926 and a three-year compound annual growth rate of +5.7% (five-year: +9.5%). The all-time peak of $11,015,735,041 was recorded in 2011; the current level is 21% below that high-water mark.

Over the 30-year observation window (1995–2024), 59% of years recorded positive growth, indicating a mildly upward trajectory with periodic contractions. Trend momentum is strengthening (+3.4% acceleration).

The World Trade Flows Characterization classifies petroleum gases and other gaseous hydrocarbons: liquefied, n.e.c. in heading no. 2711 as "One-way trade" in the unclassified price segment, providing additional context for market positioning and competitive dynamics.

The supply side is diversified (Herfindahl-Hirschman Index 0.057). The three largest exporters — Iran ($1.8B), United Arab Emirates ($1.7B), and Russia ($1.0B) — collectively dominate supply flows. The leading exporter has grown at +14.3% over the last three years.

On the demand side, importer concentration is diversified (HHI 0.056). The three largest import markets are Türkiye ($1.3B), Pakistan ($837.8M), and Philippines ($579.3M). The largest importing market sources from 26 different supplying countries.

Estimated substitution elasticity: -66.33. Buyers are highly price-sensitive and can switch between suppliers relatively easily.

The dominant trade corridor is United Arab Emirates → Japan at $1.3B, representing 96.3% of the importer's total demand.

The volatility score for petroleum gases and other gaseous hydrocarbons: liquefied, n.e.c. in heading no. 2711 is 8 out of 100, classified as low. Trade flows are relatively stable compared to other HS6 products, suggesting mature supply chains and predictable demand.

For market entrants, strong demand tailwinds create a favourable entry environment. The diversified supply landscape means many competitors but also multiple entry points and buyer relationships to target.

Data confidence is rated "High" based on reporting coverage and consistency across OECD member and partner countries.