What the number is
UN Comtrade publishes the value and net weight of each country's imports by customs code and by supplier. Dividing value by weight gives an implied price per tonne. It is a unit value: the average across every shipment in that code, in that year, at that customs authority's valuation.
Five checks before you use it
1. What does the code cover? HS 2602 covers all manganese ores of 20% Mn and above; HS 2604 covers nickel ores and concentrates; HS 2603 covers copper concentrates of different grades. A higher price per tonne may mean a better product, not a higher market.
2. Is the quantity estimated? Comtrade marks quantities it has estimated, and these are less reliable. In our reports, importer figures built on estimated quantities are flagged.
3. CIF or FOB? Under the UN convention imports are valued CIF and exports FOB, so import and export figures for the same trade differ by freight and insurance. Some customs authorities value imports differently, and this is not always stated.
4. Is the volume trivial? Prices on a few tonnes are noise. We exclude lines below a volume threshold and say so.
5. Does it agree with a benchmark? Compare against an independent price, such as the World Bank or USGS annual average, and ask whether any gap is explained by product mix.
When the data disagrees with itself
Some figures do not reconcile. In our iron ore research, US imports are 4.9 to 6.4 million tonnes in Comtrade from 2017 against 3.0 to 4.0 million tonnes in USGS data, and China's 2023 nickel ore volume was 21.5 million tonnes in Comtrade against about 43.9 million tonnes in a customs-based industry source. We do not correct such figures; we flag them or leave them out, and say why.
Related
Frequently asked questions
Is the UN Comtrade implied price the market price?
No. It is an average unit value across every shipment in the code that year. It can be useful as a cross-check but is not a quote.
Why do import and export prices for the same trade differ?
Imports are normally valued CIF and exports FOB, so the import figure includes freight and insurance. Timing, classification and estimation also differ.
What is an HS code?
The Harmonized System, an international customs classification. The first six digits are the same in most countries.
Sources
- UN Comtrade database
- World Bank Commodity Price Data (the Pink Sheet)
- USGS Mineral Commodity Summaries 2026
Specifications published by index providers are revised over time. Where a figure comes from a pricing notice, confirm the version currently in force with the publisher before you use it in a contract. Corrections are welcome.