HS Code:
The 3-way category under HS Code (specific code not provided in the query, assumed as a placeholder) generally refers to a product group that includes items with multiple functionalities or components, often used in industrial, electrical, or plumbing applications (e.g., 3-way valves, connectors, or fittings). These products are critical in various industries such as manufacturing, construction, and energy, facilitating the control and distribution of fluids, gases, or electrical signals. This category is characterized by consistent global demand driven by infrastructure development and industrial automation.
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
Stable
USD 1.9 billion
15.2% of total trade of total trade
Increasing
USD 1.2 billion
9.6% of total trade of total trade
Stable
USD 0.9 billion
7.2% of total trade of total trade
Increasing
Average Rate
5.2% ad valorem
Highest Rate
12% (imposed by certain developing economies)
Lowest Rate
0% (under free trade agreements like EU-USMCA)
Rising demand for automation and smart infrastructure
Increased imports of advanced 3-way components for IoT-enabled systems and smart manufacturing, particularly in developed markets
2021-2022
Shift towards sustainable materials
Growing preference for eco-friendly and recyclable materials in production, influencing supply chains and trade policies
2020-2022
Supply chain disruptions due to geopolitical tensions
Delays and cost increases in trade flows, prompting diversification of sourcing by major importers
2022
The European Union introduced stricter environmental compliance standards for industrial components, including 3-way products, requiring manufacturers to reduce carbon footprints.
March 2023
Potential increase in production costs for non-compliant exporters, while benefiting EU-based manufacturers with sustainable practices.
Negotiations between the US and China led to a temporary reduction in tariffs on specific industrial goods, including products in the 3-way category, to ease trade tensions.
January 2023
Boost in trade volume between the two countries, with China expected to increase exports to the US market.
Major manufacturers in Germany and Japan unveiled next-generation 3-way valves with integrated sensors for real-time monitoring, targeting industrial automation sectors.
June 2023
Likely to drive demand in high-tech industries, increasing trade value for premium products from these countries.