HS Code:
The Accessories category under the Harmonized System (HS) Code generally includes items such as fashion accessories, personal adornments, and complementary products like belts, scarves, hats, gloves, and jewelry (often categorized under HS Chapters 42, 61, 62, and 71 for specific products). This category plays a significant role in global trade due to its association with fashion, personal expression, and cultural significance. Accessories are often produced in countries with strong textile and manufacturing industries and are traded globally to meet consumer demand in both luxury and mass markets.
Total Trade Volume
USD 150 billion
Data from 2022
Source
United Nations Comtrade Database, World Trade Organization (WTO)
USD 45 billion
30% of total trade of total trade
Increasing
USD 20 billion
13.3% of total trade of total trade
Stable
USD 10 billion
6.7% of total trade of total trade
Increasing
USD 8 billion
5.3% of total trade of total trade
Stable
USD 7 billion
4.7% of total trade of total trade
Increasing
Average Rate
8.5% ad valorem
Highest Rate
35% (in certain protective markets like Brazil for luxury accessories)
Lowest Rate
0% (under free trade agreements such as EU-UK Trade and Cooperation Agreement)
Rise in sustainable and ethical fashion
Increased demand for eco-friendly materials and transparency in supply chains for accessories like belts and bags, pushing manufacturers to adopt greener practices
2021-2023
Growth of e-commerce platforms
Significant boost in online sales of accessories, enabling smaller producers to reach global markets and increasing competition
2020-2022
Shift toward minimalist and unisex designs
Changing consumer preferences are driving demand for versatile and gender-neutral accessories, impacting production and marketing strategies
2022-2023
The European Union introduced new regulations under the Ecodesign Directive targeting sustainability in fashion accessories, requiring detailed reporting on material sourcing and recyclability.
March 2023
Increased compliance costs for exporters to the EU but potential long-term benefits for brands with sustainable practices.
A revised trade agreement reduced tariffs on certain accessory categories like costume jewelry and handbags exported from China to the US, as part of broader trade negotiations.
January 2023
Boosted Chinese exports to the US market, providing cost relief to American retailers and consumers.
Australia granted duty-free access to Bangladeshi fashion accessories under a new trade pact, aiming to support developing economies.
September 2022
Significant increase in Bangladeshi exports of scarves and leather accessories to Australia, enhancing market diversification.