HS Code:
The Aromatic or Modified Aromatic category, often classified under various HS Codes such as 2902 (Cyclic Hydrocarbons) or 2914 (Ketones and Quinones), includes organic compounds characterized by the presence of an aromatic ring, such as benzene, toluene, and xylene, as well as their modified derivatives. These chemicals are fundamental in the production of plastics, synthetic fibers, dyes, pharmaceuticals, and other industrial products. This category is critical to the global chemical industry, with significant trade driven by industrial demand in manufacturing and petrochemical sectors.
Total Trade Volume
USD 120 billion
Data from 2022
Source
United Nations Comtrade Database, International Trade Centre (ITC)
USD 25 billion
20.8% of total trade of total trade
Increasing
USD 18 billion
15.0% of total trade of total trade
Stable
USD 12 billion
10.0% of total trade of total trade
Increasing
USD 10 billion
8.3% of total trade of total trade
Increasing
USD 8 billion
6.7% of total trade of total trade
Stable
Average Rate
5.2% ad valorem
Highest Rate
12% (imposed by certain developing countries to protect domestic industries)
Lowest Rate
0% (under free trade agreements like EU-US or within ASEAN)
Rising demand for bio-based aromatics
Increased investment in sustainable alternatives to traditional petrochemical-derived aromatics, driven by environmental regulations and consumer preferences.
2021-2023
Shift in production to Asia-Pacific
Lower production costs and proximity to raw materials in countries like China and India have led to a growing share of global production and exports from this region.
2018-2022
Volatility in crude oil prices
Fluctuations in raw material costs directly affect the pricing and profitability of aromatic compounds, influencing trade patterns.
2020-2023
The European Union's Green Deal has introduced stricter regulations on the production and import of petrochemicals, including aromatics, pushing for greener alternatives and imposing carbon border taxes.
July 2023
Potential increase in trade barriers for non-EU exporters and higher costs for traditional aromatic compounds.
A new phase of trade negotiations between the US and China has reduced tariffs on certain chemical categories, including aromatics, to stabilize supply chains post-COVID-19 disruptions.
March 2023
Boost in bilateral trade volumes, especially benefiting US importers and Chinese exporters.
South Korea announced investments in new petrochemical complexes to increase the production of high-purity aromatics for electronics and automotive industries.
January 2023
Expected to solidify South Korea's position as a leading exporter, potentially affecting regional trade dynamics in Asia.