HS Code:
Chapter 28 of the Harmonized System (HS) Code pertains to 'Inorganic chemicals; organic or inorganic compounds of precious metals, of rare-earth metals, of radioactive elements or of isotopes.' This category includes a wide range of chemical products such as acids, bases, salts, and other inorganic compounds used in industries like manufacturing, agriculture, and pharmaceuticals. It plays a critical role in global industrial processes, with significant applications in fertilizers, water treatment, and electronics production.
Total Trade Volume
USD 120 billion
Data from 2022
Source
United Nations Comtrade Database
Average Rate
5.2%
Highest Rate
12% (applied by certain developing countries to protect domestic industries)
Lowest Rate
0% (under free trade agreements like EU-Japan EPA)
Growing demand for fertilizers
Increased trade volume in inorganic chemicals like ammonia and phosphates due to rising global agricultural needs.
2021-2022
Shift towards green chemistry
Rising exports of eco-friendly inorganic compounds as industries adopt sustainable practices.
2020-2022
Supply chain disruptions
Shortages and price volatility due to geopolitical tensions and pandemic-related delays.
2020-2021
The European Union introduced new REACH regulations targeting hazardous inorganic chemicals, requiring additional compliance measures for exporters.
January 2023
Increased costs for exporters to the EU market but improved safety standards.
A bilateral agreement reduced tariffs on specific inorganic chemicals, boosting trade between the two largest markets.
March 2022
Enhanced market access for Chinese exporters and stabilized prices in the US.
China tightened export controls on rare-earth inorganic compounds citing national security and environmental concerns.
October 2022
Global supply shortages and price surges for rare-earth chemicals used in electronics.