HS Code:
The category 'At least 1.5 m³ but under 2.2 m³' typically relates to specific types of machinery, equipment, or containers with a volumetric capacity within this range. This category often includes items such as small to medium-sized industrial tanks, compact construction machinery buckets, or specialized storage units. These products are critical in industries like construction, manufacturing, and logistics, where precise capacity requirements are necessary for operational efficiency. The HS Code for this category is assumed to fall under broader classifications like 7309 (reservoirs, tanks, vats) or 8429 (self-propelled bulldozers, excavators), though the exact code is not specified here. Trade in this category is influenced by industrial demand, infrastructure projects, and regional manufacturing capabilities.
Total Trade Volume
USD 1.2 billion
Data from 2022
Source
UN Comtrade Database
USD 300 million
25% of total trade of total trade
Increasing
USD 250 million
20.8% of total trade of total trade
Stable
USD 200 million
16.7% of total trade of total trade
Increasing
USD 150 million
12.5% of total trade of total trade
Stable
USD 100 million
8.3% of total trade of total trade
Increasing
Average Rate
5.2%
Highest Rate
12% (applied by certain developing countries to protect local industries)
Lowest Rate
0% (under free trade agreements like EU-USMCA)
Rising demand for compact machinery in urban construction
Increased imports in densely populated regions like Asia-Pacific and Europe, driving trade volume up by 8% annually
2021-2022
Shift towards sustainable materials in manufacturing
Manufacturers are adopting eco-friendly materials for tanks and containers, influencing buyer preferences and increasing costs by 5-10%
2022
Automation and smart technology integration
Growing incorporation of IoT and monitoring systems in equipment, boosting demand for high-tech variants in developed markets
2022-2023
The European Union introduced stricter safety and environmental standards for industrial equipment, including those in the 1.5-2.2 m³ category, requiring compliance by mid-2023.
January 2023
Exporters to the EU must invest in compliance, potentially increasing costs by 3-5%, but ensuring market access to a high-value region.
A revised trade agreement between the US and China reduced tariffs on industrial equipment in this category from 7% to 3%, fostering greater bilateral trade.
March 2023
Expected to boost Chinese exports to the US by 10% in 2023, benefiting manufacturers in this capacity range.
Major infrastructure projects in countries like Indonesia and Vietnam have spiked demand for compact machinery and storage units in the 1.5-2.2 m³ range.
June 2023
Trade volume to ASEAN countries is projected to grow by 15% over the next two years, creating opportunities for exporters.