HS Code:
The category 'At least 2.9 m³ but under 3.8 m³' typically pertains to specific types of machinery or equipment, such as refrigerators, freezers, or other large-capacity storage units under the Harmonized System (HS) Code classification. This category is used to classify goods with a specific volumetric capacity, often relevant in industries like household appliances or commercial cooling systems. These products are traded globally for both consumer and industrial applications, with demand influenced by factors such as urbanization, energy efficiency regulations, and consumer preferences for larger storage solutions.
Total Trade Volume
USD 1.2 billion
Data from 2022
Source
United Nations Comtrade Database
USD 450 million
37.5% of total trade of total trade
Increasing
USD 200 million
16.7% of total trade of total trade
Stable
USD 180 million
15.0% of total trade of total trade
Increasing
USD 120 million
10.0% of total trade of total trade
Stable
USD 80 million
6.7% of total trade of total trade
Decreasing
Average Rate
5.2% ad valorem
Highest Rate
12% (imposed by certain developing countries)
Lowest Rate
0% (under free trade agreements like EU-USMCA)
Rising demand for energy-efficient appliances
Manufacturers are investing in eco-friendly technologies to comply with stringent regulations, increasing production costs but also market share in environmentally conscious regions.
2021-2022
Growth in e-commerce for large appliances
Online sales platforms are boosting accessibility, leading to higher import volumes in emerging markets with growing middle-class populations.
2020-2022
Supply chain disruptions due to geopolitical tensions
Trade flows have been affected by port delays and increased shipping costs, leading to regional shifts in sourcing strategies.
2022
The European Union introduced stricter energy efficiency labeling for appliances in this category, mandating clearer consumer information and higher efficiency standards.
March 2023
Exporters to the EU market must adapt to new compliance costs, potentially increasing prices but also favoring high-quality manufacturers.
The United States reduced tariffs on specific appliance categories from China as part of trade negotiations, benefiting this volumetric category.
January 2023
Increased imports from China to the US, potentially affecting domestic producers but lowering consumer prices.
South Korea launched a subsidy program to boost exports of energy-efficient appliances, including those in the 2.9 m³ to 3.8 m³ range.
June 2022
Enhanced competitiveness of South Korean products in global markets, leading to a slight increase in their trade volume share.