HS Code:
The category 'Belts and bandoliers of iron or steel, not coated or plated with precious metal, with or without buckle' under HS Code 7326.90.86 pertains to articles made primarily of iron or steel used as belts or bandoliers. These products are typically utilized for industrial, utility, or fashion purposes. This subheading excludes items coated or plated with precious metals, focusing instead on raw or base metal finishes. They are often employed in heavy-duty applications or as components in machinery and equipment, though some may serve decorative or personal use purposes.
Total Trade Volume
Approximately $50 million USD
Data from 2022
Source
United Nations Comtrade Database and ITC Trade Map
$15 million USD
30% of total trade of total trade
Increasing
$10 million USD
20% of total trade of total trade
Stable
$8 million USD
16% of total trade of total trade
Increasing
$5 million USD
10% of total trade of total trade
Increasing
$3 million USD
6% of total trade of total trade
Stable
Average Rate
5.5% ad valorem
Highest Rate
12% (imposed by certain developing countries)
Lowest Rate
0% (under free trade agreements like EU-USMCA)
Rising demand for industrial-grade belts in manufacturing
Increased exports from China and India due to cost-effective production
2021-2022
Shift towards sustainable materials
Slight decline in demand for non-recycled steel products in eco-conscious markets like the EU
2020-2022
Automation in production processes
Reduced production costs in developed countries like Germany and the US, boosting competitiveness
2019-2022
The United States introduced a 7.5% tariff on certain steel products, including belts and bandoliers, citing unfair trade practices.
March 2023
Potential shift in market share to other exporters like India and Germany
New EU regulations under the Green Deal mandate stricter environmental compliance for steel imports, affecting non-certified suppliers.
January 2023
Increased costs for exporters not meeting sustainability standards; advantage for compliant countries
India launched a new export promotion scheme providing rebates on steel products, boosting competitiveness in global markets.
September 2022
Increased market penetration in North America and Europe