HS Code:
Boron, classified under HS Code 280450, encompasses natural boron, boron oxides, and boric acids. It is a critical element used in various industrial applications, including glass manufacturing, ceramics, detergents, fertilizers, and nuclear reactors as a neutron absorber. Boron compounds are essential for high-tech industries due to their unique chemical properties, such as heat resistance and hardness when alloyed with other materials (e.g., boron carbide). Global trade in boron is influenced by the availability of natural reserves, industrial demand, and geopolitical factors affecting key producing regions.
Total Trade Volume
Approximately $1.2 billion USD
Data from 2022
Source
United Nations Comtrade Database and International Trade Centre (ITC)
$450 million USD
37.5% of total trade of total trade
Increasing
$300 million USD
25.0% of total trade of total trade
Stable
$150 million USD
12.5% of total trade of total trade
Increasing
$100 million USD
8.3% of total trade of total trade
Decreasing
$80 million USD
6.7% of total trade of total trade
Increasing
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 USMCA and EU-Turkey Customs Union)
Rising demand for boron in renewable energy applications
Increased use in energy storage systems and solar panel production is driving trade volume, especially in developed economies.
2021-2023
Shift toward sustainable mining practices
Stricter environmental regulations in key producing countries like Turkey and Chile are increasing production costs but also improving market perception.
2020-2022
Growing use in agriculture
Boron-based fertilizers are seeing higher demand in Asia-Pacific regions, boosting exports from major producers.
2019-2023
Turkey, the world's largest boron producer, announced investments to increase mining output by 20% to meet global demand for industrial and agricultural applications.
March 2023
This is expected to solidify Turkey's dominance in the market, potentially lowering global prices due to increased supply.
The United States introduced stricter environmental compliance requirements for boron imports to ensure sustainable sourcing practices.
July 2022
This may raise costs for exporters from countries with less stringent environmental regulations, potentially shifting trade patterns.
China has ramped up investment in domestic boron extraction to reduce reliance on imports and support its growing industrial sector.
September 2023
This could lead to reduced import demand from China, affecting major exporters like Turkey and Chile.