HS Code:
Camphor, classified under HS Code 291429 (for synthetic camphor) and related codes, is a waxy, flammable substance with a strong aroma, derived either naturally from the camphor tree or synthetically from turpentine oil. It is widely used in pharmaceuticals, cosmetics, and as a plasticizer in industrial applications. Additionally, camphor holds cultural significance in religious ceremonies, particularly in Asia. Global trade in camphor is influenced by demand for medicinal and aromatic products, with production and export heavily concentrated in a few key countries.
Total Trade Volume
Approximately $250 million USD
Data from 2022
Source
UN Comtrade Database and ITC Trade Map
$120 million USD
48% of global trade of total trade
Increasing
$60 million USD
24% of global trade of total trade
Increasing
$25 million USD
10% of global trade of total trade
Stable
$15 million USD
6% of global trade of total trade
Stable
$10 million USD
4% of global trade of total trade
Decreasing
Average Rate
5.5% ad valorem
Highest Rate
12% (imposed by certain developing countries to protect local industries)
Lowest Rate
0% (under free trade agreements like EU-Japan EPA or USMCA)
Rising demand for natural and organic camphor in cosmetics
Increased exports from India and Southeast Asian countries due to consumer preference for sustainable products
2021-2023
Growth in pharmaceutical applications
Boosted trade volumes as camphor is used in pain relief and respiratory products, especially post-COVID-19
2020-2022
Shift towards synthetic camphor production
Reduced costs and environmental concerns over natural extraction have favored synthetic production, primarily in China
2019-2023
China introduced stricter export controls on synthetic camphor to prioritize domestic supply for pharmaceutical industries.
March 2023
Potential price increases globally and opportunities for other exporters like India to fill the gap
India launched a certification program for organic camphor to meet international demand for eco-friendly products.
July 2022
Enhanced competitiveness of Indian camphor in European and North American markets
The European Union updated safety guidelines for camphor content in consumer products, imposing stricter limits.
January 2023
Exporters must adapt to new compliance standards, potentially increasing production costs