HS Code:
The Cargo Transports category, primarily falling under HS Code 86 (Railway or tramway locomotives, rolling stock and parts thereof) and related codes such as 87 (Vehicles other than railway or tramway rolling stock, and parts and accessories thereof), encompasses a wide range of products used for the transportation of goods. This includes railway wagons, cargo ships, container trucks, and specialized transport vehicles. This category is critical to global trade logistics, facilitating the movement of goods across borders and continents. The sector is influenced by global economic activity, infrastructure investments, and advancements in transport technology.
Total Trade Volume
USD 1.2 trillion
Data from 2022
Source
United Nations Comtrade Database & World Trade Organization (WTO)
USD 300 billion
25% of total trade of total trade
Increasing
USD 200 billion
16.7% of total trade of total trade
Stable
USD 150 billion
12.5% of total trade of total trade
Increasing
USD 100 billion
8.3% of total trade of total trade
Stable
USD 80 billion
6.7% of total trade of total trade
Increasing
Average Rate
5.2% ad valorem
Highest Rate
25% (imposed by certain developing countries on luxury transport vehicles)
Lowest Rate
0% (under free trade agreements like EU-Japan EPA)
Shift towards sustainable transport solutions
Increased demand for electric and hybrid cargo vehicles, influencing manufacturing and trade patterns
2021-2023
Growth in container shipping demand
Driven by e-commerce boom, leading to higher trade volumes for container ships and related equipment
2020-2022
Digitalization of logistics
Adoption of smart transport systems and IoT-enabled cargo tracking, boosting trade in tech-integrated transport solutions
2019-2023
A bilateral agreement reducing tariffs on specific cargo transport vehicles to promote trade and reduce costs for logistics companies.
January 2023
Expected to increase trade volume between the two countries by 10% in this category over the next two years.
New regulations under the EU Green Deal mandate stricter emission standards for cargo vehicles, pushing manufacturers to innovate.
March 2023
Likely to increase costs in the short term but drive long-term demand for eco-friendly transport solutions.
Ongoing disruptions due to geopolitical tensions and port congestion have led to delays in cargo transport equipment delivery.
Mid-2022 to present
Temporary reduction in trade volumes and increased costs for shipping and logistics companies.