HS Code:
Certified hand-loomed and folklore products (HS Code: 340) encompass a specialized category of textiles and handicrafts that are traditionally made using hand-looming techniques or represent cultural folklore. These products often include carpets, rugs, tapestries, and other textile items that are certified as handmade or culturally significant. This category is niche but holds substantial cultural and economic value, often tied to artisanal communities in developing and emerging economies. Trade in these products is influenced by cultural appreciation, tourism, and demand for sustainable and authentic goods in developed markets.
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 150 million
12.5% of total trade of total trade
Increasing
USD 120 million
10.0% of total trade of total trade
Decreasing
USD 100 million
8.3% of total trade of total trade
Stable
Average Rate
8.5%
Highest Rate
15% (imposed by certain European Union countries for non-preferential trade partners)
Lowest Rate
0% (under preferential trade agreements like GSP for least developed countries)
Rising demand for sustainable and ethical products
Increased interest from Western markets for hand-loomed products as consumers prioritize eco-friendly and culturally authentic goods, driving export growth for producing countries.
2021-2022
Digital marketplaces boosting visibility
E-commerce platforms have enabled small-scale artisans to reach global audiences, resulting in a 20% increase in online sales of folklore products.
2020-2022
Decline in traditional craftsmanship skills
Aging artisan populations and lack of interest from younger generations threaten long-term supply, potentially increasing prices due to scarcity.
2019-2022
The European Union introduced stricter certification standards for hand-loomed products to ensure authenticity and prevent misrepresentation of machine-made goods as handmade.
March 2023
This may increase compliance costs for exporters but enhance consumer trust and market value for certified products.
The Indian government launched a subsidy program to support handloom exporters, providing financial assistance for international trade fairs and marketing.
January 2023
Expected to boost Indiaโs share in the global market by 5-10% over the next two years.
The United States extended a tariff waiver under the Generalized System of Preferences (GSP) for least developed countries exporting hand-loomed and folklore products.
December 2022
Countries like Nepal and Bangladesh are likely to see a surge in exports to the US market due to cost competitiveness.