HS Code:
The Circular category, often associated with products like circular saws, circular knitting machines, or other circular components under various HS codes (e.g., HS 8465 for machine tools or HS 8447 for knitting machines), encompasses a range of industrial and manufacturing equipment and parts characterized by their circular design or functionality. These products are critical in industries such as construction, textiles, and manufacturing, contributing to processes like cutting, shaping, and fabric production. Global trade in this category reflects the demand for precision machinery and industrial automation across developed and emerging economies.
Total Trade Volume
USD 12.5 billion
Data from 2022
Source
United Nations Comtrade Database
USD 2.8 billion
22.4% of total trade of total trade
Increasing
USD 2.5 billion
20.0% of total trade of total trade
Increasing
USD 1.9 billion
15.2% of total trade of total trade
Stable
USD 1.3 billion
10.4% of total trade of total trade
Stable
USD 0.9 billion
7.2% of total trade of total trade
Decreasing
Average Rate
5.2%
Highest Rate
12.5% (imposed by certain developing countries to protect local industries)
Lowest Rate
0% (under free trade agreements like EU-Japan EPA)
Rising demand for automated circular machinery
Increased imports in emerging markets like India and Vietnam due to industrial growth and modernization
2021-2022
Shift towards sustainable manufacturing
Growing preference for energy-efficient circular equipment, influencing export patterns from countries like Germany and Japan
2020-2022
Supply chain disruptions due to geopolitical tensions
Delays in exports from major producers like China, leading to price volatility and regional shortages
2022
The European Union introduced stricter safety and environmental standards for imported circular machinery, requiring additional certifications.
March 2023
Increased compliance costs for exporters, particularly from Asia, but improved market access for EU-compliant manufacturers.
A new phase of negotiations reduced tariffs on certain circular industrial components, boosting trade between the two nations.
January 2023
Positive for US importers and Chinese exporters, with an expected 10% rise in trade volume for this category.
Major manufacturers in Japan and Germany unveiled AI-integrated circular knitting machines, enhancing productivity and precision.
September 2022
Increased demand for high-tech equipment, shifting trade focus towards premium products in developed markets.