HS Code:
The 'Clasps and parts thereof' category, classified under HS Code 8308, includes various types of clasps, frames with clasps, buckles, buckle-clasps, hooks, eyes, eyelets, and similar articles of base metal used for clothing, footwear, awnings, handbags, travel goods, or other made-up articles. This category also encompasses tubular or bifurcated rivets of base metal and other articles of heading 8308. These products are essential components in the fashion, accessories, and manufacturing industries, often used as fasteners or decorative elements. Global trade in this category reflects demand in apparel, leather goods, and industrial applications, with significant production and consumption tied to manufacturing hubs and consumer markets.
Total Trade Volume
USD 2.5 billion
Data from 2022
Source
United Nations Comtrade Database
USD 1.2 billion
48% of total trade of total trade
Increasing
USD 300 million
12% of total trade of total trade
Stable
USD 250 million
10% of total trade of total trade
Increasing
USD 200 million
8% of total trade of total trade
Stable
USD 150 million
6% of total trade of total trade
Decreasing
Average Rate
5.2%
Highest Rate
12% (applied by certain developing countries)
Lowest Rate
0% (under free trade agreements such as EU-Japan EPA)
Shift towards sustainable materials
Manufacturers are increasingly using recycled metals and eco-friendly coatings for clasps to meet consumer demand for sustainable products, driving up production costs but also opening niche markets.
2021-2022
Growth in e-commerce for fashion accessories
Increased online sales of clothing and accessories have boosted demand for clasps and fasteners, particularly in markets like the US and Europe, benefiting exporters from low-cost production countries.
2020-2022
Automation in manufacturing
Adoption of automated production technologies in countries like China and Germany has reduced costs and improved precision in clasp production, increasing export competitiveness.
2019-2022
The European Union imposed anti-dumping duties ranging from 8% to 15% on clasps and related products from China to protect domestic manufacturers from unfair pricing practices.
March 2023
This has led to a slight shift in sourcing to other Asian countries like Vietnam and Bangladesh, while increasing costs for EU importers.
As part of Phase One trade agreement discussions, tariffs on certain base metal products, including clasps under HS 8308, were reduced by 2% as a gesture of goodwill.
January 2023
This reduction has slightly improved the competitiveness of Chinese exports to the US, benefiting American apparel and accessory manufacturers.
New EU regulations require stricter compliance with environmental standards for metal processing in clasp production, including limits on hazardous substances.
July 2023
Non-compliant exporters face market access barriers, pushing manufacturers to invest in greener technologies or risk losing market share.