HS Code:
Cobalt oxides and hydroxides, including commercial cobalt oxides, fall under HS Code 282200. This category encompasses chemical compounds of cobalt used primarily in the production of batteries (especially lithium-ion batteries for electric vehicles), ceramics, pigments, and catalysts. These materials are critical in various industrial applications due to cobalt's unique chemical properties, such as high thermal stability and catalytic capabilities.
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 100 million
8.3% of total trade of total trade
Stable
USD 80 million
6.7% of total trade of total trade
Increasing
Average Rate
5.2% ad valorem
Highest Rate
12% (applied by certain developing countries)
Lowest Rate
0% (under free trade agreements like EU-Japan EPA)
Rising demand for electric vehicle batteries
Significant increase in cobalt oxide demand, driving trade volumes up by 15% annually since 2020
2020-2022
Shift towards sustainable sourcing
Increased scrutiny on ethical cobalt mining practices, influencing trade policies and supplier preferences
2021-2023
Technological advancements in battery chemistry
Potential reduction in cobalt usage per battery, which may stabilize or reduce long-term demand growth
2022-2023
The European Union introduced policies to secure cobalt supply chains by promoting recycling and sustainable mining partnerships.
March 2023
Expected to increase trade with African cobalt producers while imposing stricter environmental standards
China tightened export controls on cobalt compounds to prioritize domestic battery production needs.
October 2022
Global supply constraints leading to price volatility and diversification of supply chains by other countries
The US introduced subsidies for domestic battery production, indirectly boosting cobalt oxide imports.
August 2022
Increased US demand for cobalt materials, benefiting exporters like Belgium and South Korea