HS Code:
The category of composite goods containing flexible magnets (often classified under HS Code 8505.19 or related codes depending on the specific product composition) includes a variety of products where flexible magnets are integrated into other materials or goods, such as magnetic strips, sheets, or tapes used in industrial applications, consumer goods, and advertising materials. These products are valued for their versatility, lightweight nature, and ability to be customized for specific uses, including refrigerator magnets, magnetic closures, and educational tools.
Total Trade Volume
Approximately $1.2 billion USD
Data from 2022
Source
United Nations Comtrade Database and International Trade Centre (ITC) Trade Map
$650 million USD
54.2% of total trade of total trade
Increasing
$180 million USD
15.0% of total trade of total trade
Stable
$90 million USD
7.5% of total trade of total trade
Increasing
$70 million USD
5.8% of total trade of total trade
Stable
$50 million USD
4.2% of total trade of total trade
Increasing
Average Rate
5.5% ad valorem
Highest Rate
12% (applied by certain developing countries to protect domestic industries)
Lowest Rate
0% (under free trade agreements such as USMCA and EU-Japan EPA)
Growing demand in consumer electronics and automotive sectors
Increased production of flexible magnets for use in sensors, closures, and displays, driving trade volume up by 8% annually since 2020
2022
Shift towards sustainable and recyclable materials
Manufacturers are innovating with eco-friendly composites, influencing sourcing and trade policies in the EU and North America
2021-2023
Rising production costs due to raw material scarcity
Prices for rare earth materials used in magnets have risen, affecting profit margins and trade competitiveness, especially for smaller exporters
2022
The European Union introduced stricter safety regulations for consumer goods containing magnets to prevent health risks, particularly for children.
March 2023
Exporters to the EU must comply with new testing and certification requirements, potentially increasing costs but ensuring market access.
A bilateral agreement reduced tariffs on certain magnetic products exported from China to the US as part of broader trade negotiations.
November 2022
This has boosted Chinese exports to the US by 5%, strengthening China's dominance in the market.
Japanese firms unveiled new lightweight and high-strength flexible magnet composites, targeting automotive and tech industries.
July 2023
Expected to increase Japan's market share in high-value applications, influencing global trade patterns.