HS Code:
The category 'Concentrates of poppy straw; buprenorphine (INN); codeine, dihydrocodeine (INN), ethylmorphine, etorphine (INN), heroin, hydrocodone (INN), hydromorphone (INN), morphine, nicomorphine (INN), oxycodone (INN), oxymorphone (INN), pholcodine (INN), thebacon (INN), and thebaine; salts thereof' falls under HS Code 293911. This category includes opium alkaloids and their derivatives, which are primarily used in the pharmaceutical industry for pain management and other medical purposes. Due to their potential for abuse, trade in these substances is heavily regulated under international agreements like the Single Convention on Narcotic Drugs of 1961. Global trade is limited to licensed entities, and the products are subject to strict controls to prevent diversion to illicit markets.
Total Trade Volume
USD 1.2 billion
Data from 2022
Source
United Nations Comtrade Database & International Narcotics Control Board (INCB) Reports
Average Rate
5.2%
Highest Rate
12% (applied by certain developing countries for non-medical imports)
Lowest Rate
0% (under preferential trade agreements for medical use)
Increased demand for opioid-based pain management drugs
Rising trade volumes in countries with aging populations and advanced healthcare systems
2020-2022
Shift towards synthetic opioids
Reduced reliance on natural opium derivatives like morphine, affecting traditional exporters
2019-2022
Tightening of regulations due to opioid crisis
Stricter controls and reduced trade volumes in certain regions, particularly North America
2018-2022
The International Narcotics Control Board revised annual quotas for opium alkaloid production and trade to address overproduction risks and ensure supply for medical needs.
March 2023
Expected to stabilize prices and prevent oversupply in key markets like Europe and North America.
Australia announced an expansion of licensed poppy cultivation areas to meet growing global demand for morphine and codeine.
July 2022
Likely to reinforce Australia’s position as a leading exporter, potentially increasing competition for other producers.
In response to the ongoing opioid crisis, the U.S. introduced tighter import restrictions and mandatory reporting for opioid-related substances.
October 2022
May reduce trade volumes with the U.S., redirecting supply to other regions with less stringent controls.