HS Code:
The category 'Containing 70 percent or more by weight of silk or silk waste' (HS Code: 5007) includes woven fabrics made predominantly of silk or silk waste. This category encompasses high-value textile products such as silk sarees, scarves, dresses, and other luxury apparel items. Silk, known for its luster, softness, and strength, is a niche but significant segment of the global textile market, often associated with luxury and traditional craftsmanship. The trade of these products is influenced by cultural demand, fashion trends, and the availability of raw silk, primarily produced in specific regions with favorable climatic conditions for silkworm cultivation.
Total Trade Volume
USD 1.2 billion
Data from 2022
Source
United Nations Comtrade Database
Average Rate
8.5%
Highest Rate
15% (applied by certain developing countries to protect local textile industries)
Lowest Rate
0% (under free trade agreements like EU-India FTA for specific partners)
Growing demand for sustainable and ethical silk
Increased interest in cruelty-free silk (e.g., Ahimsa silk) has led to shifts in production methods, especially in India, boosting exports to eco-conscious markets like Europe and North America.
2021-2022
Rise of luxury fashion markets in Asia
Expanding middle and upper classes in countries like China and India have driven domestic consumption and intra-Asian trade of silk products, reducing reliance on Western markets.
2020-2022
Technological advancements in silk processing
Innovations in weaving and dyeing have improved product quality and reduced costs, making silk products more competitive against synthetic alternatives in global markets.
2019-2022
China introduced subsidies for silk farmers and exporters, leading to a significant increase in silk fabric exports, particularly to the EU and US markets.
March 2022
Strengthened China's dominance in the global silk trade, potentially pressuring smaller producers like Vietnam and Thailand.
Negotiations for a free trade agreement between India and the EU included discussions on reducing tariffs on silk products, which could boost Indian exports.
June 2022
Potential for increased market access for Indian silk in Europe, challenging Italian and French producers.
The US imposed additional tariffs on Chinese silk imports as part of ongoing trade tensions, citing unfair trade practices.
September 2021
Shift in US import patterns, with increased sourcing from India and Italy to avoid higher costs.