HS Code:
The 'Containing 70 percent or more by weight of silk or silk waste' category (HS Code: 5007) includes woven fabrics made predominantly of silk or silk waste. This category encompasses a range of high-value textile products such as silk sarees, scarves, dresses, and other luxury apparel items. Silk, being a natural protein fiber, is prized for its texture, sheen, and durability, making this category significant in the luxury fashion and textile industries. The trade of these products is influenced by cultural demand, craftsmanship, and the availability of raw silk, predominantly sourced from countries with a long history of sericulture.
Total Trade Volume
USD 1.2 billion
Data from 2022
Source
United Nations Comtrade Database
Average Rate
8.5%
Highest Rate
15% (imposed by certain developing countries to protect domestic industries)
Lowest Rate
0% (under free trade agreements like EU-Japan EPA)
Rising demand for sustainable and ethical silk products
Increased focus on cruelty-free silk (Ahimsa silk) and eco-friendly production methods has boosted market share for producers adhering to ethical standards, particularly in India.
2021-2022
Growth in luxury fashion markets in Asia-Pacific
Higher disposable incomes in countries like China and South Korea have driven demand for silk-based luxury apparel, benefiting exporters from China and India.
2020-2022
Technological advancements in silk processing
Innovations in weaving and dyeing technologies have reduced production costs and improved product quality, enhancing competitiveness of major exporters like Italy and France.
2019-2022
The European Union introduced new regulations requiring detailed labeling of silk content and origin to prevent mislabeling and protect consumers from counterfeit products.
March 2023
Exporters to the EU, especially from China and India, may face increased compliance costs but could benefit from enhanced consumer trust.
The Indian government rolled out subsidies and training programs for silk weavers and exporters to boost the global competitiveness of Indian silk products.
January 2023
This initiative is expected to increase India's trade volume by 10-15% over the next two years, strengthening its position in the global market.
A bilateral agreement reduced tariffs on silk products exported from China to the US, easing trade tensions and opening up market access.
October 2022
Chinese silk exporters are likely to see a surge in demand from the US, potentially shifting trade dynamics in North America.