HS Code:
The 'Corks and Stoppers' category, classified under HS Code 4503, encompasses natural cork products, including stoppers, corks, and other articles of natural cork, as well as agglomerated cork products used primarily in the wine and beverage industry for sealing bottles. This category also includes related closures made from cork derivatives. Cork is a sustainable and renewable material primarily sourced from the bark of cork oak trees, predominantly found in Mediterranean regions. The global trade of corks and stoppers is driven by the wine industry, with demand influenced by wine production and consumption trends worldwide.
Total Trade Volume
USD 1.5 billion
Data from 2022
Source
United Nations Comtrade Database
USD 900 million
60% of total trade of total trade
Increasing
USD 200 million
13.3% of total trade of total trade
Stable
USD 100 million
6.7% of total trade of total trade
Increasing
USD 80 million
5.3% of total trade of total trade
Stable
USD 50 million
3.3% of total trade of total trade
Decreasing
Average Rate
4.5% ad valorem
Highest Rate
12% (applied by certain developing countries)
Lowest Rate
0% (under EU free trade agreements and WTO commitments)
Rising demand for sustainable packaging
Increased preference for natural cork over synthetic alternatives due to environmental concerns, boosting trade volumes in key producing countries like Portugal and Spain.
2021-2022
Growth in global wine consumption
Higher wine production and consumption in regions like Europe and North America drive demand for corks and stoppers, sustaining export growth for Mediterranean countries.
2020-2022
Shift towards alternative closures
Growing use of screw caps and synthetic stoppers in some markets (e.g., Australia, New Zealand) poses a challenge to traditional cork exports, affecting trade volumes in certain regions.
2019-2022
The European Union introduced stricter sustainability and traceability standards for cork products to ensure environmentally friendly harvesting practices.
January 2023
This may increase production costs for exporters but also enhances the market appeal of certified cork products in eco-conscious regions.
Portugal, the leading exporter, announced a government-backed initiative to develop innovative cork products, including hybrid stoppers combining natural and agglomerated cork.
March 2022
This is expected to strengthen Portugal's dominance in the market by catering to diverse consumer preferences and maintaining competitiveness against synthetic alternatives.
A new trade agreement reduced tariffs on cork products exported from the EU to South American countries, a growing market for wine closures.
July 2022
This facilitates increased exports for European producers, particularly benefiting Portugal and Spain, while boosting trade volumes in the region.