HS Code:
The category of cruise ships, excursion boats, and similar vessels principally designed for the transport of persons, including ferry boats of all kinds (HS Code: 8901), encompasses a range of watercraft used primarily for passenger transportation. This includes luxury cruise liners, smaller excursion boats for sightseeing, and ferries used for short-distance transport across rivers, lakes, and coastal areas. These vessels are critical to the global tourism and transportation industries, facilitating both leisure travel and essential commuting services. The trade in this category includes the construction, sale, and export/import of these vessels, often involving specialized shipbuilding industries and significant capital investment.
Total Trade Volume
USD 15.8 billion
Data from 2022
Source
United Nations Comtrade Database
USD 3.2 billion
20.3% of total trade of total trade
Increasing
USD 2.9 billion
18.4% of total trade of total trade
Stable
USD 2.1 billion
13.3% of total trade of total trade
Increasing
USD 1.8 billion
11.4% of total trade of total trade
Increasing
USD 1.5 billion
9.5% of total trade of total trade
Stable
Average Rate
5.2%
Highest Rate
12% (applied by certain developing countries to protect domestic shipbuilding)
Lowest Rate
0% (under free trade agreements like EU internal trade or USMCA)
Rising demand for eco-friendly vessels
Increased investment in LNG-powered cruise ships and ferries to meet environmental regulations and consumer demand for sustainable travel.
2021-2023
Growth in luxury cruise segment
Higher trade volumes for larger, technologically advanced cruise ships catering to high-end tourism markets in North America and Europe.
2020-2022
Regional ferry network expansion
Boost in demand for smaller ferries in Asia-Pacific and Europe due to urbanization and the need for efficient short-distance transport.
2019-2023
The European Union has introduced stricter emission standards under the Green Deal, pushing shipbuilders to adopt cleaner technologies for cruise ships and ferries.
January 2023
Increased production costs but also higher demand for European-built eco-friendly vessels in global markets.
After a significant downturn during the COVID-19 pandemic, the cruise industry saw a strong recovery with new vessel orders placed in 2022, particularly in Italy and Germany.
Mid-2022
Revival of trade volumes and renewed focus on health and safety features in vessel design.
South Korea secured major contracts for building hybrid ferries and mid-sized cruise ships, driven by competitive pricing and advanced technology.
October 2022
Strengthened South Korea's position in the global market, challenging European dominance.