HS Code:
The 'Derived in whole or in part from any aromatic compound' category under the Harmonized System (HS) Code generally pertains to chemical products and preparations that are synthesized or derived from aromatic hydrocarbons or compounds. These include a wide range of products such as dyes, pigments, pharmaceuticals, pesticides, and other industrial chemicals. This category is critical in industries like textiles, agriculture, and pharmaceuticals due to the foundational role of aromatic compounds in creating complex chemical structures.
Total Trade Volume
Approximately $150 billion USD
Data from 2022
Source
United Nations Comtrade Database, International Trade Centre (ITC)
$40 billion USD
26.7% of total trade of total trade
Increasing
$25 billion USD
16.7% of total trade of total trade
Stable
$20 billion USD
13.3% of total trade of total trade
Increasing
$15 billion USD
10.0% of total trade of total trade
Increasing
$10 billion USD
6.7% of total trade of total trade
Stable
Average Rate
5.2% ad valorem
Highest Rate
15% (imposed by certain developing countries on imports to protect domestic industries)
Lowest Rate
0% (under free trade agreements like EU-Japan EPA or USMCA)
Increased demand for sustainable and bio-based aromatic compounds
Shift towards greener production methods, influencing trade towards countries with advanced eco-friendly technologies
2021-2023
Rising pharmaceutical production in developing countries
Boost in trade volume for aromatic intermediates used in drug manufacturing, especially in India and China
2020-2022
Supply chain disruptions due to geopolitical tensions
Increased costs and delays in trade, prompting diversification of supply chains away from single-country dependency
2022-2023
The European Union introduced new REACH regulations targeting aromatic compound derivatives, requiring detailed safety data for imports.
June 2023
Increased compliance costs for exporters to the EU, potentially reducing trade volumes from non-compliant countries.
A bilateral agreement reduced tariffs on certain aromatic compound derivatives to stabilize supply chains for pharmaceuticals.
March 2023
Boosted trade between the two countries, with an expected increase of 10% in related exports.
India launched a subsidy program under the 'Make in India' initiative to encourage local production of aromatic chemicals.
January 2023
Reduced dependency on imports, potentially affecting export markets like China and Germany.