HS Code:
The category 'Derived in whole or in part from aromatic hydrocarbons' typically falls under various HS Codes depending on the specific product, often within Chapter 29 (Organic Chemicals) of the Harmonized System. This category includes a wide range of chemical compounds derived from aromatic hydrocarbons such as benzene, toluene, and xylene. These compounds are fundamental in the production of plastics, synthetic fibers, dyes, detergents, and pharmaceuticals. Due to their industrial importance, they are critical in global supply chains, particularly in the petrochemical and manufacturing sectors.
Total Trade Volume
Approximately $150 billion USD
Data from 2022
Source
United Nations Comtrade Database and World Trade Organization (WTO) Reports
$30 billion USD
20% of global trade of total trade
Increasing
$25 billion USD
16.7% of global trade of total trade
Increasing
$18 billion USD
12% of global trade of total trade
Stable
$15 billion USD
10% of global trade of total trade
Stable
$12 billion USD
8% of global trade of total trade
Increasing
Average Rate
5.2% ad valorem
Highest Rate
12% (imposed by certain developing countries to protect domestic industries)
Lowest Rate
0% (under free trade agreements like EU-Japan EPA or USMCA)
Increased demand for sustainable and bio-based alternatives
Shift towards greener chemical production is prompting innovation in aromatic hydrocarbon derivatives, potentially reducing reliance on traditional petrochemical sources.
2021-2023
Rising production in Asia-Pacific
Significant growth in manufacturing capacities in countries like China and India is driving export volumes, reshaping global supply chains.
2020-2022
Volatility in raw material prices
Fluctuations in crude oil prices directly affect the cost of aromatic hydrocarbons, leading to unstable pricing in downstream products.
2022-2023
The European Union has introduced stricter regulations under the Green Deal, imposing carbon border adjustment mechanisms (CBAM) on imports of chemical products derived from aromatic hydrocarbons to encourage sustainable production.
October 2023
Increased costs for exporters to the EU; potential shift in trade flows to less regulated markets.
Recent updates to the Phase 1 trade agreement include reduced tariffs on certain chemical products, including derivatives of aromatic hydrocarbons, to stabilize bilateral trade.
January 2023
Boost in exports from China to the US, potentially increasing market competition.
Saudi Arabia and the UAE have expanded their petrochemical production capacities, focusing on aromatic hydrocarbon derivatives to diversify economies away from crude oil dependency.
March 2023
Increased global supply, potentially leading to downward pressure on prices in the short term.