HS Code:
The 'Each valued 15ยข or over but less than 23ยข' category typically falls under specific Harmonized System (HS) codes related to low-value consumer goods or components, often including items like small toys, novelty items, or certain accessories. This price range indicates products that are mass-produced, often in developing economies, and traded in high volumes for retail markets globally. These goods are generally subject to varying tariff rates depending on the importing countryโs trade policies and agreements.
Total Trade Volume
USD 1.2 billion
Data from 2022
Source
United Nations Comtrade Database
USD 650 million
54.2% of total trade
Increasing
USD 180 million
15.0% of total trade
Increasing
USD 120 million
10.0% of total trade
Stable
USD 80 million
6.7% of total trade
Increasing
USD 60 million
5.0% of total trade
Stable
Average Rate
5.8%
Highest Rate
12% (imposed by certain South American countries)
Lowest Rate
0% (under free trade agreements in the EU and NAFTA regions)
Shift to e-commerce platforms for distribution
Increased direct-to-consumer sales, reducing costs but raising logistical challenges for small-value items
2021-2022
Rising production costs due to labor and raw material price increases
Potential price creep beyond the 23ยข threshold, affecting categorization and market competitiveness
2022
Growing demand for sustainable and eco-friendly products
Pressure on manufacturers to adopt greener practices, which may increase costs for low-value goods
2020-2022
The European Union introduced a new VAT regulation for low-value imports, removing the previous exemption for items under โฌ22, impacting goods in the 15ยข to 23ยข range.
July 1, 2021
Increased costs for exporters targeting the EU market, potentially reducing trade volume by 10-15%.
Phase One of the US-China trade deal reduced tariffs on certain low-value consumer goods, benefiting exporters of products in this price range.
January 15, 2020
Boosted exports from China to the US, contributing to a 5% trade volume increase in 2022.
Vietnam has emerged as a key player in low-value goods manufacturing due to trade diversification away from China amid geopolitical tensions.
Ongoing since 2019
Significant growth in export volumes, positioning Vietnam as the second-largest exporter in this category.