HS Code:
Elastic bands made wholly of plastics, classified under HS Code 3926.90 (Other articles of plastics), are versatile products used across various industries including packaging, stationery, and personal care. These bands are valued for their flexibility, durability, and cost-effectiveness. They are primarily manufactured from synthetic polymers such as polyethylene or polypropylene, offering a lightweight and reusable solution for bundling or securing items.
Total Trade Volume
USD 150 million
Data from 2022
Source
United Nations Comtrade Database
Average Rate
5.2%
Highest Rate
12% (applied by certain developing countries)
Lowest Rate
0% (under free trade agreements such as EU Single Market)
Rising demand for eco-friendly elastic bands
Manufacturers are shifting towards biodegradable plastics to meet environmental regulations and consumer preferences, increasing production costs but opening new market segments.
2021-2022
Growth in e-commerce packaging needs
Increased online shopping has boosted demand for elastic bands in packaging and logistics, driving trade volume growth particularly in Asia-Pacific regions.
2020-2022
Supply chain disruptions
Global supply chain issues, including raw material shortages and shipping delays, have led to price volatility and affected export timelines.
2021-2022
The European Union introduced new regulations under the Circular Economy Action Plan, mandating a percentage of recyclable content in plastic products including elastic bands.
January 2023
This is expected to increase production costs for exporters to the EU but may also drive innovation in sustainable materials.
A revised trade agreement reduced tariffs on certain plastic goods, including elastic bands, exported from China to the US, fostering greater market access.
March 2022
This has contributed to a surge in Chinese exports to the US, intensifying competition for domestic manufacturers.
Thailand announced investments in plastic product manufacturing, focusing on elastic bands to cater to growing regional demand in Southeast Asia.
September 2022
This positions Thailand as an emerging key player in the market, potentially challenging China’s dominance in the region.