HS Code:
The Elastomeric category, often classified under HS Code 40 (Rubber and articles thereof), includes products made from elastomers such as natural rubber, synthetic rubber, and other vulcanized rubber products. This category encompasses a wide range of goods, including tires, rubber bands, hoses, belts, gaskets, and other industrial and consumer products. Elastomeric materials are valued for their elasticity, durability, and resistance to various environmental factors, making them essential in automotive, construction, healthcare, and manufacturing industries.
Total Trade Volume
USD 150 billion
Data from 2022
Source
United Nations Comtrade Database
USD 35 billion
23.3% of total trade of total trade
Increasing
USD 20 billion
13.3% of total trade of total trade
Stable
USD 15 billion
10.0% of total trade of total trade
Increasing
USD 12 billion
8.0% of total trade of total trade
Stable
USD 10 billion
6.7% of total trade of total trade
Increasing
Average Rate
5.2%
Highest Rate
25% (imposed by certain developing countries on imported rubber products)
Lowest Rate
0% (under free trade agreements such as USMCA and EU-Japan EPA)
Rising demand for sustainable and bio-based elastomers
Increased investment in eco-friendly rubber production and recycling technologies, influencing supply chains and pricing structures
2021-2023
Growth in electric vehicle (EV) market
Higher demand for specialized elastomeric components such as seals and tires designed for EVs, boosting trade in specific sub-categories
2020-2023
Supply chain disruptions due to geopolitical tensions
Price volatility and shifts in sourcing strategies as countries seek alternative suppliers for raw rubber and finished products
2022
The European Union introduced new sustainability criteria for rubber imports, requiring certification of deforestation-free supply chains.
June 2023
Increased compliance costs for exporters from Southeast Asia, potentially shifting trade flows to certified suppliers
A partial trade agreement reduced tariffs on certain elastomeric products, easing tensions in the tire and industrial rubber sectors.
March 2023
Boosted trade volumes between the two countries, stabilizing prices for consumers in the short term
Thailand announced investments in rubber plantations and processing facilities to meet growing global demand.
January 2023
Strengthened Thailand's position as a leading exporter, potentially lowering global raw rubber prices