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📦 Elastomeric

Elastomeric

HS Code:

📦

Overview

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

Tariff Analysis

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)

Common Restrictions

  • Import quotas on raw rubber in some countries to protect domestic producers
  • Anti-dumping duties on specific elastomeric products from certain exporters
  • Environmental regulations requiring sustainable sourcing of natural rubber
  • Quality and safety standards for medical and automotive rubber products

Market Trends

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

Recent Developments

EU Implements Stricter Regulations on Rubber Imports

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

US-China Trade Agreement on Rubber Products

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 Expands Natural Rubber Production

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