HS Code:
The 'Electrical balances and parts and accessories thereof' category, classified under HS Code 901600, includes precision instruments used for weighing with high accuracy, often in laboratory or industrial settings, as well as their associated parts and accessories. These products are critical in sectors like pharmaceuticals, research, and manufacturing, where precise measurements are essential. This category encompasses electronic balances, digital scales, and components such as load cells and calibration weights.
Total Trade Volume
USD 1.2 billion
Data from 2022
Source
United Nations Comtrade Database
USD 300 million
25% of total trade of total trade
Increasing
USD 250 million
21% of total trade of total trade
Stable
USD 200 million
17% of total trade of total trade
Increasing
USD 150 million
12.5% of total trade of total trade
Increasing
USD 100 million
8.3% of total trade of total trade
Stable
Average Rate
5.2% ad valorem
Highest Rate
12% (applied by certain developing countries)
Lowest Rate
0% (under free trade agreements like EU-Japan EPA)
Increasing demand for digital and smart balances
Driven by automation in industries, leading to higher exports of advanced electronic balances from developed countries.
2021-2022
Growth in pharmaceutical and biotech sectors
Boosts demand for high-precision balances, particularly in North America and Europe, increasing trade volumes.
2020-2022
Shift towards sustainable manufacturing
Manufacturers are adopting eco-friendly materials for parts, influencing supply chains and slightly raising production costs.
2022
The European Union introduced stricter calibration and safety standards for electrical balances to ensure higher accuracy and user safety.
June 2023
Exporters to the EU must comply with new regulations, potentially increasing costs but ensuring market access.
A bilateral agreement reduced tariffs on precision instruments, including electrical balances, between the US and China.
March 2023
Facilitates increased trade flows between the two countries, benefiting Chinese exporters and US importers.
Leading manufacturers in Japan and Germany unveiled IoT-enabled balances with remote monitoring capabilities.
September 2022
Increases competitive edge for these countries, driving export growth in high-tech segments.