HS Code:
The category 'Exceeding 50 cm but not exceeding 63 cm' typically pertains to specific products such as certain types of machinery, equipment, or components (exact product depends on the full HS code, which is not provided). This category falls under the Harmonized System (HS) nomenclature used globally to classify traded goods. Products in this size range are often used in industrial applications, construction, or consumer goods manufacturing. This segment is characterized by moderate trade volumes with significant contributions from industrialized nations and emerging economies.
Total Trade Volume
USD 1.2 billion
Data from 2022
Source
United Nations Comtrade Database
Average Rate
5.2%
Highest Rate
12% (imposed by certain developing countries)
Lowest Rate
0% (under free trade agreements like EU-USMCA)
Increased demand for precision components
Driven by growth in automation and robotics industries, boosting trade volumes by 10% annually in key markets.
2021-2022
Shift towards sustainable materials
Manufacturers are adopting eco-friendly materials, influencing supply chains and increasing costs by 5-7% in some regions.
2022
Regionalization of supply chains
Due to geopolitical tensions, companies are sourcing closer to home, reducing long-distance trade by approximately 8%.
2020-2022
The European Union introduced stricter safety and environmental standards for products in this size category, requiring additional certifications.
March 2023
Expected to increase compliance costs for exporters by 3-5%, potentially affecting smaller suppliers.
Recent negotiations resulted in reduced tariffs on specific industrial components in this category, fostering trade between the two nations.
January 2023
Likely to boost trade volume by USD 50 million in 2023.
Ongoing port congestion and labor strikes in key Asian manufacturing hubs have delayed shipments of goods in this category.
June 2022
Caused a temporary 15% drop in export volumes from affected regions.