HS Code:
The category of Fishing vessels; factory ships and other vessels for processing or preserving fishery products (HS Code: 8902) includes specialized ships designed for fishing activities, as well as factory ships and vessels equipped for processing or preserving fishery products at sea. These vessels are critical to the global fishing industry, supporting both small-scale and industrial fishing operations. They range from trawlers and longliners to large factory ships that can process and freeze catches on board, ensuring the preservation of seafood during long voyages. This category is vital for countries with significant fishing industries and plays a key role in international seafood supply chains.
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
Decreasing
USD 150 million
12.5% of total trade of total trade
Increasing
USD 100 million
8.3% of total trade of total trade
Increasing
Average Rate
5.2%
Highest Rate
15% (applied by certain developing countries to protect local shipbuilding industries)
Lowest Rate
0% (under free trade agreements such as EU-Norway agreements)
Increased demand for eco-friendly vessels
Growing regulations on emissions and fuel efficiency are pushing manufacturers to innovate with hybrid and electric fishing vessels, increasing production costs but opening new markets.
2021-2023
Rise in factory ship deployments
Industrial fishing companies are investing in factory ships to process catches at sea, reducing dependency on shore-based facilities and increasing operational efficiency.
2020-2022
Decline in small-scale vessel trade
Smaller fishing vessels are seeing reduced trade volumes due to consolidation in the fishing industry and preference for larger, more efficient ships.
2019-2022
The European Union's Green Deal has introduced stricter environmental standards for fishing vessels, mandating lower emissions and sustainable fishing practices.
January 2023
This has increased costs for manufacturers but also created opportunities for innovation in green technologies, benefiting countries like Norway with advanced shipbuilding capabilities.
China has significantly expanded its distant-water fishing fleet with state subsidies, leading to a surge in demand for factory ships and processing vessels.
March 2022
This has intensified competition in the global market, affecting trade balances and raising concerns about overfishing in international waters.
A bilateral agreement between Norway and South Korea was signed to collaborate on advanced fishing vessel technologies, focusing on automation and sustainability.
October 2022
This agreement is expected to boost trade volumes between the two countries and set new industry standards for vessel design and efficiency.