HS Code:
The Forgings category, classified under HS Code 7326 (Other articles of iron or steel, forged or stamped), includes a wide range of products made through the forging process, where metal is shaped by compressive forces. This category encompasses components used in industries such as automotive, aerospace, construction, and machinery manufacturing. Forgings are critical for producing durable and high-strength parts like crankshafts, connecting rods, and structural components. Global trade in this category is influenced by industrial demand, raw material availability, and manufacturing capabilities.
Total Trade Volume
USD 15.3 billion
Data from 2022
Source
United Nations Comtrade Database
Average Rate
5.2%
Highest Rate
15% (applied by certain developing countries)
Lowest Rate
0% (under free trade agreements like EU-USMCA)
Rising demand in automotive and renewable energy sectors
Increased production of forgings for electric vehicle components and wind turbine parts, driving export growth in manufacturing hubs like China and India.
2022
Shift towards lightweight materials
Growing use of aluminum and titanium forgings in aerospace and automotive industries, affecting traditional steel forging markets.
2021
Automation in forging processes
Enhanced precision and reduced costs in developed markets like Germany and Japan, creating competitive pressure on low-cost producers.
2020
The United States imposed anti-dumping duties ranging from 10-12% on specific forging products from China to protect domestic manufacturers.
March 2023
Likely to shift trade flows towards other exporters like India and South Korea, while increasing costs for US importers.
The European Union's Green Deal initiatives are driving demand for forgings made with sustainable practices, especially for renewable energy projects.
July 2022
Encourages investment in green technologies among European forging companies, potentially increasing export competitiveness.
India introduced new export incentives under the Production Linked Incentive (PLI) scheme to boost forging exports, targeting automotive and defense sectors.
January 2023
Expected to increase India's share in global forging trade, challenging established players like China.