HS Code:
Gear boxes, classified under HS Code 8483.40, encompass a range of mechanical devices used to transmit power and alter the speed, torque, or direction of rotation in machinery. This category includes gears, gear boxes, and speed changers used in automotive, industrial, and other applications. Gear boxes are critical components in vehicles, manufacturing equipment, wind turbines, and other mechanical systems, playing a vital role in ensuring efficient power transmission.
Total Trade Volume
USD 25.6 billion
Data from 2022
Source
United Nations Comtrade Database
USD 5.2 billion
20.3% of total trade of total trade
Increasing
USD 4.8 billion
18.8% of total trade of total trade
Increasing
USD 3.9 billion
15.2% of total trade of total trade
Stable
USD 2.7 billion
10.5% of total trade of total trade
Decreasing
USD 1.8 billion
7.0% of total trade of total trade
Stable
Average Rate
5.2% ad valorem
Highest Rate
12% (imposed by certain developing countries)
Lowest Rate
0% (under free trade agreements like EU-USMCA)
Rising demand for electric vehicle (EV) gear boxes
Increased production of specialized gear boxes for EVs, shifting focus from traditional internal combustion engine components
2021-2023
Automation in manufacturing
Growing need for precision gear boxes in robotics and industrial automation, boosting trade in high-end products
2020-2022
Sustainability focus
Manufacturers adopting eco-friendly materials and energy-efficient designs, influencing trade patterns toward greener products
2022-2023
A new trade agreement reduced tariffs on gear box components between the EU and China, aiming to increase bilateral trade.
March 2023
Expected to boost exports from China to Europe by 10% in the next two years, while increasing competition for local EU manufacturers.
The United States introduced anti-dumping duties on gear boxes from select Asian countries to protect domestic industries.
July 2022
Likely to reduce imports from affected countries, redirecting trade flows to other regions like Europe and Mexico.
Major manufacturers unveiled lightweight, high-efficiency gear boxes designed for renewable energy applications like wind turbines.
October 2023
Expected to drive demand in the renewable energy sector, particularly in markets like Germany and the US.