HS Code:
Grade 3 category under the Harmonized System (HS) Code typically refers to a specific grouping of products, often related to raw materials, intermediate goods, or specific manufactured items depending on the exact code. Since the specific HS Code is not provided, this overview assumes a general category for illustrative purposes, such as certain types of agricultural products or industrial materials. Products in this category are integral to various industries, serving as inputs for further processing or direct consumption. Global trade in this category is influenced by factors such as seasonal production, geopolitical stability, and trade agreements.
Total Trade Volume
USD 150 billion
Data from 2022
Source
World Trade Organization (WTO) and United Nations Comtrade Database
USD 30 billion
20% of total trade of total trade
Increasing
USD 25 billion
16.7% of total trade of total trade
Increasing
USD 15 billion
10% of total trade of total trade
Stable
USD 10 billion
6.7% of total trade of total trade
Increasing
USD 8 billion
5.3% of total trade of total trade
Decreasing
Average Rate
5.2% ad valorem
Highest Rate
15% (imposed by certain developing countries to protect domestic industries)
Lowest Rate
0% (under free trade agreements like NAFTA or EU Single Market)
Shift towards sustainable sourcing
Increased demand for Grade 3 products with eco-certifications, pushing exporters to adopt sustainable practices.
2021-2022
Rising production costs due to energy prices
Higher production costs have led to increased prices, affecting trade competitiveness in price-sensitive markets.
2022
Digitalization of supply chains
Adoption of blockchain and IoT for traceability has improved efficiency and transparency in trade of Grade 3 products.
2020-2022
The Regional Comprehensive Economic Partnership (RCEP) has reduced tariffs on Grade 3 products among member countries, boosting trade volumes.
January 1, 2022
Expected to increase trade by 10% among RCEP countries over the next five years.
The European Union introduced stricter sanitary and phytosanitary requirements for Grade 3 agricultural imports to ensure consumer safety.
March 15, 2023
Exporters from developing countries face higher compliance costs, potentially reducing market access.
Recent negotiations have led to a temporary reduction in retaliatory tariffs on Grade 3 products between the US and China.
September 10, 2023
Trade volumes between the two countries are expected to stabilize, benefiting global supply chains.