HS Code:
The category of G.V.W. (Gross Vehicle Weight) exceeding 15 metric tons but not exceeding 20 metric tons typically includes heavy-duty trucks and specialized vehicles used for transportation and industrial purposes. These vehicles fall under HS Code 8704.23, which covers motor vehicles for the transport of goods with a compression-ignition internal combustion piston engine (diesel or semi-diesel). This category is critical for logistics, construction, and mining industries, as these vehicles are designed to carry substantial loads over long distances. Global trade in this category is influenced by industrial demand, infrastructure development, and environmental regulations.
Total Trade Volume
USD 12.5 billion
Data from 2022
Source
United Nations Comtrade Database
USD 3.2 billion
25.6% of total trade of total trade
Increasing
USD 2.8 billion
22.4% of total trade of total trade
Stable
USD 1.9 billion
15.2% of total trade of total trade
Increasing
USD 1.3 billion
10.4% of total trade of total trade
Stable
USD 1.1 billion
8.8% of total trade of total trade
Increasing
Average Rate
6.5%
Highest Rate
25% (imposed by certain developing countries to protect domestic industries)
Lowest Rate
0% (under free trade agreements such as EU-USMCA)
Shift towards electric and hybrid heavy-duty vehicles
Increasing demand for eco-friendly trucks due to stringent emission regulations in Europe and North America, potentially reducing diesel vehicle trade volumes.
2022
Growth in infrastructure projects in developing economies
Rising demand for heavy-duty trucks in regions like Southeast Asia and Africa, boosting exports from major manufacturers in Germany and Japan.
2021-2022
Supply chain disruptions due to geopolitical tensions
Delays in production and export of vehicles, particularly affecting trade routes involving China and Europe.
2022
The European Union introduced stricter CO2 emission targets for heavy-duty vehicles, mandating a 30% reduction by 2030 compared to 2019 levels.
June 2023
Manufacturers are investing in alternative fuel technologies, potentially increasing costs but opening new market segments for electric trucks.
Revised rules under the USMCA agreement have reduced tariffs on heavy-duty vehicles traded between the US, Mexico, and Canada, promoting regional trade.
March 2023
Increased trade volume within North America, benefiting US and Mexican manufacturers with easier access to markets.
China reported a 20% increase in exports of heavy-duty trucks to Belt and Road Initiative countries, driven by infrastructure development projects.
September 2023
Strengthening China's position as a key player in the global market, especially in developing regions.