HS Code:
The category of Gross Vehicle Weight (G.V.W.) exceeding 5 metric tons typically falls under HS Code 8704, which includes motor vehicles for the transport of goods. This category encompasses a wide range of heavy-duty vehicles such as trucks, lorries, and specialized transport vehicles designed for commercial and industrial use. These vehicles are critical for logistics, construction, and other heavy industries, making this category a significant segment of global trade in automotive and transportation equipment. Trade in this category is influenced by industrial demand, infrastructure projects, and economic growth in various regions.
Total Trade Volume
USD 45.2 billion
Data from 2022
Source
United Nations Comtrade Database
USD 9.8 billion
21.7% of total trade of total trade
Increasing
USD 7.5 billion
16.6% of total trade of total trade
Stable
USD 5.3 billion
11.7% of total trade of total trade
Increasing
USD 4.9 billion
10.8% of total trade of total trade
Increasing
USD 3.2 billion
7.1% of total trade of total trade
Stable
Average Rate
6.5% ad valorem
Highest Rate
25% (imposed by certain developing countries to protect domestic industries)
Lowest Rate
0% (under free trade agreements like EU-USMCA)
Shift towards electric and hybrid heavy-duty vehicles
Increasing demand for sustainable transport solutions due to stringent emission regulations in Europe and North America
2021-2023
Growth in e-commerce and logistics
Rising need for heavy-duty trucks to support last-mile delivery and supply chain expansion, especially in Asia-Pacific
2020-2022
Automation and autonomous driving technology
Emerging integration of autonomous features in heavy vehicles, driving R&D investments by major manufacturers
2022-2023
The European Union has introduced stricter emission standards under the Green Deal, mandating lower CO2 emissions for heavy-duty vehicles starting 2023. This affects importers and manufacturers globally.
January 2023
Increased production costs for non-compliant vehicles; boost in demand for electric and hybrid trucks in the EU market.
A new phase of trade negotiations has reduced tariffs on heavy-duty vehicles between the US and China, aiming to balance trade deficits and improve market access.
March 2023
Expected increase in exports of US-made heavy vehicles to China; potential price reductions for consumers.
Ongoing semiconductor shortages and logistical bottlenecks have delayed production and delivery of heavy-duty vehicles worldwide.
Throughout 2022
Increased costs and delayed shipments; manufacturers exploring regional supply chains to mitigate risks.