HS Code:
The product category 'Having a diameter of at least 57 cm but not more than 63 cm' typically falls under specific HS codes related to circular items, such as tires, metal hoops, or industrial components, depending on the material and usage (specific HS code not provided in the query). This category is niche but significant in industries like automotive, manufacturing, and construction. Products in this size range are often used for specialized machinery or vehicles, and their trade is influenced by industrial demand, raw material availability, and regional manufacturing capabilities.
Total Trade Volume
USD 1.2 billion
Data from 2022
Source
United Nations Comtrade Database
Average Rate
6.5%
Highest Rate
12% (imposed by certain developing economies to protect local industries)
Lowest Rate
0% (under free trade agreements like EU-USMCA)
Rising demand for specialized industrial components
Increased trade volume due to growth in automation and heavy machinery sectors
2021-2022
Shift towards sustainable materials
Manufacturers adopting eco-friendly production processes, affecting supply chains and costs
2020-2022
Regionalization of supply chains
Reduced dependence on single-country suppliers due to geopolitical tensions and logistics costs
2022
The European Union introduced a revised tariff structure for industrial components, reducing rates by 2% for products in this category to encourage imports.
June 2023
Expected to boost trade volume from non-EU countries like China and the US by 10% over the next year.
A new bilateral agreement eased anti-dumping duties on specific industrial products, including those in this diameter range, to stabilize supply chains.
March 2023
Likely to increase Chinese exports to the US, reversing the decreasing trend observed in previous years.
Several countries, including Japan and Germany, mandated stricter environmental certifications for imported industrial components to reduce carbon footprints.
January 2023
May increase production costs and slow trade growth for non-compliant exporters in the short term.