HS Code:
The category 'Having a fiber content of 70 percent or more by weight of silk or silk waste' (likely under HS Code 5007 for woven fabrics of silk or silk waste) pertains to high-quality silk textiles and fabrics primarily composed of silk fibers. This category includes a variety of products such as silk clothing, scarves, and other luxury textile goods. Silk is valued for its softness, luster, and strength, making it a sought-after material in the global fashion and luxury markets. Trade in this category is influenced by factors such as raw silk production, labor costs in weaving, and consumer demand for premium textiles.
Total Trade Volume
Approximately $2.5 billion USD
Data from 2022
Source
United Nations Comtrade Database and World Trade Organization (WTO) Reports
$1.2 billion USD
48% of total trade of total trade
Increasing
$500 million USD
20% of total trade of total trade
Stable
$300 million USD
12% of total trade of total trade
Increasing
$200 million USD
8% of total trade of total trade
Stable
$100 million USD
4% of total trade of total trade
Decreasing
Average Rate
8.5% ad valorem
Highest Rate
15% (imposed by certain developing countries to protect domestic textile industries)
Lowest Rate
0% (under free trade agreements like EU-Japan EPA or within ASEAN)
Growing demand for sustainable and ethically sourced silk
Increased market share for producers adhering to eco-friendly practices and cruelty-free silk production, influencing pricing and supply chains.
2021-2023
Shift toward luxury and bespoke fashion
Higher demand for premium silk products in high-income markets, driving up value but limiting volume growth in mass markets.
2020-2022
Technological advancements in silk processing
Innovations in silk weaving and blending techniques have reduced production costs in some regions, enhancing competitiveness.
2019-2023
China announced a $500 million investment in modernizing silk production facilities to improve efficiency and sustainability, aiming to maintain its dominance in the global market.
March 2023
Likely to increase export volumes and reduce costs, potentially intensifying competition for other silk-producing nations.
The European Union reduced tariffs on silk imports from select Asian countries under new trade agreements, promoting access to high-quality silk products.
January 2023
Expected to boost imports from countries like India and Vietnam, benefiting EU fashion industries but challenging local producers.
India introduced subsidies and training programs for silk farmers and weavers to enhance quality and output, targeting a larger share of the global luxury market.
September 2022
Strengthens India's position as a key exporter, potentially increasing trade volume by 10-15% over the next five years.