HS Code:
The category 'Having a width measuring less than four times the thickness' pertains to specific metal products, often including bars, rods, or profiles made of steel or other alloys, as classified under the Harmonized System (HS) Code. These products are typically used in construction, manufacturing, and industrial applications where specific dimensional ratios are required for structural integrity or design specifications. This category is critical in industries requiring precise material specifications for safety and performance.
Total Trade Volume
USD 12.5 billion
Data from 2022
Source
United Nations Comtrade Database
USD 3.8 billion
30.4% of total trade of total trade
Increasing
USD 2.1 billion
16.8% 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
Decreasing
USD 1.0 billion
8.0% of total trade of total trade
Stable
Average Rate
5.2%
Highest Rate
25% (imposed by certain developing countries)
Lowest Rate
0% (under free trade agreements like EU-Japan EPA)
Rising demand for high-strength steel in construction
Increased trade volume as infrastructure projects grow in emerging markets
2022
Shift towards sustainable production methods
Higher costs but improved market access in eco-conscious regions like the EU
2021
Technological advancements in metal processing
Enhanced product quality leading to competitive pricing and market expansion
2020
The European Union implemented updated tariff-rate quotas on steel products, including those under this HS category, to protect domestic producers from cheap imports.
July 2023
Potential reduction in export volumes to the EU for non-quota countries like China, redirecting trade to other regions.
A recent phase of negotiations resulted in reduced tariffs on specific steel products, fostering increased trade between the two nations.
March 2023
Positive for US importers and Chinese exporters, likely boosting trade volume by 10-15% in this category.
Reports of global steel oversupply have led to calls for tighter import controls in several countries, impacting products in this category.
January 2023
Potential price drops and increased competition among exporters to offload surplus inventory.