HS Code:
The 'In rectangular shape' category, often associated with products like metal sheets, glass panes, or other materials specifically manufactured in rectangular forms, falls under various HS Codes depending on the material and specific use (e.g., HS 7210 for flat-rolled iron/steel products, HS 7005 for float glass in sheets). This category includes a wide range of industrial and construction materials used globally in manufacturing, infrastructure, and consumer goods production. Trade in this category is driven by industrial demand, raw material availability, and manufacturing capabilities.
Total Trade Volume
USD 150 billion
Data from 2022
Source
United Nations Comtrade Database, World Trade Organization (WTO) Reports
USD 45 billion
30% of total trade of total trade
Increasing
USD 20 billion
13.3% of total trade of total trade
Stable
USD 18 billion
12% of total trade of total trade
Increasing
USD 15 billion
10% of total trade of total trade
Stable
USD 12 billion
8% of total trade of total trade
Increasing
Average Rate
5.2% ad valorem
Highest Rate
25% (imposed by certain countries on steel products under anti-dumping measures)
Lowest Rate
0% (under free trade agreements like EU-Japan EPA or USMCA)
Rising demand for sustainable materials
Increased trade in eco-friendly rectangular-shaped materials like recycled steel sheets and energy-efficient glass panes, driven by global sustainability goals.
2021-2023
Shift towards automation in manufacturing
Higher demand for precision-cut rectangular components in industries like automotive and electronics, boosting trade in specialized materials.
2020-2022
Supply chain disruptions due to geopolitical tensions
Trade volumes affected by sanctions, export controls, and regional conflicts, particularly impacting steel and aluminum supply chains.
2022-2023
The European Union introduced a 25% tariff on certain rectangular steel sheets from specific countries to combat dumping practices and protect domestic industries.
June 2023
Expected to reduce imports from targeted countries by 15%, redirecting trade flows to other suppliers.
A new phase of negotiations resulted in a temporary reduction of tariffs on rectangular aluminum sheets, fostering increased bilateral trade.
March 2023
Likely to increase US imports from China by USD 2 billion annually in this category.
Major exporters like Japan and South Korea announced investments in low-carbon steel production for rectangular sheets, aligning with global climate goals.
September 2023
Expected to raise production costs but create premium markets for sustainable materials, influencing trade patterns.