HS Code:
Leaf springs and leaves therefor (HS Code: 732010) are critical components in the automotive and industrial sectors, primarily used in the suspension systems of vehicles, especially heavy-duty vehicles like trucks, buses, and trailers. These products are made of layered steel or composite materials designed to absorb and distribute weight and stress. They are essential for ensuring vehicle stability and safety under heavy loads. This category includes both complete leaf springs and individual leaves used as replacements or for assembly.
Total Trade Volume
USD 1.2 billion
Data from 2022
Source
United Nations Comtrade Database
USD 350 million
29.2% of total trade of total trade
Increasing
USD 200 million
16.7% of total trade of total trade
Stable
USD 180 million
15.0% of total trade of total trade
Increasing
USD 120 million
10.0% of total trade of total trade
Increasing
USD 90 million
7.5% of total trade of total trade
Stable
Average Rate
5.8% ad valorem
Highest Rate
12% (imposed by certain developing countries to protect local industries)
Lowest Rate
0% (under free trade agreements like EU-Japan EPA or USMCA)
Shift towards lightweight composite leaf springs
Increasing demand for fuel efficiency in vehicles is driving innovation in materials, reducing the weight of leaf springs while maintaining strength, impacting traditional steel-based manufacturers.
2021-2023
Growth in commercial vehicle production
Rising demand for trucks and buses in emerging markets like India and Southeast Asia is boosting the market for leaf springs, especially in aftermarket segments.
2020-2022
Regionalization of supply chains
Post-COVID-19, there is a noticeable shift towards local sourcing to reduce dependency on global supply chains, benefiting regional manufacturers in North America and Europe.
2021-2023
The European Union imposed provisional anti-dumping duties on leaf springs imported from China, citing unfair pricing practices that harmed local manufacturers.
March 2023
This is expected to increase costs for European importers and may shift demand to other exporters like India or Turkey.
Under the USMCA agreement, tariff-free trade of automotive components, including leaf springs, has strengthened trade ties between the US, Canada, and Mexico.
July 2022
This has led to a 10% increase in intra-regional trade volume for leaf springs within North America.
Major manufacturers in Germany and Japan have introduced composite leaf springs that are 40% lighter than traditional steel springs, targeting the electric vehicle market.
September 2023
This development could reshape market dynamics, favoring technologically advanced producers while challenging traditional steel-based suppliers.