HS Code:
The 'Less than 10.6 m in length' category typically refers to boats or vessels, such as yachts, motorboats, or other watercraft under 10.6 meters (approximately 35 feet) in length. These products fall under the Harmonized System (HS) Code 8903, which covers yachts and other vessels for pleasure or sports. This category is significant in global trade due to its association with recreational marine activities, luxury goods markets, and tourism industries. Trade in this category is driven by demand from affluent consumers, coastal regions, and countries with strong boating cultures.
Total Trade Volume
USD 2.5 billion
Data from 2022
Source
United Nations Comtrade Database
USD 600 million
24% of total trade of total trade
Increasing
USD 500 million
20% of total trade of total trade
Stable
USD 400 million
16% of total trade of total trade
Increasing
USD 300 million
12% of total trade of total trade
Stable
USD 200 million
8% of total trade of total trade
Decreasing
Average Rate
7.5%
Highest Rate
15% (applied by certain developing countries to protect local industries)
Lowest Rate
0% (under free trade agreements like EU-US trade pacts or within customs unions)
Rising demand for eco-friendly boats
Increased production of electric and hybrid boats under 10.6 m, driven by environmental regulations and consumer preferences for sustainable products.
2021-2022
Growth in coastal tourism
Higher demand for small recreational boats in regions with growing tourism sectors, particularly in the Mediterranean and Caribbean.
2020-2022
Supply chain disruptions
Delays in production and shipping due to global logistics challenges and raw material shortages, affecting trade volumes temporarily.
2021
The European Union introduced stricter environmental regulations under the Green Deal, mandating lower emissions for motorized boats under 10.6 m, pushing manufacturers to innovate with electric models.
March 2023
Increased production costs but potential for long-term market growth in sustainable boating.
Ongoing trade disputes between the US and China have led to fluctuating tariffs on recreational boats, impacting the cost of imports in both markets.
June 2022
Uncertainty in pricing and potential shifts in supply chains to other manufacturing hubs like Vietnam or Turkey.
The Genoa International Boat Show showcased new models of small yachts and motorboats, leading to a surge in export contracts for Italian manufacturers.
September 2023
Strengthened Italyโs position as a global leader in the under 10.6 m boat category.