HS Code:
m-Hydroxybenzoic acid, also known as 3-Hydroxybenzoic acid, falls under the HS Code 291829. It is an organic compound primarily used as an intermediate in the synthesis of pharmaceuticals, agrochemicals, and dyes. This compound is a derivative of benzoic acid and is valued for its chemical properties in various industrial applications, including as a precursor in the production of salicylic acid derivatives. Its trade is influenced by demand in the pharmaceutical and chemical industries, with significant production and consumption in countries with strong chemical manufacturing bases.
Total Trade Volume
Approximately $50 million USD
Data from 2022
Source
United Nations Comtrade Database
$20 million USD
40% of total trade of total trade
Increasing
$10 million USD
20% of total trade of total trade
Increasing
$8 million USD
16% of total trade of total trade
Stable
$7 million USD
14% of total trade of total trade
Stable
$5 million USD
10% of total trade of total trade
Decreasing
Average Rate
5.5% ad valorem
Highest Rate
10% (applied by certain developing countries)
Lowest Rate
0% (under free trade agreements like EU-Japan EPA)
Rising demand in pharmaceutical applications
Increased production and export from key suppliers like China and India due to growing need for intermediates in drug synthesis.
2021-2022
Shift towards sustainable chemical production
Growing emphasis on eco-friendly synthesis methods is pushing manufacturers to adopt green chemistry practices, affecting cost structures.
2022
Supply chain disruptions
Global logistics challenges and raw material shortages have led to price volatility and delays in supply, impacting trade flows.
2020-2022
A leading chemical manufacturer in China announced the opening of a new facility dedicated to hydroxybenzoic acid derivatives, boosting export capacity.
March 2023
Expected to increase China's market share and potentially lower global prices due to economies of scale.
The European Union introduced new safety and environmental compliance requirements for imported chemical intermediates like m-Hydroxybenzoic acid.
January 2023
May lead to higher compliance costs for exporters to the EU, potentially reducing trade volumes from non-compliant suppliers.
India extended its export incentive scheme for chemical intermediates, including m-Hydroxybenzoic acid, to boost global competitiveness.
September 2022
Likely to increase India's export volumes and strengthen its position in the global market.