HS Code:
The Machinery Parts category, classified under HS Code 84 (Nuclear reactors, boilers, machinery and mechanical appliances; parts thereof), encompasses a wide range of components used in various types of machinery across industries such as manufacturing, construction, agriculture, and transportation. This category includes parts like gears, bearings, valves, pistons, and other mechanical components critical to the functioning of industrial equipment. Global trade in machinery parts is a cornerstone of industrial supply chains, reflecting the interconnected nature of modern manufacturing and the reliance on specialized production across countries.
Total Trade Volume
USD 1.2 trillion
Data from 2022
Source
United Nations Comtrade Database
USD 250 billion
20.8% of total trade of total trade
Increasing
USD 180 billion
15.0% of total trade of total trade
Stable
USD 150 billion
12.5% of total trade of total trade
Increasing
USD 120 billion
10.0% of total trade of total trade
Stable
USD 80 billion
6.7% of total trade of total trade
Increasing
Average Rate
5.2%
Highest Rate
25% (imposed by certain developing countries on specific machinery parts)
Lowest Rate
0% (under free trade agreements like EU Single Market or USMCA)
Automation and Industry 4.0
Increased demand for precision machinery parts used in robotics and automated systems, driving trade growth in high-tech components.
2021-2023
Supply Chain Diversification
Post-COVID-19, companies are diversifying supply chains, leading to increased trade with Southeast Asian countries like Vietnam and Thailand for machinery parts.
2020-2022
Sustainability Focus
Growing demand for energy-efficient machinery parts and components made from recyclable materials, influencing trade patterns toward green technology suppliers.
2022-2023
The United States imposed additional tariffs on Chinese machinery parts as part of ongoing trade disputes, prompting retaliatory tariffs from China.
Mid-2022
Increased costs for US manufacturers reliant on Chinese components, pushing some to seek alternative suppliers in Southeast Asia or Mexico.
The European Union introduced stricter environmental standards for machinery parts, requiring compliance with sustainability criteria for imports.
Early 2023
Exporters to the EU must adapt to new regulations, potentially increasing costs but also opening opportunities for eco-friendly component manufacturers.
Global semiconductor shortages have indirectly affected machinery parts trade by slowing down production of machinery that relies on electronic components.
Late 2021 - 2022
Reduced trade volumes for certain machinery parts tied to electronics, with recovery expected in 2023 as chip supply stabilizes.