HS Code:
Machinery parts, not containing electrical connectors, insulators, coils, contacts, or other electrical features, and not specified or included elsewhere in this chapter (HS Code: 8487) include components such as mechanical seals, transmission shafts, bearings housings, and other non-electrical machinery parts. These parts are critical for the operation of various industrial machines and equipment across sectors like manufacturing, construction, and transportation. This category excludes parts with electrical components and those classified under more specific HS codes within Chapter 84 (Nuclear reactors, boilers, machinery, and mechanical appliances).
Total Trade Volume
USD 45.2 billion
Data from 2022
Source
United Nations Comtrade Database
USD 8.5 billion
18.8% of total trade of total trade
Increasing
USD 6.3 billion
13.9% of total trade of total trade
Stable
USD 5.9 billion
13.1% of total trade of total trade
Increasing
USD 4.1 billion
9.1% of total trade of total trade
Stable
USD 3.2 billion
7.1% of total trade of total trade
Increasing
Average Rate
5.2%
Highest Rate
12% (applied by certain developing countries)
Lowest Rate
0% (under free trade agreements like EU-USMCA)
Increased demand for precision machinery parts
Driven by automation and Industry 4.0 initiatives, manufacturers are seeking high-quality components, boosting trade in countries with advanced manufacturing capabilities like Germany and Japan.
2021-2022
Shift towards sustainable manufacturing
Growing emphasis on eco-friendly production processes is pushing demand for energy-efficient machinery parts, influencing trade patterns towards suppliers with green certifications.
2022
Supply chain diversification
Post-COVID-19, companies are diversifying supply chains away from single-country dependency (e.g., China), leading to increased trade with emerging markets in Southeast Asia.
2020-2022
The European Union introduced Regulation (EU) 2023/1230, setting stricter safety and sustainability standards for machinery parts entering the market.
June 2023
Exporters to the EU must comply with enhanced certification requirements, potentially increasing costs but ensuring higher quality standards.
Recent negotiations have led to a partial rollback of tariffs on specific machinery parts, fostering a slight recovery in bilateral trade.
April 2023
Reduced costs for US importers and increased export opportunities for Chinese manufacturers, though uncertainty remains.
3D printing technologies are being increasingly adopted for producing machinery parts, reducing dependency on traditional manufacturing hubs.
Throughout 2023
Localized production may decrease global trade volumes for certain components while creating niche markets for specialized parts.