HS Code:
The category under HS Code 8443.31 refers to machines which perform two or more functions of printing, copying, or facsimile transmission, and are capable of connecting to an automatic data processing machine or to a network. These multifunctional devices (MFDs) are integral to modern office environments, combining printing, scanning, copying, and faxing capabilities into a single unit. They cater to a wide range of industries, including corporate offices, educational institutions, and small businesses, facilitating efficient document management and communication.
Total Trade Volume
USD 12.5 billion
Data from 2022
Source
United Nations Comtrade Database
USD 3.8 billion
30.4% of total trade of total trade
Increasing
USD 2.1 billion
16.8% of total trade of total trade
Stable
USD 1.9 billion
15.2% of total trade of total trade
Increasing
USD 1.2 billion
9.6% of total trade of total trade
Stable
USD 0.9 billion
7.2% of total trade of total trade
Increasing
Average Rate
4.5% ad valorem
Highest Rate
12% (applied by certain developing countries)
Lowest Rate
0% (under free trade agreements like EU-Japan EPA)
Shift towards cloud-integrated devices
Increased demand for MFDs with cloud connectivity and remote management features, driven by the rise of hybrid work environments.
2021-2023
Growing emphasis on sustainability
Manufacturers are focusing on energy-efficient models and recyclable materials, influencing buyer preferences and regulatory policies.
2020-2023
Rise in demand from SMEs
Small and medium-sized enterprises are increasingly adopting cost-effective MFDs, boosting market growth in emerging economies.
2019-2023
The European Union introduced stricter energy efficiency standards for office equipment, including MFDs, to reduce carbon footprints.
March 2023
Manufacturers may face higher compliance costs, but eco-friendly products could gain a competitive edge in the EU market.
Recent negotiations led to a temporary reduction in tariffs on electronic goods, including multifunctional devices, easing trade tensions.
January 2023
This is expected to boost imports of Chinese-made MFDs into the US, potentially lowering costs for consumers.
Leading manufacturers introduced AI-powered MFDs with enhanced security features and predictive maintenance capabilities.
September 2022
This innovation is likely to drive demand among large enterprises, though higher price points may limit adoption in cost-sensitive markets.