HS Code:
The category 'Motorboats, other than inflatable, not including outboard motorboats' (HS Code: 8903.92) includes motorized vessels designed for recreational or commercial use, typically with inboard engines. These motorboats are distinct from inflatable boats and outboard motorboats due to their construction and propulsion systems. They are widely used for leisure activities, fishing, and small-scale transport in coastal and inland waters. This category encompasses a range of vessels from luxury yachts to smaller motorized crafts, reflecting a diverse market with varying price points and applications.
Total Trade Volume
USD 3.2 billion
Data from 2022
Source
United Nations Comtrade Database
USD 850 million
26.6% of total trade of total trade
Increasing
USD 620 million
19.4% of total trade of total trade
Stable
USD 450 million
14.1% of total trade of total trade
Increasing
USD 380 million
11.9% of total trade of total trade
Stable
USD 250 million
7.8% of total trade of total trade
Decreasing
Average Rate
6.5%
Highest Rate
12% (applied by certain developing countries to protect local industries)
Lowest Rate
0% (under free trade agreements such as EU internal trade or USMCA)
Growing demand for luxury motorboats and yachts
Increased exports from countries like Italy and the Netherlands, catering to high-net-worth individuals and tourism sectors.
2021-2022
Shift towards eco-friendly motorboats
Rising interest in hybrid and electric motorboats, prompting manufacturers to innovate and adapt to stricter environmental regulations.
2020-2022
Impact of supply chain disruptions
Delays in production and delivery due to shortages of raw materials and components, affecting trade volumes temporarily.
2021
The European Union has introduced stricter emissions standards for marine vessels under the Green Deal, pushing manufacturers to invest in sustainable technologies.
January 2023
Increased production costs but potential long-term growth in markets prioritizing sustainability.
The United States and EU reached an agreement to lower tariffs on certain luxury goods, including motorboats, as part of broader trade negotiations.
October 2022
Boosted exports from European countries like Italy and France to the US market.
Growing affluence in countries like China and Singapore has led to a surge in demand for recreational motorboats, opening new export opportunities.
March 2023
Diversification of export destinations for major producers, reducing reliance on traditional Western markets.