HS Code:
The category under HS Code 7317 and related codes includes nails, tacks, staples (other than those of heading 8305), screws, bolts, nuts, screw hooks, rivets, cotters, cotter pins, washers, and similar articles, typically made of iron or steel. These products are fundamental components in construction, manufacturing, automotive, and various industrial applications. They serve as fasteners and connectors, ensuring structural integrity in buildings, machinery, and vehicles. This category is critical to global supply chains due to its wide range of applications and high demand across sectors.
Total Trade Volume
USD 30.5 billion
Data from 2022
Source
United Nations Comtrade Database
Average Rate
5.2%
Highest Rate
12% (imposed by certain developing countries)
Lowest Rate
0% (under free trade agreements like EU-Japan EPA)
Rising demand for high-strength fasteners
Driven by growth in automotive and aerospace industries, manufacturers are shifting toward advanced materials like titanium and alloy steel, increasing production costs but improving product durability.
2021-2023
Sustainability push in production
Increased focus on eco-friendly coatings and recyclable materials due to environmental regulations, particularly in the EU, affecting production processes and costs.
2022-2023
Supply chain diversification
Post-COVID-19, companies are reducing reliance on single-country sourcing (e.g., China) by establishing production in Southeast Asia and Eastern Europe, impacting trade patterns.
2020-2023
The European Union extended anti-dumping duties on certain iron and steel fasteners from China, citing unfair pricing practices that harm domestic producers.
February 2023
This measure continues to limit Chinese exports to the EU, potentially increasing costs for EU importers and benefiting alternative suppliers like Taiwan and Vietnam.
The US Infrastructure Investment and Jobs Act, signed into law, has led to a surge in demand for fasteners due to large-scale construction and repair projects.
November 2021
Increased imports and domestic production in the US, with a notable rise in trade volume from key partners like Canada and Mexico under USMCA.
Innovations in automation and 3D printing for fastener manufacturing are reducing production times and costs, particularly in high-precision industries like aerospace.
Mid-2023
This trend is expected to enhance competitiveness of manufacturers in developed countries like Germany and Japan, potentially shifting trade balances.