HS Code:
The 'Nets or sections or parts of nets' category, classified under HS Code 5608, includes made-up fishing nets, nettings, and other similar products made of twine, cordage, or rope. This category also encompasses parts or sections of nets used in various applications such as fishing, agriculture, sports, and safety. These products are critical in industries requiring containment or protection solutions, and their trade is influenced by factors like environmental regulations, aquaculture growth, and technological advancements in material durability.
Total Trade Volume
USD 1.2 billion
Data from 2022
Source
United Nations Comtrade Database
USD 450 million
37.5% of total trade of total trade
Increasing
USD 200 million
16.7% of total trade of total trade
Increasing
USD 150 million
12.5% of total trade of total trade
Stable
USD 100 million
8.3% of total trade of total trade
Decreasing
USD 80 million
6.7% of total trade of total trade
Stable
Average Rate
6.5%
Highest Rate
12% (imposed by certain developing countries to protect local industries)
Lowest Rate
0% (under free trade agreements like EU-Japan EPA)
Growing demand for eco-friendly and biodegradable nets
Manufacturers are shifting towards sustainable materials due to environmental regulations and consumer preferences, increasing production costs but also opening new market segments.
2021-2022
Increase in aquaculture activities globally
Rising fish farming has boosted demand for high-quality fishing nets, particularly in Asia-Pacific regions, driving trade volume growth.
2020-2022
Technological advancements in net durability
Innovations in synthetic fibers and knotless netting have improved product lifespan, influencing buyer preferences towards premium products and impacting low-cost producers.
2019-2022
The European Union introduced new regulations mandating the use of biodegradable materials in fishing nets to combat marine pollution, affecting exporters to the EU market.
January 2023
Non-compliant exporters face market access barriers, while sustainable producers gain competitive advantage.
A bilateral agreement reduced tariffs on fishing nets and related products between China and Vietnam, boosting trade volumes in the region.
September 2022
Increased market access for Vietnamese exporters to China, potentially shifting trade dynamics in Asia.
Several major manufacturers in South Korea launched nets made from recycled ocean plastics, aligning with global sustainability goals.
March 2023
This development enhances brand reputation and meets growing demand for sustainable products, influencing global buyer preferences.