HS Code:
The 'Not exceeding 425 mm in diameter' category typically falls under HS codes related to circular products such as tires, metal discs, or mechanical components (specific HS code not provided in the query). This category includes products with a diameter of up to 425 mm, widely used in automotive, industrial, and machinery sectors. These products are essential for various applications, including vehicle manufacturing, construction equipment, and industrial machinery. The trade of these products is influenced by global manufacturing hubs, raw material availability, and regional demand for industrial goods.
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 1.5 billion
12.0% of total trade of total trade
Stable
USD 1.2 billion
9.6% of total trade of total trade
Increasing
Average Rate
6.5%
Highest Rate
15% (imposed by certain developing countries to protect local industries)
Lowest Rate
0% (under free trade agreements like EU-Japan EPA)
Shift towards sustainable materials
Increased demand for eco-friendly and recyclable components in this category, driven by global sustainability goals, has led to higher production costs but also opened new markets.
2021-2022
Automation in manufacturing
Adoption of automation and Industry 4.0 technologies has improved production efficiency, reduced costs, and increased export competitiveness for leading countries.
2020-2022
Rising demand in electric vehicle (EV) sector
Growth in the EV market has spurred demand for specialized components under this category, particularly in regions with strong EV manufacturing bases like China and Europe.
2022
A new phase of trade negotiations between the US and China has led to a temporary reduction in tariffs on industrial components, including products in this category.
March 2023
Expected to boost trade volumes by 10-15% between the two countries in the short term.
The European Union introduced stricter environmental regulations under the Green Deal, mandating lower carbon footprints for imported industrial goods.
January 2023
Manufacturers exporting to the EU may face higher compliance costs, potentially affecting trade volumes from non-compliant regions.
Ongoing supply chain challenges, including port congestion and raw material shortages, have impacted production and export timelines in key Asian markets.
October 2022
Temporary reduction in export volumes from China and South Korea, leading to price increases globally.