HS Code:
The 'Not Fancy' category, while not an official HS Code designation, is assumed here to represent basic or non-luxury goods that are widely traded globally. These could include everyday consumer products, basic textiles, or non-specialized machinery. This category typically encompasses products that are essential for daily use or industrial processes but lack the premium branding or high-value attributes of luxury or specialized goods. Trade in this category is driven by cost competitiveness, bulk demand, and widespread availability of raw materials.
Total Trade Volume
USD 1.2 trillion
Data from 2022
Source
World Trade Organization (WTO) and UN Comtrade Database
USD 350 billion
29.2% of total trade of total trade
Increasing
USD 200 billion
16.7% of total trade of total trade
Stable
USD 150 billion
12.5% of total trade of total trade
Increasing
USD 100 billion
8.3% of total trade of total trade
Increasing
USD 80 billion
6.7% of total trade of total trade
Increasing
Average Rate
5.8%
Highest Rate
25% (applied by certain developing countries on select imports to protect local industries)
Lowest Rate
0% (under free trade agreements such as EU-USMCA or ASEAN)
Shift towards sustainable production
Increased demand for eco-friendly and ethically sourced basic goods, pushing manufacturers to adopt greener practices despite higher costs.
2021-2022
Rise of regional supply chains
Countries are focusing on regional trade agreements to reduce dependency on distant suppliers, especially post-COVID-19 disruptions.
2020-2022
Digitalization of trade processes
Adoption of e-commerce and digital platforms for bulk trading of non-fancy goods, reducing costs and improving market access for smaller players.
2022
The Regional Comprehensive Economic Partnership (RCEP) has lowered tariffs on non-fancy goods among member countries, boosting trade volumes significantly.
January 1, 2022
Expected to increase trade by 10-15% in the category among RCEP nations over the next five years.
The United States imposed temporary exemptions on tariffs for certain basic goods from allied nations to combat inflation and supply chain issues.
March 15, 2022
Reduced costs for importers and consumers in the short term, with a potential increase in import volumes by 5%.
The European Union introduced stricter environmental regulations on imported non-fancy goods, requiring compliance with sustainability standards.
July 1, 2022
Increased compliance costs for exporters to the EU, potentially reducing trade volumes from non-compliant countries by 8-10%.