HS Code:
The category of Nuclear Reactors, Boilers, Machinery and Mechanical Appliances; Parts Thereof (HS Code 84) encompasses a wide range of products essential to industrial and manufacturing processes globally. This category includes nuclear reactors, steam or other vapor generating boilers, central heating boilers, auxiliary plant for use with boilers, and a vast array of machinery and mechanical appliances such as engines, pumps, compressors, industrial robots, and their parts. These products are critical to sectors like energy, manufacturing, construction, and transportation, making this category one of the most significant in global trade due to its role in industrial development and infrastructure.
Total Trade Volume
USD 1.2 trillion
Data from 2022
Source
United Nations Comtrade Database, International Trade Centre (ITC)
USD 250 billion
20.8% of total trade of total trade
Increasing
USD 180 billion
15.0% 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
Stable
USD 80 billion
6.7% of total trade of total trade
Increasing
Average Rate
4.5% ad valorem
Highest Rate
15% (applied by certain developing countries on specific machinery)
Lowest Rate
0% (under free trade agreements like EU Single Market or USMCA)
Rising demand for renewable energy equipment
Increased trade in machinery related to wind turbines and solar panel production, driving growth in the sector.
2021-2023
Automation and Industry 4.0 adoption
Growing exports of industrial robots and smart machinery, particularly from Germany, Japan, and South Korea.
2020-2023
Supply chain diversification
Shift in sourcing strategies post-COVID-19, with countries like Vietnam and Mexico emerging as alternative manufacturing hubs.
2021-2023
The European Union's Green Deal has introduced stricter environmental standards for imported machinery, requiring compliance with energy efficiency and emissions norms.
January 2023
Exporters to the EU must adapt to new regulations, potentially increasing costs but also opening opportunities for eco-friendly machinery producers.
Continued tariffs and restrictions on Chinese machinery exports to the US have led to a reconfiguration of supply chains, with other Asian countries benefiting.
Mid-2022
Reduced trade volume between the US and China, with increased opportunities for countries like South Korea and Taiwan.
Several countries, including France and South Korea, have signed agreements to export nuclear reactor technology to emerging markets in the Middle East and Africa.
Early 2023
Boost in high-value trade within the nuclear reactor segment, though accompanied by stringent export controls and safety regulations.