HS Code:
The category of 'Nuts, peanuts (ground-nuts) and other seeds, whether or not mixed together' falls under HS Code 1202 for peanuts and related subcategories under HS Chapter 12 for other nuts and seeds. This category includes a variety of edible nuts and seeds such as peanuts, almonds, cashews, walnuts, and mixed preparations. These products are significant in global agriculture and food industries, often used as snacks, ingredients in processed foods, or for oil extraction. The trade of nuts and seeds is influenced by factors like climatic conditions, agricultural policies, and consumer health trends favoring natural and protein-rich foods.
Total Trade Volume
USD 10.5 billion
Data from 2022
Source
United Nations Comtrade Database
Average Rate
8.5%
Highest Rate
35% (applied by certain developing countries to protect local agriculture)
Lowest Rate
0% (under free trade agreements like EU-USMCA)
Rising demand for plant-based diets
Increased consumption of nuts and seeds as protein sources, boosting trade volumes particularly in North America and Europe
2021-2023
Growth in organic nut production
Higher prices and niche market growth for certified organic nuts, with countries like Turkey and Spain gaining market share
2020-2022
Supply chain disruptions due to climate change
Erratic weather patterns affecting yields in major producers like India and Argentina, leading to price volatility
2019-2023
A new phase of the US-China trade agreement has reduced tariffs on peanuts and other seeds exported from the US to China, facilitating smoother trade.
January 2023
Expected to increase US exports by 10% in the next two years, benefiting American farmers.
The European Union has introduced stricter phytosanitary checks on imported nuts and seeds to prevent pest infestations.
March 2023
May delay shipments and increase compliance costs for exporters from developing countries.
Vietnam reported a record high in cashew nut exports due to improved processing capabilities and favorable trade agreements with the EU.
July 2023
Solidifies Vietnam’s position as a leading exporter, potentially shifting market dynamics in Asia.