HS Code:
The 'Of a kind used on buses or trucks' category, typically falling under HS Code 8708.99 (parts and accessories of motor vehicles), includes components specifically designed for buses and trucks, such as chassis parts, suspension systems, and other mechanical or structural elements essential for heavy-duty vehicle operation. This category is critical to the automotive industry, supporting the maintenance and production of commercial transportation vehicles worldwide. Trade in this category is driven by the demand for durable and specialized parts to meet the needs of logistics, public transportation, and construction sectors.
Total Trade Volume
USD 25.6 billion
Data from 2022
Source
United Nations Comtrade Database
Average Rate
5.2%
Highest Rate
25% (imposed by certain developing countries to protect domestic industries)
Lowest Rate
0% (under free trade agreements such as USMCA and EU-Japan EPA)
Shift towards electric and hybrid components
Increasing demand for specialized parts compatible with electric buses and trucks as governments push for greener transportation solutions.
2021-2023
Growth in aftermarket sales
Rising need for replacement parts due to aging truck and bus fleets in developing regions, boosting trade in cost-effective components.
2020-2022
Supply chain regionalization
Manufacturers are relocating production closer to key markets to reduce shipping costs and mitigate disruptions, impacting global trade flows.
2022-2023
The European Union introduced new emission standards for heavy-duty vehicles, requiring manufacturers to adapt components for buses and trucks to meet Euro 7 regulations.
January 2023
Increased production costs for exporters to the EU market, but also a surge in demand for compliant parts and technologies.
A revised trade agreement between the US and China reduced tariffs on certain automotive parts, including those used in buses and trucks, to promote bilateral trade.
March 2022
Boosted exports from China to the US, creating competitive pressure on domestic manufacturers.
Mexico has seen significant investment in automotive manufacturing, with several global companies establishing plants for truck and bus parts production.
September 2022
Strengthened Mexico’s position as a key exporter, particularly to North American markets under USMCA benefits.