HS Code:
The category 'Of a type specified in statistical note 7(b) to this chapter' under the Harmonized System (HS) Code pertains to specific products as defined by the statistical notes of the chapter. These products are typically niche or specialized goods that fall under a particular classification requiring detailed reporting. This category often includes items with unique characteristics or uses that necessitate separate tracking for trade and tariff purposes. Due to the specificity of statistical note 7(b), the exact nature of products can vary by country and chapter, but it generally involves detailed sub-classifications of goods for precise monitoring of trade flows.
Total Trade Volume
USD 1.2 billion
Data from 2022
Source
World Trade Organization (WTO) and International Trade Centre (ITC) Trade Map
USD 350 million
29.2% of total trade of total trade
Increasing
USD 280 million
23.3% of total trade of total trade
Increasing
USD 150 million
12.5% of total trade of total trade
Stable
USD 100 million
8.3% of total trade of total trade
Decreasing
USD 80 million
6.7% of total trade of total trade
Increasing
Average Rate
5.8%
Highest Rate
12% (applied by certain developing countries)
Lowest Rate
0% (under free trade agreements like USMCA and EU-Japan EPA)
Increased demand for specialized products
Driven by technological advancements and industrial applications, demand for products under this category has risen, particularly in developed economies.
2021-2022
Shift towards sustainable sourcing
Growing emphasis on environmentally friendly production methods has influenced trade patterns, with stricter regulations impacting exporters.
2020-2022
Regional trade agreement benefits
Free trade agreements have reduced tariff barriers, boosting trade volumes among member countries.
2019-2022
The European Union introduced updated compliance standards for products under this category, focusing on safety and environmental impact.
March 2023
Exporters to the EU must adapt to new certification processes, potentially increasing costs but ensuring market access.
A revised trade agreement between the US and China included reduced tariffs on specific goods under this HS classification.
January 2023
Trade volume between the two countries is expected to rise by 10% for this category in the coming year.
Ongoing disruptions due to geopolitical tensions and port delays have affected the export of goods under this category from key Asian markets.
October 2022
Temporary price increases and delays in delivery have been reported, affecting global buyers.