HS Code:
The 'Of artificial fibers' category (HS Code: 659) encompasses a range of textile products made from man-made fibers such as viscose, acetate, and other synthetic materials. These products include yarns, woven fabrics, and other textile articles used in clothing, home furnishings, and industrial applications. This category is a significant segment of the global textile industry, driven by demand for cost-effective, versatile, and durable materials.
Total Trade Volume
USD 12.5 billion
Data from 2022
Source
United Nations Comtrade Database
USD 4.8 billion
38.4% of total trade of total trade
Increasing
USD 1.9 billion
15.2% of total trade of total trade
Increasing
USD 1.2 billion
9.6% of total trade of total trade
Stable
USD 900 million
7.2% of total trade of total trade
Decreasing
USD 750 million
6.0% of total trade of total trade
Increasing
Average Rate
8.5%
Highest Rate
15% (applied by certain developing countries to protect local industries)
Lowest Rate
0% (under free trade agreements like EU-Asia partnerships)
Rising demand for sustainable artificial fibers
Increased investment in eco-friendly production methods and biodegradable materials, influencing trade towards greener suppliers.
2021-2022
Shift towards automation in production
Enhanced efficiency and reduced costs in major exporting countries, leading to competitive pricing in global markets.
2020-2022
Growth in demand from developing economies
Higher exports to regions like Africa and Southeast Asia due to expanding textile and apparel industries.
2019-2022
The European Union introduced stricter regulations on artificial fiber imports, mandating compliance with environmental and labor standards.
June 2023
Potential increase in production costs for non-compliant exporters, with a shift in trade favoring sustainable producers.
A new bilateral agreement reduced tariffs on artificial fiber products between the US and China, boosting trade flows.
March 2023
Increased export volumes from China to the US, potentially affecting other exportersโ market shares.
Major producers in India and South Korea unveiled new lines of recycled artificial fibers, gaining traction in eco-conscious markets.
September 2022
Strengthened market position for these countries in regions prioritizing sustainability.