HS Code:
The furskin category (HS Code: 43) includes raw furskins, tanned or dressed furskins, and articles made of furskin. This category encompasses products like mink, fox, rabbit, and other animal furs used primarily in the fashion and luxury goods industries. Furskins are valued for their warmth, texture, and aesthetic appeal, often used in coats, collars, and accessories. Global trade in furskins is influenced by ethical concerns, environmental regulations, and shifting consumer preferences towards synthetic alternatives.
Total Trade Volume
USD 1.2 billion
Data from 2022
Source
United Nations Comtrade Database
USD 350 million
29.2% of total trade of total trade
Increasing
USD 200 million
16.7% of total trade of total trade
Decreasing
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 90 million
7.5% of total trade of total trade
Stable
Average Rate
6.5%
Highest Rate
15% (applied by certain countries with strict import controls on luxury goods)
Lowest Rate
0% (under free trade agreements like EU internal trade)
Declining demand in Western markets
Reduced exports to Europe and North America due to ethical concerns and rise of faux fur alternatives
2020-2022
Growth in Asian markets
Increased demand in China and South Korea for luxury fur products, driving production and export growth
2019-2022
Shift to sustainable and ethical sourcing
Producers adopting certification programs to meet consumer and regulatory demands, affecting cost structures
2021-2022
Several EU countries are pushing for a complete ban on fur farming, with legislative proposals gaining traction.
June 2023
Potential reduction in supply from key producers like Denmark and Finland, increasing global prices.
China has increased investment in fur farming and processing, aiming to dominate the global supply chain.
March 2023
Likely to intensify competition and lower prices for raw furskins in the short term.
The Convention on International Trade in Endangered Species (CITES) introduced stricter controls on certain furskin species.
November 2022
Increased compliance costs and potential trade disruptions for non-compliant exporters.