HS Code:
The category under HS Code 8426.11, 8426.19, and 8426.30 pertains to specific types of cranes and overhead traveling cranes, including overhead traveling cranes on fixed support (8426.11), other overhead traveling cranes (8426.19), and portal or pedestal jib cranes (8426.30). These machinery types are essential in industries such as construction, shipping, and manufacturing for lifting and moving heavy loads. They are critical components in logistics, port operations, and industrial assembly lines, reflecting advanced engineering and safety standards in their design and operation.
Total Trade Volume
USD 3.2 billion
Data from 2022
Source
United Nations Comtrade Database
USD 750 million
23.4% of total trade of total trade
Increasing
USD 680 million
21.3% of total trade of total trade
Increasing
USD 450 million
14.1% of total trade of total trade
Stable
USD 320 million
10.0% of total trade of total trade
Decreasing
USD 280 million
8.8% of total trade of total trade
Increasing
Average Rate
5.2%
Highest Rate
12% (applied by certain developing countries)
Lowest Rate
0% (under free trade agreements like EU-Japan EPA)
Increased demand for automated cranes
Driven by Industry 4.0 and smart port initiatives, automation is boosting demand for advanced cranes with IoT integration, impacting trade volumes positively.
2021-2023
Shift towards sustainable manufacturing
Manufacturers are adopting energy-efficient designs to meet environmental regulations, influencing production costs and trade competitiveness.
2020-2022
Growth in emerging markets
Rapid industrialization in regions like Southeast Asia and Africa is increasing demand for cranes, leading to higher export opportunities for major producers.
2019-2023
The European Union introduced updated safety and emissions standards for cranes, requiring manufacturers to comply with stricter guidelines for market access.
March 2023
Likely to increase production costs for exporters to the EU but improve product quality and safety.
A bilateral agreement reduced tariffs on certain machinery, including cranes, to promote trade amidst ongoing tensions.
January 2023
Expected to boost Chinese exports to the US, potentially shifting market shares.
A leading German manufacturer unveiled a fully autonomous overhead crane system, setting a new industry benchmark.
September 2022
Could drive demand for high-tech cranes, benefiting technologically advanced exporters.