HS Code:
The 'Of man-made fibers' category (HS Code: 641) pertains to products such as synthetic or artificial fibers used in textiles, including yarns, woven fabrics, and other materials made from man-made fibers like polyester, nylon, and acrylic. This category is integral to the global textile industry, serving as a cost-effective and versatile alternative to natural fibers. These materials are widely used in clothing, home furnishings, industrial applications, and more, driven by their durability, ease of maintenance, and adaptability to various manufacturing processes.
Total Trade Volume
USD 85.6 billion
Data from 2022
Source
United Nations Comtrade Database
USD 35.2 billion
41.1% of total trade of total trade
Increasing
USD 8.4 billion
9.8% of total trade of total trade
Increasing
USD 6.7 billion
7.8% of total trade of total trade
Stable
USD 5.9 billion
6.9% of total trade of total trade
Stable
USD 4.3 billion
5.0% of total trade of total trade
Increasing
Average Rate
8.5%
Highest Rate
25% (applied by certain developing countries to protect local industries)
Lowest Rate
0% (under free trade agreements like EU-USMCA)
Growing demand for sustainable man-made fibers
Increased investment in recycled polyester and biodegradable synthetic fibers due to consumer preference for eco-friendly products
2021-2023
Shift of production to Asia-Pacific
Lower labor and production costs in countries like China and India have led to a dominance in global supply, affecting trade balances in Western countries
2018-2022
Technological advancements in fiber production
Innovations in high-performance fibers for industrial and medical applications have expanded market opportunities
2020-2023
A new phase of the US-China trade agreement reduced tariffs on man-made fiber imports from China to the US, boosting trade volumes.
January 2023
Expected to increase Chinese exports to the US by 10% in this category over the next two years.
The European Union introduced stricter environmental regulations under the Green Deal, mandating sustainability certifications for man-made fiber imports.
March 2023
May increase production costs for non-compliant exporters but promote sustainable practices in the long term.
India launched a new incentive scheme to boost textile exports, including man-made fibers, offering rebates on duties and taxes.
September 2022
Likely to strengthen India's position in the global market, potentially challenging China's dominance.