HS Code:
The 'Of mink' category, classified under HS Code 4301.10, pertains to raw furskins of mink, whole, with or without head, tail, or paws. Mink fur is highly valued in the luxury fashion industry for its softness, warmth, and durability. This category is a significant segment of the global fur trade, often used in the production of coats, accessories, and trimmings. Trade in mink furskins is influenced by factors such as animal welfare concerns, environmental regulations, and shifting consumer preferences toward sustainable and ethical fashion.
Total Trade Volume
USD 1.2 billion
Data from 2022
Source
United Nations Comtrade Database
USD 450 million
37.5% of total trade of total trade
Decreasing
USD 300 million
25.0% 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
Increasing
USD 80 million
6.7% of total trade of total trade
Decreasing
Average Rate
5.2%
Highest Rate
12% (imposed by certain countries with strict import regulations on fur products)
Lowest Rate
0% (under free trade agreements or in countries promoting fur trade)
Decline in demand due to ethical concerns
Growing consumer preference for faux fur and sustainable alternatives has reduced demand for mink fur in Western markets, leading to a shift in trade focus to Asia.
2020-2022
Rise in regulatory restrictions
Increased bans and restrictions on fur farming in Europe have led to reduced supply from traditional exporters like Denmark and the Netherlands.
2021-2023
Growth in Asian markets
Rising demand for luxury fur products in China and other Asian countries has partially offset declines in Western markets, boosting trade volumes for exporters targeting Asia.
2019-2022
Following a COVID-19 outbreak linked to mink farms, Denmark culled millions of mink in 2020, temporarily halting its position as the world's leading mink fur exporter. The industry is still recovering, with a permanent ban on mink farming introduced in 2021.
November 2020 - January 2021
Significant reduction in global supply, driving up prices and shifting trade to other producers like China and Poland.
The European Union is considering a complete ban on fur farming, with several member states already implementing national bans. This has sparked debates over the future of the mink trade in Europe.
June 2023
Potential long-term decline in European mink fur production, with possible increases in imports from non-EU countries.
Major fashion brands are increasingly adopting faux fur due to consumer demand for cruelty-free products, impacting the mink fur market.
Ongoing since 2021
Reduced demand in high-value markets like the US and Europe, pushing mink fur exporters to explore new markets or diversify products.