HS Code:
The 'Plows' category, classified under HS Code 8432.10, includes agricultural machinery used for tilling soil in preparation for planting crops. Plows are essential equipment in farming, designed to turn and break up soil, aiding in weed control and improving soil aeration. This category encompasses various types of plows such as moldboard plows, disc plows, and chisel plows, catering to diverse agricultural needs across different terrains and farming practices. Global trade in plows is driven by the demand for mechanized farming solutions, particularly in developing countries transitioning from manual to mechanized agriculture, and in developed regions focusing on precision farming technologies.
Total Trade Volume
USD 1.2 billion
Data from 2022
Source
United Nations Comtrade Database
USD 300 million
25% of total trade of total trade
Increasing
USD 250 million
21% of total trade of total trade
Stable
USD 180 million
15% of total trade of total trade
Increasing
USD 150 million
12.5% of total trade of total trade
Increasing
USD 100 million
8.3% of total trade of total trade
Stable
Average Rate
5.2%
Highest Rate
12% (applied by certain developing countries to protect local manufacturers)
Lowest Rate
0% (under free trade agreements like EU internal trade or USMCA)
Shift towards precision agriculture
Increased demand for technologically advanced plows with GPS and IoT integration for efficient farming, driving innovation and higher trade volumes in developed markets.
2021-2023
Rising mechanization in developing economies
Growing imports of cost-effective plows in regions like Sub-Saharan Africa and Southeast Asia to boost agricultural productivity, expanding market opportunities for exporters.
2020-2022
Sustainability focus
Preference for energy-efficient and low-emission plows due to environmental regulations, influencing manufacturers to adapt designs and impacting trade patterns.
2022
The European Unionโs Green Deal has introduced stricter emission standards for agricultural machinery, including plows, pushing manufacturers to innovate with eco-friendly designs.
January 2023
Increased production costs for compliant plows but potential for higher market share in environmentally conscious regions.
A new phase of the US-China trade agreement has reduced tariffs on agricultural machinery, including plows, facilitating smoother trade between the two nations.
March 2023
Boost in exports from China to the US, potentially altering market dynamics for other exporters like Germany and Italy.
The African Union launched a program to subsidize imports of agricultural machinery, including plows, to enhance food security across member states.
July 2022
Significant rise in demand for affordable plows in African markets, creating opportunities for exporters from China and India.