HS Code:
The 'Of polyesters' category under HS Code 229 generally refers to products made from polyester materials, including synthetic fibers, yarns, fabrics, and other related goods. These products are widely used in textiles, apparel, industrial applications, and packaging due to their durability, versatility, and cost-effectiveness. This category is a significant segment of the global synthetic fiber market, driven by demand in fashion, home furnishings, and technical textiles.
Total Trade Volume
USD 25.6 billion
Data from 2022
Source
United Nations Comtrade Database & World Trade Organization (WTO)
USD 10.2 billion
39.8% of total trade of total trade
Increasing
USD 3.8 billion
14.8% of total trade of total trade
Increasing
USD 2.5 billion
9.8% of total trade of total trade
Stable
USD 1.9 billion
7.4% of total trade of total trade
Decreasing
USD 1.5 billion
5.9% of total trade of total trade
Stable
Average Rate
8.5%
Highest Rate
25% (imposed by certain developing countries on imports to protect local industries)
Lowest Rate
0% (under free trade agreements like EU-India FTA or USMCA)
Rising demand for recycled polyester
Increased focus on sustainability is driving brands to adopt recycled polyester, boosting trade in eco-friendly materials and creating new market opportunities.
2021-2023
Shift towards technical textiles
Growing use of polyester in automotive, medical, and industrial applications is diversifying the market and reducing dependency on apparel sectors.
2020-2022
Regional production shifts
Manufacturers are relocating production to Southeast Asia and Africa due to lower labor costs and favorable trade policies, impacting traditional exporters like China.
2019-2023
The European Union introduced stricter regulations on the environmental impact of polyester production, requiring importers to provide sustainability certifications starting mid-2023.
June 2023
This could increase costs for non-compliant exporters but also incentivizes investment in sustainable production methods.
A new phase of trade negotiations between the US and China reduced tariffs on certain polyester products, aiming to balance trade deficits and improve market access.
March 2023
This is expected to boost Chinese polyester exports to the US, potentially affecting domestic producers.
India launched a revised Production Linked Incentive (PLI) scheme to boost polyester fabric and yarn exports, targeting a 20% increase in export volumes by 2025.
January 2023
This initiative strengthens Indiaโs position as a leading exporter, potentially challenging other major players like China.