HS Code:
The 'Rubber or Plastics' category (HS Code: 40 for Rubber and 39 for Plastics) encompasses a wide range of products including raw materials, semi-finished goods, and finished products made from rubber and plastics. This category includes items such as tires, tubes, plastic sheets, films, and various molded products used across industries like automotive, construction, packaging, and consumer goods. These materials are critical to global supply chains due to their versatility, durability, and cost-effectiveness. The trade of rubber and plastics is influenced by factors such as raw material availability (e.g., natural rubber from Southeast Asia), manufacturing capabilities, environmental regulations, and recycling initiatives.
Total Trade Volume
USD 650 billion
Data from 2022
Source
United Nations Comtrade Database and World Trade Organization (WTO) Statistics
USD 150 billion
23.1% of total trade of total trade
Increasing
USD 85 billion
13.1% of total trade of total trade
Stable
USD 60 billion
9.2% of total trade of total trade
Increasing
USD 45 billion
6.9% of total trade of total trade
Stable
USD 30 billion
4.6% of total trade of total trade
Increasing
Average Rate
6.5% ad valorem
Highest Rate
25% (imposed by certain countries on specific plastic products due to environmental concerns)
Lowest Rate
0% (under free trade agreements such as USMCA and EU-Japan EPA)
Shift towards sustainable plastics and bio-based rubber
Increased demand for eco-friendly materials is driving innovation and investment in biodegradable plastics and sustainable rubber sources, though it raises production costs.
2021-2023
Rising demand in automotive and packaging sectors
Growth in electric vehicle production and e-commerce has boosted demand for rubber tires and plastic packaging, especially in emerging markets.
2020-2022
Supply chain disruptions due to geopolitical tensions
Trade wars and regional conflicts have led to volatility in raw material supply, particularly for natural rubber and petrochemical-based plastics.
2022
The European Union expanded its ban on single-use plastics to include additional items like cutlery and straws, pushing for circular economy practices.
July 2023
Reduction in trade of certain plastic products to the EU, while increasing demand for alternative materials and recycling technologies.
The United States imposed additional tariffs on specific Chinese rubber products as part of ongoing trade negotiations, citing unfair trade practices.
March 2023
Increased costs for US importers and potential shift of supply chains to other countries like Vietnam and Thailand.
Thailand reported a 10% increase in natural rubber exports due to higher demand from China and recovering automotive industries globally.
September 2023
Strengthened Thailand's position as a leading exporter, though price volatility remains a concern for buyers.