HS Code:
Thermostats (HS Code: 9032.10) are devices used to control temperature in various applications, including HVAC systems, industrial processes, and household appliances. They play a critical role in energy efficiency and climate control by automatically regulating heating and cooling systems. The global trade of thermostats is driven by demand in construction, automotive, and industrial sectors, with a significant focus on smart and programmable thermostats due to advancements in IoT and energy-saving technologies.
Total Trade Volume
USD 3.2 billion
Data from 2022
Source
United Nations Comtrade Database
Average Rate
4.5%
Highest Rate
12% (applied by certain developing countries)
Lowest Rate
0% (under free trade agreements like EU-USMCA)
Rise in Smart Thermostats
Increased demand for IoT-enabled devices has boosted trade in high-tech thermostats, particularly in developed markets like North America and Europe.
2021-2023
Energy Efficiency Regulations
Stricter global energy standards are driving innovation and trade in energy-efficient thermostats, while increasing compliance costs for exporters.
2020-2022
Supply Chain Disruptions
Post-COVID supply chain issues have led to delays and increased costs, affecting trade volumes temporarily, with recovery expected by 2024.
2021-2023
The European Union's Green Deal has introduced stricter energy efficiency requirements for imported thermostats, mandating compliance with new standards starting in 2023.
January 2023
Exporters to the EU must adapt to higher compliance costs, potentially reducing profit margins but increasing demand for eco-friendly products.
A recent phase of the US-China trade agreement has reduced tariffs on certain electronic components, including thermostats, fostering increased trade between the two nations.
March 2023
Lower tariffs are expected to boost Chinese thermostat exports to the US by 10-15% over the next two years.
A major patent dispute between leading thermostat manufacturers has led to temporary export restrictions on specific smart thermostat models in North America.
July 2023
This may cause short-term supply shortages and price increases in the affected markets.