HS Code:
The 'Of titanium' category, generally classified under HS Code 8108, encompasses a range of titanium products including unwrought titanium, titanium powders, and titanium articles. Titanium is a highly valued metal known for its strength, light weight, and corrosion resistance, making it critical in industries such as aerospace, medical devices, and chemical processing. Global trade in titanium products is influenced by factors like industrial demand, raw material availability, and geopolitical dynamics affecting mining and processing countries.
Total Trade Volume
USD 4.5 billion
Data from 2022
Source
United Nations Comtrade Database
Average Rate
5.5%
Highest Rate
15% (applied by certain developing economies)
Lowest Rate
0% (under free trade agreements like EU-Japan EPA)
Rising demand in aerospace sector
Increased production and trade of titanium alloys for aircraft components, driving up trade volumes by 8% annually
2021-2022
Shift towards sustainable mining practices
Higher production costs due to stricter environmental regulations, affecting export prices
2020-2022
Geopolitical tensions affecting supply chains
Disruptions in titanium exports from major producers like Russia, leading to supply shortages in Western markets
2022
In response to geopolitical conflicts, the United States imposed sanctions on Russian titanium exports, impacting global supply chains.
March 2022
Led to a 10% price surge in titanium products globally and prompted diversification of supply sources.
China announced new investments in titanium sponge production facilities to meet growing domestic and international demand.
June 2022
Expected to increase China's export share by 5% over the next two years, stabilizing global supply.
The EU and Japan updated their Economic Partnership Agreement to include zero tariffs on titanium products, boosting bilateral trade.
January 2023
Trade volume between the two regions projected to grow by 15% in the titanium sector.