HS Code:
The category of trapezoidal cross-section belts, commonly known as V-belts and belting (HS Code: 4010.31 and 4010.32), includes endless transmission belts made of vulcanized rubber, used primarily in machinery and automotive applications for power transmission. These belts are characterized by their trapezoidal shape, which allows them to fit securely into pulleys, providing efficient torque transfer. They are widely used in industrial equipment, agricultural machinery, and vehicles. The global trade of V-belts is influenced by industrial production levels, automotive manufacturing trends, and advancements in material technology.
Total Trade Volume
USD 2.5 billion
Data from 2022
Source
United Nations Comtrade Database, International Trade Centre (ITC)
USD 450 million
18% of total trade of total trade
Increasing
USD 400 million
16% of total trade of total trade
Stable
USD 350 million
14% of total trade of total trade
Increasing
USD 300 million
12% of total trade of total trade
Increasing
USD 200 million
8% of total trade of total trade
Stable
Average Rate
5.2% ad valorem
Highest Rate
12% (applied by certain developing countries)
Lowest Rate
0% (under free trade agreements like EU-USMCA)
Shift towards high-performance materials
Increased demand for V-belts made from synthetic rubber and reinforced fibers due to higher durability and efficiency, driving innovation and premium pricing.
2021-2023
Growth in automotive aftermarket
Rising vehicle maintenance and replacement needs in emerging markets have boosted demand for V-belts, especially in Asia-Pacific and Latin America.
2020-2022
Automation in industrial sectors
Increased adoption of automated machinery in manufacturing has heightened the need for reliable V-belts, supporting trade growth in industrialized nations.
2019-2023
The European Union introduced provisional anti-dumping duties ranging from 8% to 10% on V-belts imported from China to protect domestic manufacturers.
March 2023
This may lead to a shift in sourcing to other countries like India or Vietnam, increasing costs for EU importers in the short term.
Major manufacturers in Japan and Germany have launched V-belts made from recyclable and bio-based materials to comply with stringent environmental regulations.
July 2022
This development is expected to attract environmentally conscious buyers and may influence global standards for V-belt production.
The United States-Mexico-Canada Agreement has reduced tariffs on V-belts within the region, facilitating smoother trade flows and lower costs.
January 2022
Enhanced regional trade has strengthened the position of North American manufacturers in the global market.