HS Code:
The category 'Of which the maximum cross-sectional dimension exceeds 6 mm' typically falls under HS Code 7318, which includes screws, bolts, nuts, coach screws, screw hooks, rivets, cotters, cotter-pins, washers, and similar articles of iron or steel. This specific subcategory focuses on products with a cross-sectional dimension greater than 6 mm, often used in heavy machinery, construction, and industrial applications. These products are critical components in various industries, ensuring structural integrity and mechanical functionality.
Total Trade Volume
USD 12.5 billion
Data from 2022
Source
United Nations Comtrade Database
Average Rate
5.2%
Highest Rate
12% (imposed by certain developing countries)
Lowest Rate
0% (under free trade agreements such as EU-USMCA)
Increased demand in renewable energy sector
Rising use in wind turbine and solar panel installations has boosted demand for heavy-duty fasteners, particularly in Europe and North America.
2021-2022
Shift towards sustainable materials
Manufacturers are adopting eco-friendly coatings and materials to meet environmental regulations, influencing production costs and trade patterns.
2020-2022
Automation in manufacturing
Automation and precision manufacturing have reduced production costs in key exporting countries, enhancing competitiveness of Asian exporters.
2019-2022
The European Union extended anti-dumping duties on certain iron and steel fasteners from China to counter below-market pricing practices.
February 2023
This has led to a shift in sourcing to other Asian countries like Taiwan and Vietnam, potentially increasing costs for EU importers.
The US Infrastructure Investment and Jobs Act has increased demand for industrial fasteners in construction and transportation projects.
November 2021
This has resulted in higher imports from allied countries and a push for domestic production, influencing global trade flows.
Ongoing geopolitical tensions and trade restrictions have disrupted supply chains, particularly affecting raw material availability for fastener production.
Mid-2022
Prices have surged globally, and exporters are seeking alternative supply routes, impacting trade volumes and costs.