HS Code:
The 'Of wire' category, often classified under various HS Codes depending on the specific type and material of wire (e.g., HS Code 7312 for stranded wire, cables, and ropes of iron or steel, or HS Code 7605 for aluminum wire), encompasses a wide range of wire products used in industries such as construction, automotive, electrical, and manufacturing. These products include steel wire, copper wire, aluminum wire, and other metallic or alloy wires, which are critical for infrastructure development, power transmission, and industrial applications. Global trade in this category is driven by industrialization, urbanization, and technological advancements in renewable energy and telecommunications.
Total Trade Volume
USD 45.3 billion
Data from 2022
Source
United Nations Comtrade Database
USD 12.5 billion
27.6% of total trade of total trade
Increasing
USD 5.8 billion
12.8% of total trade of total trade
Stable
USD 4.9 billion
10.8% of total trade of total trade
Increasing
USD 3.2 billion
7.1% of total trade of total trade
Stable
USD 2.7 billion
6.0% of total trade of total trade
Increasing
Average Rate
5.2%
Highest Rate
15% (imposed by certain developing countries to protect local industries)
Lowest Rate
0% (under free trade agreements like EU Single Market or USMCA)
Rising demand for copper and aluminum wire in renewable energy
Increased trade volume due to the global shift towards solar and wind energy projects requiring extensive wiring for power transmission
2021-2023
Automation and smart grid technologies
Growing need for high-quality, specialized wires for smart infrastructure and electric vehicles, boosting trade in advanced wire products
2020-2022
Fluctuating raw material prices
Volatility in steel and copper prices affects production costs and trade margins, leading to regional shifts in supply chains
2022
The European Union imposed provisional anti-dumping duties ranging from 10-20% on steel wire imports from China to protect domestic manufacturers from unfair pricing practices.
June 2023
Likely to reduce Chinese steel wire exports to the EU while increasing opportunities for other exporters like Turkey and India.
The US Infrastructure Investment and Jobs Act, signed into law, allocates significant funding for grid modernization and broadband expansion, driving demand for wire products.
November 2021
Increased imports and domestic production of wires, particularly copper and aluminum, to meet infrastructure project needs.
Ongoing supply chain challenges, including port congestion and raw material shortages, have led to delays and higher costs in the wire trade sector.
Throughout 2022
Temporary reduction in trade efficiency, with some countries stockpiling wire products to mitigate future shortages.