HS Code:
The 'On cards' category, often classified under HS Code 8523 (which includes prepared unrecorded media for sound recording or similar recording of other phenomena, other than products of Chapter 37, such as smart cards and similar items), encompasses various types of data storage and smart card products used for a range of applications including payment systems, identification, and data storage. This category is integral to the technology and financial sectors, facilitating secure transactions and data management across industries globally. The trade of these products is influenced by technological advancements, security requirements, and the increasing demand for digital solutions.
Total Trade Volume
USD 15.2 billion
Data from 2022
Source
United Nations Comtrade Database
Average Rate
5.2%
Highest Rate
12% (applied by certain developing countries)
Lowest Rate
0% (under free trade agreements such as USMCA and EU-Japan EPA)
Rising demand for contactless payment systems
Increased production and trade of NFC-enabled smart cards, boosting market growth in regions with high adoption of digital payments
2021-2022
Growth in IoT and connected devices
Higher demand for secure data storage solutions, driving innovation and trade in SIM cards and embedded chips
2020-2022
Shift towards sustainable materials
Emerging focus on eco-friendly card production, influencing trade patterns with preference for suppliers using sustainable practices
2022
The European Union introduced new regulations to standardize digital identity cards across member states, mandating enhanced security features in smart cards.
June 2023
Increased demand for compliant smart card technologies, benefiting European manufacturers and exporters.
Ongoing trade disputes have led to additional tariffs on tech products, including smart cards, impacting supply chains.
March 2023
Potential supply chain disruptions and higher costs for consumers in the US market.
Major card manufacturers announced new biometric smart card technologies integrating fingerprint recognition for enhanced security.
September 2023
Expected to drive trade growth as financial institutions and governments adopt these advanced solutions.