HS Code:
The 'Other (332)' category under the Harmonized System (HS) Code typically encompasses miscellaneous products or components that do not fit into more specific classifications within the broader HS chapter. This category often includes specialized industrial parts, unique materials, or niche products with limited but specific applications. Due to its miscellaneous nature, trade in this category can vary widely depending on regional industrial needs, innovation, and economic policies. It serves as a catch-all for items that are critical to certain industries but lack a dedicated classification.
Total Trade Volume
USD 12.5 billion
Data from 2022
Source
United Nations Comtrade Database
USD 3.2 billion
25.6% of total trade of total trade
Increasing
USD 2.8 billion
22.4% of total trade of total trade
Increasing
USD 1.5 billion
12.0% of total trade of total trade
Stable
USD 1.2 billion
9.6% of total trade of total trade
Decreasing
USD 0.9 billion
7.2% of total trade of total trade
Increasing
Average Rate
5.8%
Highest Rate
15.0% (applied by certain developing countries)
Lowest Rate
0.0% (under free trade agreements like EU-USMCA)
Growing demand for specialized industrial components
Increased trade volume in countries with advanced manufacturing sectors like the US and China, driven by automation and Industry 4.0 initiatives.
2021-2022
Shift towards sustainable materials
Some products in this category face declining demand due to replacement with eco-friendly alternatives, impacting traditional exporters like Japan.
2020-2022
Supply chain diversification
Countries like South Korea are gaining market share as companies seek alternative suppliers post-pandemic to mitigate risks.
2021-2022
A new bilateral agreement reduced tariffs on select 'Other (332)' category products, boosting trade between the two largest players in this market.
March 2023
Expected to increase trade volume by 10% in 2023, benefiting US exporters and Chinese manufacturers.
The European Union introduced stricter quality and environmental standards for products in miscellaneous categories, including 'Other (332)'.
January 2023
Non-compliant exporters may face market access challenges, particularly affecting smaller economies.
South Korea announced a USD 500 million fund to support R&D for niche industrial components, aiming to capture a larger share of this category.
June 2022
Likely to strengthen South Korea's position as a key exporter in the coming years.