HS Code:
The category 'Other articles of precious metal or of metal clad with precious metal' (HS Code: 7115) includes a variety of items made from or coated with precious metals such as gold, silver, and platinum. This category encompasses products not classified under jewelry or other specific precious metal articles, such as catalysts in the form of wire cloth or grill, articles used in laboratories, and other industrial or decorative items. These products are often valued for their material content as well as their functional or aesthetic purposes, making them significant in both industrial and luxury markets.
Total Trade Volume
USD 3.2 billion
Data from 2022
Source
United Nations Comtrade Database
USD 850 million
26.6% of total trade of total trade
Increasing
USD 620 million
19.4% of total trade of total trade
Stable
USD 480 million
15.0% of total trade of total trade
Increasing
USD 350 million
10.9% of total trade of total trade
Stable
USD 280 million
8.8% of total trade of total trade
Decreasing
Average Rate
5.2%
Highest Rate
12% (applied by certain developing countries)
Lowest Rate
0% (under free trade agreements like EU-Switzerland)
Rising demand for industrial catalysts
Increased trade volume driven by automotive and chemical industries requiring precious metal catalysts for emission control and production processes.
2021-2022
Fluctuating precious metal prices
Volatility in gold and platinum prices affects trade values and demand for clad metal products, with buyers shifting to alternatives during price spikes.
2020-2022
Sustainability and recycling focus
Growing emphasis on recycling precious metals from industrial waste reduces raw import dependency, impacting trade patterns in key markets.
2019-2022
A new phase of trade negotiations between the US and China has led to a temporary reduction in tariffs on precious metal articles, boosting bilateral trade in this category.
March 2023
Expected to increase trade volume by 10-15% between the two countries over the next year.
The European Union introduced stricter regulations under the Green Deal, mandating higher recycling rates for precious metals in industrial applications.
January 2023
Likely to reduce imports of raw precious metal articles while increasing demand for recycled materials within the EU.
A significant increase in platinum prices due to supply chain disruptions in South Africa has impacted the cost and trade of platinum-clad articles globally.
September 2022
Trade volumes have slightly declined as buyers seek cost-effective substitutes or delay purchases.