HS Code:
The 'Other Borates' category under HS Code 2840.19 encompasses borate compounds other than disodium tetraborate (refined borax). Borates are naturally occurring minerals containing boron, oxygen, and other elements, widely used in industrial applications such as glass manufacturing, ceramics, detergents, fertilizers, and flame retardants. This category includes borates like calcium borate, potassium borate, and other complex borate compounds that do not fall under refined borax. Global trade in this category is driven by industrial demand, particularly in the construction, agriculture, and chemical sectors.
Total Trade Volume
USD 250 million
Data from 2022
Source
United Nations Comtrade Database
USD 90 million
36% of total trade of total trade
Increasing
USD 60 million
24% of total trade of total trade
Stable
USD 40 million
16% of total trade of total trade
Increasing
USD 30 million
12% of total trade of total trade
Stable
USD 20 million
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 USMCA)
Rising demand in glass and ceramics industries
Increased exports from major producers like Turkey and Chile due to growth in construction and manufacturing sectors globally.
2021-2022
Shift towards sustainable agricultural practices
Growing use of borates in fertilizers has boosted trade volumes, particularly in markets like the EU and North America.
2020-2022
Fluctuations in raw material supply
Supply chain disruptions in boron mining have led to price volatility, affecting trade stability in key exporting countries.
2022
Turkey, a leading exporter, has invested in new mining technologies to increase borate production, aiming to meet rising global demand.
March 2023
Expected to solidify Turkey's position as the top exporter, potentially increasing trade volume by 10-15% in the next two years.
The European Union introduced new regulations on borate imports, requiring detailed environmental impact assessments for mining practices.
January 2023
May lead to higher compliance costs for exporters, potentially reducing trade volumes from non-compliant countries.
Ongoing trade disputes have led to increased tariffs on Chinese borate exports to the United States, redirecting trade flows to other suppliers.
October 2022
Likely to benefit other exporters like Turkey and Chile, while reducing China's market share in the US.