HS Code:
The category 'Other, containing substances of subheadings 2903.71 to 2903.75' under the Harmonized System (HS) Code pertains to specific halogenated derivatives of hydrocarbons, excluding those explicitly classified under subheadings 2903.71 to 2903.75. This category primarily includes chemical compounds used in industrial applications, such as solvents, refrigerants, and intermediates in chemical synthesis. These substances are critical in industries like pharmaceuticals, agrochemicals, and manufacturing, but they are also subject to strict environmental and safety regulations due to their potential impact on health and the environment.
Total Trade Volume
USD 1.2 billion
Data from 2022
Source
United Nations Comtrade Database
USD 350 million
29.2% of total trade of total trade
Increasing
USD 280 million
23.3% of total trade of total trade
Increasing
USD 150 million
12.5% of total trade of total trade
Stable
USD 100 million
8.3% of total trade of total trade
Decreasing
USD 80 million
6.7% of total trade of total trade
Increasing
Average Rate
5.8%
Highest Rate
12% (imposed by certain developing countries)
Lowest Rate
0% (under free trade agreements like EU-US TTIP provisions)
Shift towards eco-friendly alternatives
Reduced demand for certain halogenated hydrocarbons due to environmental regulations like the Montreal Protocol, pushing innovation in green chemistry.
2021-2022
Increased production in Asia-Pacific
Growing manufacturing capabilities in China and India have led to a surge in exports, reshaping global supply chains.
2020-2022
Rising raw material costs
Fluctuations in petrochemical prices have increased production costs, affecting profit margins for producers.
2022
The European Union introduced stricter regulations on the import and use of specific halogenated hydrocarbons to meet carbon neutrality goals.
March 2023
Expected to reduce imports by 15% in the EU market, prompting exporters to seek alternative markets.
A revised trade agreement between the US and China included reduced tariffs on chemical intermediates, boosting trade in this category.
January 2023
Increased bilateral trade volume by approximately USD 50 million in the first half of 2023.
Major chemical companies announced breakthroughs in low-GWP (Global Warming Potential) refrigerants as alternatives to traditional halogenated compounds.
June 2023
Likely to shift market dynamics, with traditional products in this category facing reduced demand over the next 5 years.