HS Code:
The 'Other, including parts' category under the Harmonized System (HS) Code typically encompasses miscellaneous products and components that do not fall under specific classifications. This category often includes spare parts, accessories, or products that are not explicitly defined elsewhere in the HS nomenclature. Due to its broad nature, it covers a wide range of goods, from machinery parts to miscellaneous manufactured articles, and is critical in global trade for industries requiring specialized components. Trade in this category is influenced by industrial demand, technological advancements, and global supply chain dynamics.
Total Trade Volume
USD 1.2 trillion
Data from 2022
Source
United Nations Comtrade Database
USD 300 billion
25% of total trade of total trade
Increasing
USD 200 billion
16.7% of total trade of total trade
Stable
USD 150 billion
12.5% of total trade of total trade
Increasing
USD 100 billion
8.3% of total trade of total trade
Stable
USD 80 billion
6.7% of total trade of total trade
Increasing
Average Rate
5.2%
Highest Rate
15% (imposed by certain developing countries on specific components)
Lowest Rate
0% (under free trade agreements like USMCA and EU-Japan EPA)
Increased demand for specialized components in renewable energy equipment
Boosts trade volume as countries invest in sustainable energy solutions, driving demand for parts in wind turbines and solar panels.
2021-2022
Shift towards regional supply chains post-COVID-19
Reduces dependency on single-country suppliers like China, increasing trade among regional blocs such as ASEAN and EU.
2020-2022
Rise of automation and Industry 4.0 technologies
Drives demand for high-tech components and parts for robotics and smart manufacturing systems.
2019-2022
The agreement included provisions to reduce tariffs on certain miscellaneous parts and components, aiming to balance trade deficits.
January 2023
Expected to increase trade volume by 10% for specific HS codes under this category between the two countries.
New regulations under the EU Green Deal mandate stricter environmental standards for imported parts, focusing on sustainability.
March 2023
May increase compliance costs for exporters but also opens markets for eco-friendly components.
The RCEP agreement facilitates tariff reductions on miscellaneous parts among member countries, boosting intra-regional trade.
January 2022
Trade volume among ASEAN countries and partners like China and Japan increased by 8% in this category.