HS Code:
The 'Other, including parts and accessories' category (HS Code not specified in the query) typically encompasses a wide range of miscellaneous products, parts, and accessories that do not fall under specific Harmonized System (HS) codes for primary goods. This category often includes components used in various industries such as automotive, machinery, electronics, and consumer goods. Due to its broad nature, it serves as a catch-all for items that are essential for the assembly, maintenance, or enhancement of finished products. Trade in this category is critical for global supply chains, as parts and accessories often form the backbone of manufacturing and repair industries worldwide.
Total Trade Volume
USD 1.2 trillion
Data from 2022
Source
United Nations Comtrade Database
USD 350 billion
29.2% of total trade of total trade
Increasing
USD 180 billion
15.0% of total trade of total trade
Stable
USD 150 billion
12.5% of total trade of total trade
Increasing
USD 120 billion
10.0% of total trade of total trade
Stable
USD 90 billion
7.5% of total trade of total trade
Increasing
Average Rate
5.8%
Highest Rate
25% (applied by certain developing countries on specific subcategories)
Lowest Rate
0% (under free trade agreements like EU-USMCA)
Increased demand for automotive and electronic parts
Driven by the rise in electric vehicle production and consumer electronics, trade in parts and accessories has seen significant growth, particularly in Asia-Pacific and Europe.
2021-2022
Shift towards localized supply chains
Post-COVID-19, many countries are focusing on regional production hubs to reduce dependency on distant suppliers, impacting global trade patterns for parts and accessories.
2020-2022
Adoption of 3D printing for parts production
The growing use of additive manufacturing is reducing the need for importing certain parts, potentially decreasing trade volumes in specific subcategories.
2022
The United States and China agreed to reduce tariffs on certain parts and accessories as part of Phase One trade deal negotiations, aiming to boost bilateral trade.
January 2023
Expected to increase trade volume by 10-15% for affected subcategories between the two countries.
The European Union introduced stricter environmental standards for imported parts and accessories, requiring compliance with sustainability criteria.
July 2023
May increase costs for non-EU exporters but promotes eco-friendly production practices.
Ongoing geopolitical tensions and port delays in key Asian manufacturing hubs have led to bottlenecks in the export of parts and accessories.
March 2023
Temporary reduction in trade volume by 5-8% from affected regions, pushing buyers to alternative suppliers.