HS Code:
The 'Other screws and bolts; nuts' category (HS Code: 7318.15 and 7318.16) includes a wide range of fastening products made of iron, steel, or other materials, excluding coach screws. These items are critical components in various industries, including automotive, construction, machinery, and electronics, serving as essential elements for assembly and structural integrity. This category encompasses products like machine screws, self-tapping screws, and various types of nuts such as hex nuts and lock nuts. The global trade of these products is driven by industrial demand, infrastructure development, and manufacturing activities worldwide.
Total Trade Volume
USD 45.6 billion
Data from 2022
Source
UN Comtrade Database
USD 12.3 billion
27.0% of total trade of total trade
Increasing
USD 6.8 billion
14.9% of total trade of total trade
Stable
USD 5.2 billion
11.4% of total trade of total trade
Increasing
USD 3.9 billion
8.6% of total trade of total trade
Stable
USD 3.1 billion
6.8% of total trade of total trade
Increasing
Average Rate
5.2% ad valorem
Highest Rate
12.5% (imposed by India on certain imports)
Lowest Rate
0% (under free trade agreements like EU-Japan EPA)
Rising demand for high-strength fasteners
Increased production of specialized screws and bolts for automotive and aerospace industries due to lightweight material trends.
2021-2023
Shift towards sustainable manufacturing
Growing preference for eco-friendly coatings and recyclable materials in fastener production, influencing supplier selection.
2022-2023
Supply chain diversification
Post-COVID-19, companies are sourcing from multiple regions to mitigate risks, boosting trade from Southeast Asia.
2020-2022
The European Union extended anti-dumping duties on screws and bolts from China to prevent market distortion and protect local manufacturers.
February 2023
Increased costs for EU importers relying on Chinese fasteners, potentially shifting trade to other regions like Taiwan or Vietnam.
The US Infrastructure Investment and Jobs Act has spurred demand for fasteners in construction and transportation projects.
November 2021
Significant rise in imports and domestic production, benefiting key exporters like China and Germany.
Adoption of automation and 3D printing in fastener manufacturing is reducing costs and improving precision.
Mid-2022
Smaller manufacturers gain competitive edge, potentially reshaping market dynamics in favor of innovation-driven economies.