HS Code:
The 'Other Stone' category, often classified under HS Code 2516 (which includes granite, porphyry, basalt, sandstone, and other monumental or building stone), encompasses a variety of natural stones used primarily in construction, decoration, and monumental works. This category excludes precious stones and certain processed stone products. These materials are valued for their durability, aesthetic appeal, and versatility in applications such as countertops, flooring, and exterior cladding. The global trade of 'Other Stone' is influenced by factors like regional availability of resources, labor costs, and infrastructure development demands.
Total Trade Volume
USD 10.5 billion
Data from 2022
Source
United Nations Comtrade Database
USD 2.1 billion
20% of total trade of total trade
Increasing
USD 1.8 billion
17% of total trade of total trade
Stable
USD 1.5 billion
14% of total trade of total trade
Increasing
USD 1.2 billion
11% of total trade of total trade
Increasing
USD 900 million
9% of total trade of total trade
Stable
Average Rate
6.5%
Highest Rate
15% (imposed by certain developing countries to protect local industries)
Lowest Rate
0% (under free trade agreements like EU-India or USMCA)
Rising demand for sustainable and eco-friendly materials
Increased focus on responsibly sourced stone and reduced carbon footprint in quarrying processes, driving demand for certified suppliers.
2021-2022
Growth in construction and infrastructure projects
Significant boost in demand for 'Other Stone' in emerging economies, particularly in Asia-Pacific and Africa, due to urbanization and government-led projects.
2020-2022
Technological advancements in stone processing
Improved cutting and finishing technologies have reduced waste and enhanced the aesthetic appeal of stone products, increasing their market competitiveness.
2019-2022
The European Union introduced new regulations requiring certification of sustainable quarrying practices for imported stone products, aiming to reduce environmental impact.
March 2023
Exporters from developing countries may face higher compliance costs, potentially affecting trade volumes to the EU.
The Indian government announced tax rebates and subsidies for stone exporters to strengthen its position as the global leader in 'Other Stone' exports.
January 2023
This is expected to further increase India's market share, particularly in the US and Middle Eastern markets.
A revised trade agreement between the US and China reduced tariffs on certain stone products, facilitating smoother trade flows between the two nations.
November 2022
Chinese stone exports to the US are expected to rise, benefiting US construction firms with lower material costs.