HS Code:
The 'Other transmission shafts and cranks' category (HS Code: 848310) includes transmission shafts (including camshafts and crankshafts) and cranks used in various machinery and vehicles to transmit rotary motion and torque. These components are critical in automotive, industrial machinery, and agricultural equipment sectors, facilitating power transfer between different parts of a system. This category excludes products specifically classified under other HS codes for specialized shafts or cranks.
Total Trade Volume
USD 12.5 billion
Data from 2022
Source
United Nations Comtrade Database
USD 2.8 billion
22.4% of total trade of total trade
Increasing
USD 1.9 billion
15.2% of total trade of total trade
Stable
USD 1.5 billion
12.0% of total trade of total trade
Increasing
USD 1.3 billion
10.4% of total trade of total trade
Increasing
USD 0.9 billion
7.2% of total trade of total trade
Stable
Average Rate
5.2% ad valorem
Highest Rate
12% (imposed by certain developing countries)
Lowest Rate
0% (under free trade agreements like EU-Japan EPA)
Shift towards lightweight materials
Increased demand for transmission shafts made of composite materials and advanced alloys to improve fuel efficiency in automotive applications.
2021-2022
Growth in electric vehicle (EV) production
Moderate decline in demand for traditional crankshafts due to the rise of EVs, though transmission shafts remain relevant for hybrid systems.
2022
Automation in manufacturing
Reduced production costs and improved precision in shaft and crank manufacturing, boosting export competitiveness of major producers.
2020-2022
The European Union imposed provisional anti-dumping duties ranging from 8% to 15% on certain transmission shafts from China, citing unfair pricing practices.
March 2023
Potential shift in supply chains, with European buyers exploring alternatives from Japan and South Korea.
The United States-Mexico-Canada Agreement (USMCA) has led to reduced tariffs on automotive components, including transmission shafts, within the region.
July 2022
Increased trade volume among the US, Canada, and Mexico, strengthening regional supply chains.
Major manufacturers in Germany and Japan have introduced innovative designs for transmission shafts that reduce wear and improve energy efficiency.
September 2022
Enhanced market position for high-tech producers, potentially increasing export values.