HS Code:
The 'Other Truck Assemblies' category (HS Code: 8708.99) encompasses various components and assemblies used in the manufacture and maintenance of trucks that are not classified under more specific subcategories. This includes parts such as chassis components, suspension systems, axles, and other structural or mechanical assemblies critical to truck functionality. This category is vital to the automotive industry, particularly in the heavy-duty vehicle segment, and plays a significant role in global supply chains for truck manufacturing and aftermarket services.
Total Trade Volume
USD 15.3 billion
Data from 2022
Source
United Nations Comtrade Database
USD 3.2 billion
20.9% of total trade of total trade
Increasing
USD 2.8 billion
18.3% of total trade of total trade
Stable
USD 2.1 billion
13.7% of total trade of total trade
Increasing
USD 1.5 billion
9.8% of total trade of total trade
Stable
USD 1.2 billion
7.8% of total trade of total trade
Increasing
Average Rate
5.2%
Highest Rate
25% (applied by certain developing economies to protect local industries)
Lowest Rate
0% (under free trade agreements like USMCA and EU-Japan EPA)
Shift toward electric truck components
Growing demand for assemblies compatible with electric and hybrid trucks as manufacturers pivot to sustainable technologies.
2021-2023
Supply chain diversification
Increased focus on regional sourcing to mitigate risks from geopolitical tensions and disruptions like the COVID-19 pandemic.
2020-2022
Rising aftermarket demand
Aging truck fleets in North America and Europe drive demand for replacement parts and assemblies in the aftermarket segment.
2019-2023
Revised rules of origin under the USMCA have increased local content requirements for truck assemblies, benefiting manufacturers in North America.
July 2022
Encourages production within the US, Canada, and Mexico, potentially reducing imports from Asia.
The EU's Green Deal policies are pushing manufacturers to develop eco-friendly truck assemblies, with stricter emissions standards for components.
January 2023
Increases R&D costs but opens new markets for sustainable truck parts in Europe.
China has ramped up exports of cost-competitive truck assemblies, targeting emerging markets in Africa and Southeast Asia.
March 2023
Intensifies competition for traditional exporters like Germany and Japan, potentially leading to price wars.