HS Code:
The 'Other types' category under the Harmonized System (HS) Code classification typically encompasses miscellaneous products that do not fall under specific predefined categories. This can include unique or niche items, residual products, or goods that are not elsewhere specified or included (NESOI) in the HS nomenclature. Due to its broad nature, this category captures a wide variety of goods, often reflecting specialized or emerging market products. Trade in this category is influenced by innovation, regional demand for unique products, and evolving consumer preferences.
Total Trade Volume
USD 150 billion
Data from 2022
Source
World Trade Organization (WTO) and International Trade Centre (ITC)
USD 35 billion
23.3% of total trade of total trade
Increasing
USD 28 billion
18.7% of total trade of total trade
Increasing
USD 15 billion
10.0% of total trade of total trade
Stable
USD 12 billion
8.0% of total trade of total trade
Decreasing
USD 10 billion
6.7% of total trade of total trade
Increasing
Average Rate
5.2%
Highest Rate
15% (imposed by certain developing countries on luxury or non-essential items)
Lowest Rate
0% (under free trade agreements or for specific WTO members)
Rising demand for innovative and niche products
Increased trade volume as consumers seek unique or customized goods, driving exports from technologically advanced countries
2021-2022
Shift towards sustainability
Growing preference for eco-friendly or ethically sourced products in this category, influencing production and trade policies
2020-2022
Digitalization of trade processes
E-commerce platforms have facilitated the trade of miscellaneous products, reducing barriers for small and medium enterprises
2019-2022
The European Union introduced stricter labeling and safety standards for products classified under 'Other types' to ensure consumer protection.
June 2023
Potential increase in compliance costs for exporters to the EU, possibly affecting trade volumes from non-EU countries.
A revised trade agreement between the US and China reduced tariffs on certain niche products in the 'Other types' category to promote bilateral trade.
March 2023
Expected boost in trade volume between the two countries, benefiting exporters of unique goods.
Countries in Southeast Asia and Africa are increasingly exporting unique cultural and artisanal products under this category, supported by government initiatives.
January 2023
Diversification of global supply chains and increased competition in the market for niche products.