HS Code:
The 'Parts and Accessories' category under the Harmonized System (HS) Code generally encompasses a wide range of components and accessories used in various industries, including automotive, machinery, electronics, and more. This category includes items such as parts for motor vehicles (HS 8708), parts for machinery (HS 8473), and accessories for electrical equipment (HS 8538). These products are critical for the maintenance, repair, and assembly of finished goods, making this category a cornerstone of global manufacturing and supply chains. Trade in this category is driven by industrial demand, technological advancements, and the globalization of production networks.
Total Trade Volume
USD 1.2 trillion
Data from 2022
Source
United Nations Comtrade Database
USD 250 billion
20.8% of total trade of total trade
Increasing
USD 180 billion
15.0% of total trade of total trade
Stable
USD 150 billion
12.5% of total trade of total trade
Increasing
USD 120 billion
10.0% of total trade of total trade
Stable
USD 80 billion
6.7% of total trade of total trade
Increasing
Average Rate
5.2%
Highest Rate
25% (imposed by certain developing countries on luxury vehicle parts)
Lowest Rate
0% (under free trade agreements like USMCA and EU-Japan EPA)
Shift towards electric vehicle (EV) components
Increased demand for battery packs, electric motor parts, and charging equipment, reshaping supply chains and boosting trade in EV-related parts.
2021-2023
Adoption of 3D printing for spare parts
Reduction in traditional trade volumes for certain components as localized production grows, impacting global shipping patterns.
2020-2022
Rising automation in manufacturing
Higher demand for precision machinery parts and robotic components, driving trade in high-tech accessories.
2019-2023
A new bilateral agreement reduced tariffs on specific automotive parts, aiming to balance trade deficits and improve access to Chinese markets for US manufacturers.
January 2023
Expected to increase US exports of automotive parts by 10% over the next two years.
The EU introduced stricter environmental standards for machinery parts, mandating lower carbon footprints and recyclable materials.
March 2023
Manufacturers in Asia and North America face higher compliance costs, potentially reducing competitiveness in the EU market.
Ongoing conflicts and trade disputes have led to delays and increased costs for parts and accessories, particularly in the electronics and automotive sectors.
Mid-2022 to Present
Trade volumes have fluctuated, with a shift towards regional sourcing to mitigate risks.