HS Code:
The 'Parts of knitting machines' category, classified under HS Code 8448.51, includes components and accessories specifically designed for knitting machines, such as needles, sinkers, and other parts essential for the operation of these machines. This category is critical to the textile industry, supporting the production of knitted fabrics and garments. Trade in this category is driven by the demand for textile manufacturing equipment in regions with strong apparel industries.
Total Trade Volume
USD 1.2 billion
Data from 2022
Source
United Nations Comtrade Database
USD 320 million
26.7% of total trade of total trade
Increasing
USD 250 million
20.8% of total trade of total trade
Stable
USD 180 million
15.0% of total trade of total trade
Increasing
USD 150 million
12.5% of total trade of total trade
Stable
USD 100 million
8.3% of total trade of total trade
Increasing
Average Rate
5.2% ad valorem
Highest Rate
12% (imposed by certain developing countries to protect domestic industries)
Lowest Rate
0% (under free trade agreements like EU-Japan EPA)
Shift towards automation in textile manufacturing
Increased demand for high-precision knitting machine parts to support automated production lines
2021-2022
Growth of sustainable textile production
Rising need for specialized parts compatible with eco-friendly knitting machines
2022
Regionalization of supply chains
Manufacturers are sourcing parts closer to production hubs to reduce lead times and costs
2020-2022
The European Union introduced stricter safety and compatibility standards for knitting machine parts to ensure quality and reduce workplace hazards in textile factories.
March 2023
Exporters to the EU must adapt to new certification processes, potentially increasing costs but improving market trust.
China announced investments in domestic manufacturing of knitting machine parts to reduce reliance on imports and cater to its massive textile industry.
July 2023
Increased competition for established exporters like Germany and Japan, potentially lowering global prices.
Recent negotiations resulted in a temporary reduction of tariffs on knitting machine parts between the US and China as part of broader trade talks.
September 2023
Facilitates smoother trade flows and reduces costs for US textile manufacturers importing from China.