HS Code:
The category 'Parts suitable for use solely or principally with the machines of heading 8501 or 8502' (HS Code: 8503) includes components and spare parts specifically designed for electric motors, generators, and rotary converters. These parts are critical for the maintenance, repair, and assembly of such machinery, which are widely used in industrial, commercial, and residential applications. This category encompasses items like armatures, stators, rotors, and other specialized components that ensure the functionality of electric machinery.
Total Trade Volume
USD 15.2 billion
Data from 2022
Source
United Nations Comtrade Database
Average Rate
4.5%
Highest Rate
12% (applied by certain developing countries)
Lowest Rate
0% (under free trade agreements like EU-USMCA)
Rising demand for renewable energy equipment
Increased trade in parts for electric generators used in wind and solar energy systems, driving growth in the sector.
2021-2022
Automation and industrial digitization
Growing need for electric motor components in robotics and automated machinery, boosting trade volumes.
2020-2022
Supply chain diversification
Manufacturers are sourcing parts from multiple countries to mitigate risks from geopolitical tensions and trade disruptions.
2022
The European Union's Green Deal has introduced stricter environmental standards for electric machinery, influencing the demand for eco-friendly components.
January 2023
Increased production costs but higher demand for compliant parts in the EU market.
Recent negotiations have led to reduced tariffs on certain electric machinery parts between the US and China, facilitating smoother trade.
March 2023
Potential increase in trade volume between the two countries for HS 8503 products.
The ongoing semiconductor shortage has indirectly affected the production of electric machinery parts, leading to supply chain delays.
Mid-2022
Temporary reduction in trade volume and increased prices for specific components.