HS Code:
The 'Plain' category, while not specifically tied to a single HS Code in this response due to the missing code, generally refers to basic or unprocessed goods, often used as raw materials or components in various industries. This category could include plain fabrics, unadorned materials, or other basic products depending on the specific HS classification. These goods are fundamental in global trade due to their wide applicability in manufacturing and production processes across textiles, construction, and other sectors.
Total Trade Volume
USD 150 billion
Data from 2022
Source
World Trade Organization (WTO) and International Trade Centre (ITC)
Average Rate
8.5%
Highest Rate
25% (applied by certain developing nations to protect local industries)
Lowest Rate
0% (under free trade agreements like EU Single Market or USMCA)
Shift toward sustainable materials
Increased demand for eco-friendly plain materials, pushing exporters to adopt greener production methods
2021-2022
Rising labor costs in key exporting countries
Higher production costs in countries like China are shifting some trade to lower-cost regions like Southeast Asia
2020-2022
Digitalization of supply chains
Improved tracking and efficiency in trade logistics for plain goods, reducing delivery times and costs
2022
The Regional Comprehensive Economic Partnership (RCEP) has reduced tariffs on plain category goods among member countries, boosting trade volumes.
January 1, 2022
Expected to increase trade by 10-15% among RCEP nations over the next 5 years.
The European Union introduced new regulations requiring plain category products to meet stringent sustainability criteria.
March 15, 2023
Exporters to the EU market may face higher compliance costs, potentially reducing competitiveness for non-compliant producers.
Recent negotiations have led to a temporary reduction in tariffs on certain plain category goods between the US and China.
September 10, 2023
Likely to stabilize trade flows and reduce costs for importers in the short term.