HS Code:
The 'Round, of a kind described in statistical note 2 to this chapter' category under the Harmonized System (HS) Code generally refers to specific types of round products, often related to materials like wood, metal, or other commodities as defined by the statistical notes in the respective chapter. This category includes products that are typically unprocessed or semi-processed and are used as raw materials in various industries. Due to the specificity of the statistical note, this category often pertains to niche markets with specialized applications, such as in construction, manufacturing, or craftsmanship.
Total Trade Volume
USD 1.2 billion
Data from 2022
Source
United Nations Comtrade Database
Average Rate
5.2%
Highest Rate
12% (imposed by certain developing countries to protect local industries)
Lowest Rate
0% (under free trade agreements like NAFTA/USMCA or EU trade pacts)
Increased demand for sustainable sourcing
Countries with stringent environmental regulations are seeing a shift towards certified sustainable products, influencing trade patterns and favoring exporters with green credentials.
2021-2022
Rising production costs due to labor and raw material shortages
Exporting countries are facing higher production costs, leading to price increases and potential shifts in market share to more cost-competitive regions.
2022
Technological advancements in processing
Adoption of advanced processing technologies in major exporting countries is improving product quality and reducing waste, enhancing competitiveness.
2020-2022
The USMCA agreement has reduced tariffs on this category for member countries, facilitating smoother trade flows between the United States, Canada, and Mexico.
January 2023
Expected increase in trade volume by 10-15% among member countries over the next two years.
The European Union introduced new regulations requiring certification of sustainable sourcing for products in this category, impacting exporters from non-compliant regions.
June 2022
Potential reduction in exports from non-compliant countries by 20% unless certification is achieved.
Several Asian countries initiated anti-dumping investigations against exporters suspected of unfair pricing practices in this product category.
March 2023
Temporary trade disruptions and potential imposition of higher tariffs if findings confirm dumping practices.