HS Code:
Salicylic acid and its salts (HS Code: 291821) are organic compounds primarily used in the pharmaceutical and cosmetic industries. Salicylic acid is a key ingredient in the production of aspirin (acetylsalicylic acid) and is widely utilized in skincare products for its exfoliating and anti-inflammatory properties. Its salts, such as sodium salicylate, are used in pain relief medications and as intermediates in chemical synthesis. This category is critical in global trade due to its applications in health and beauty sectors, with demand driven by population growth, increasing healthcare needs, and rising consumer interest in personal care products.
Total Trade Volume
USD 250 million
Data from 2022
Source
United Nations Comtrade Database
USD 90 million
36% of total trade of total trade
Increasing
USD 50 million
20% of total trade of total trade
Increasing
USD 30 million
12% of total trade of total trade
Stable
USD 25 million
10% of total trade of total trade
Stable
USD 20 million
8% of total trade of total trade
Decreasing
Average Rate
5.5%
Highest Rate
12% (imposed by certain developing countries to protect domestic industries)
Lowest Rate
0% (under free trade agreements like EU-India FTA for specific partners)
Growing demand for skincare products
Increased imports of salicylic acid in regions with booming cosmetic industries, such as Southeast Asia and North America
2021-2022
Shift towards sustainable production
Manufacturers in Europe and North America are adopting greener synthesis methods, influencing supply chain dynamics and pricing
2020-2022
Rising pharmaceutical production in developing countries
Higher exports from India and China to meet global demand for aspirin and other salicylate-based drugs
2019-2022
The European Union introduced anti-dumping duties ranging from 8-10% on salicylic acid imports from China to protect domestic manufacturers from unfair pricing practices.
March 2023
Potential shift in trade flows, with buyers in the EU turning to alternative suppliers like India and Germany, increasing costs for importers.
Major Indian chemical companies announced investments to increase salicylic acid production by 15% to cater to rising domestic and international demand.
June 2022
Strengthens Indiaโs position as a key exporter, potentially lowering global prices due to increased supply.
The US FDA introduced stricter guidelines on the use of salicylic acid in over-the-counter skincare products, mandating clearer labeling and concentration limits.
January 2023
May reduce demand for higher-concentration products in the US market, affecting exporters targeting this segment.