HS Code:
The category 'Salts and esters of O-acetylsalicylic acid' (commonly associated with aspirin derivatives) falls under HS Code 291822. This category includes chemical compounds derived from O-acetylsalicylic acid, which are primarily used in the pharmaceutical industry for the production of pain relievers, anti-inflammatory drugs, and other medicinal applications. These compounds are critical intermediates in the synthesis of various therapeutic agents. Global trade in this category is influenced by the demand for generic and branded pharmaceuticals, regulatory frameworks, and advancements in chemical synthesis technologies.
Total Trade Volume
USD 250 million
Data from 2022
Source
United Nations Comtrade Database & World Trade Organization (WTO) Reports
USD 80 million
32% of total trade
Increasing
USD 60 million
24% of total trade
Increasing
USD 40 million
16% of total trade
Stable
USD 30 million
12% of total trade
Stable
USD 20 million
8% of total trade
Decreasing
Average Rate
5.2%
Highest Rate
12% (applied by certain developing countries to protect local industries)
Lowest Rate
0% (under free trade agreements like EU-USMCA)
Rising demand for generic drugs
Increased export volumes from cost-competitive producers like China and India due to patent expirations and growing healthcare needs in developing regions.
2021-2022
Shift towards sustainable production
Growing emphasis on green chemistry and environmentally friendly manufacturing processes, influencing supplier selection and trade partnerships.
2022
Supply chain disruptions
Pandemic-related logistics challenges and raw material shortages have led to temporary price spikes and delays in trade flows.
2020-2022
The European Union introduced stricter import guidelines for pharmaceutical intermediates, including salts and esters of O-acetylsalicylic acid, to ensure compliance with environmental and safety standards.
March 2023
Increased compliance costs for exporters to the EU, potentially shifting trade towards other markets.
India rolled out incentives under the PLI scheme to boost domestic production of active pharmaceutical ingredients (APIs) and intermediates, including O-acetylsalicylic acid derivatives.
January 2022
Enhanced export competitiveness for Indian manufacturers, leading to a rise in market share.
Phase 1 trade agreement discussions included provisions to reduce tariffs on certain chemical and pharmaceutical intermediates, benefiting exporters of O-acetylsalicylic acid derivatives.
October 2022
Potential increase in trade volumes between the US and China, pending final implementation.