HS Code:
The Semiconductor Media category (HS Code: 8523) encompasses products such as discs, tapes, solid-state non-volatile storage devices, smart cards, and other media for the recording of sound or other phenomena, whether or not recorded. This category includes critical components used in various electronic devices, ranging from consumer electronics to industrial machinery. Semiconductors are integral to modern technology, driving innovation in computing, telecommunications, and automotive industries.
Total Trade Volume
USD 1.2 trillion
Data from 2022
Source
United Nations Comtrade Database
USD 350 billion
29.2% of total trade of total trade
Increasing
USD 180 billion
15.0% of total trade of total trade
Increasing
USD 130 billion
10.8% of total trade of total trade
Stable
USD 100 billion
8.3% of total trade of total trade
Increasing
USD 80 billion
6.7% of total trade of total trade
Stable
Average Rate
4.5%
Highest Rate
15% (imposed by certain developing countries)
Lowest Rate
0% (under free trade agreements like USMCA and EU-Japan EPA)
Rising demand for advanced chips in AI and IoT applications
Increased investment in R&D and production capacity, especially in Taiwan and South Korea, to meet global demand for high-performance computing.
2022
Supply chain diversification post-COVID-19
Countries like the US and EU are investing heavily in domestic semiconductor manufacturing to reduce reliance on Asian supply chains.
2021-2022
Growth in automotive semiconductor demand
Significant boost in trade volume due to the rise of electric vehicles (EVs) and autonomous driving technologies.
2022
The United States passed the CHIPS and Science Act, allocating USD 52 billion to boost domestic semiconductor manufacturing and research.
August 2022
Expected to increase US share in global semiconductor trade and reduce dependence on foreign supply chains.
The European Union proposed the EU Chips Act to invest EUR 43 billion in semiconductor production, aiming for 20% of global market share by 2030.
February 2022
Likely to reshape trade patterns by increasing EU production and reducing imports from Asia.
The US imposed stricter export controls on advanced semiconductor technology and equipment to China, citing national security concerns.
October 2022
Potential slowdown in China’s semiconductor industry growth, affecting global supply chains and trade dynamics.