HS Code:
Silverware, classified under HS Code 8215, encompasses a range of household and kitchen items primarily made of silver or plated with silver, including cutlery (spoons, forks, knives) and other utensils. This category also includes similar articles made of other base metals with silver plating. Silverware is often associated with luxury dining and cultural traditions, and it holds significant value in both functional and decorative markets. Global trade in silverware is influenced by consumer preferences for premium dining experiences, cultural practices, and fluctuations in silver prices as a raw material.
Total Trade Volume
USD 1.2 billion
Data from 2022
Source
United Nations Comtrade Database
USD 350 million
29.2% of total trade of total trade
Increasing
USD 200 million
16.7% of total trade of total trade
Stable
USD 180 million
15.0% of total trade of total trade
Increasing
USD 150 million
12.5% of total trade of total trade
Stable
USD 100 million
8.3% of total trade of total trade
Increasing
Average Rate
6.5% ad valorem
Highest Rate
12% (applied by certain developing countries to protect local industries)
Lowest Rate
0% (under free trade agreements such as EU-USMCA or within the EU single market)
Rising demand for premium and luxury dining products
Increased exports from countries known for high-quality craftsmanship like Italy and Germany
2021-2022
Shift towards sustainable and ethically sourced materials
Growing preference for silverware made from recycled silver, impacting production costs and market positioning
2020-2022
Growth in e-commerce for silverware sales
Smaller manufacturers and artisans gaining access to global markets, increasing competition
2019-2022
The European Union introduced anti-dumping duties ranging from 8-10% on silverware imports from China to address unfair pricing practices.
March 2023
Potential shift in market share towards other exporters like India and Vietnam; increased costs for EU consumers.
Under the USMCA, silverware trade between the US, Canada, and Mexico now faces zero tariffs, boosting regional trade.
July 2022
Strengthened North American supply chains and reduced costs for consumers in the region.
Fluctuations in global silver prices have led to higher production costs for silverware manufacturers, impacting profit margins.
October 2022
Manufacturers passing on costs to consumers, potentially reducing demand in price-sensitive markets.