HS Code:
The Spring type category, classified under HS Code 7320, encompasses various types of springs and leaves for springs, made of iron or steel. This category includes helical springs, leaf springs, and other similar components widely used in automotive, industrial machinery, and consumer goods manufacturing. Springs are critical components for shock absorption, load bearing, and mechanical functionality across multiple industries.
Total Trade Volume
USD 12.5 billion
Data from 2022
Source
United Nations Comtrade Database
USD 2.1 billion
16.8% of total trade of total trade
Increasing
USD 1.9 billion
15.2% of total trade of total trade
Increasing
USD 1.5 billion
12.0% of total trade of total trade
Stable
USD 1.2 billion
9.6% of total trade of total trade
Decreasing
USD 0.8 billion
6.4% of total trade of total trade
Increasing
Average Rate
5.2%
Highest Rate
12% (imposed by certain developing countries)
Lowest Rate
0% (under free trade agreements like EU-USMCA)
Rising demand for lightweight springs in electric vehicles
Increased production and innovation in composite and high-strength steel springs to meet EV efficiency standards
2021-2022
Shift towards automation in spring manufacturing
Reduction in production costs and improved precision, benefiting large-scale exporters like China and Germany
2020-2022
Growing industrial applications in renewable energy equipment
Higher demand for specialized springs in wind turbines and solar tracking systems, boosting trade in niche markets
2022
The European Union introduced anti-dumping tariffs of up to 8.5% on certain spring products from China to protect domestic manufacturers.
March 2023
Potential shift in trade flows, with buyers looking towards alternative suppliers in South Korea and Japan.
Under the USMCA trade agreement, spring components traded between the US, Canada, and Mexico face zero tariffs, boosting regional supply chains.
January 2023
Strengthened North American market integration, increasing trade volume within the region by 10%.
Major manufacturers in Germany and Japan have developed eco-friendly spring production techniques using recycled steel, aligning with global sustainability goals.
June 2023
Attracts environmentally conscious buyers and may lead to preferential trade terms under green trade policies.