HS Code:
The 'Statuettes and other ornaments, and parts thereof' category (HS Code: 8306.29) includes decorative items made of base metal, such as statuettes, figurines, and other ornamental articles used for home decor, religious purposes, or as collectibles. This category excludes items made of precious metals or those classified under other specific headings. These products are often traded globally due to their cultural significance, artistic value, and demand in interior decoration markets.
Total Trade Volume
USD 1.2 billion
Data from 2022
Source
United Nations Comtrade Database
USD 450 million
37.5% of total trade of total trade
Increasing
USD 200 million
16.7% 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
Stable
USD 80 million
6.7% of total trade of total trade
Increasing
Average Rate
5.2% ad valorem
Highest Rate
12% (applied by certain developing countries)
Lowest Rate
0% (under free trade agreements such as EU-US trade pacts)
Rising demand for sustainable and handmade products
Increased market share for artisanal producers in countries like India and Vietnam, with consumers prioritizing eco-friendly materials and ethical production.
2021-2022
Growth in e-commerce platforms
Small and medium enterprises (SMEs) have gained access to global markets, boosting export volumes from emerging economies.
2020-2022
Shift towards personalized and custom designs
Manufacturers are investing in technology for customization, leading to higher value per unit but slower mass production.
2022
The European Union introduced provisional anti-dumping duties of up to 9.5% on statuettes and ornaments from China to protect domestic manufacturers.
March 2023
Expected to shift trade flows towards other exporters like India and Vietnam, potentially increasing costs for EU importers.
Under the USMCA, certain ornamental items from Mexico and Canada face zero tariffs when entering the US market, boosting regional trade.
January 2023
Strengthened North American supply chains, reducing reliance on Asian imports for the US market.
The Indian government launched a subsidy scheme for handicraft exporters, including statuettes and ornaments, to enhance global competitiveness.
June 2022
Increased export volumes by 15% in 2022, positioning India as a key player in the global market.