HS Code:
The 'Straps and Strops' category typically falls under HS Code 4203 or related chapters, depending on the material and purpose (e.g., leather straps for apparel or machinery). This category includes products such as belts, harnesses, and other strap-like items used in industries ranging from fashion to industrial applications. These products are essential in various sectors, including automotive, construction, and personal accessories, with trade influenced by material availability, labor costs, and fashion trends.
Total Trade Volume
Approximately $2.5 billion USD
Data from 2022
Source
United Nations Comtrade Database & World Trade Organization (WTO) Reports
$800 million USD
32% of global trade of total trade
Increasing
$500 million USD
20% of global trade of total trade
Stable
$300 million USD
12% of global trade of total trade
Increasing
$200 million USD
8% of global trade of total trade
Stable
$150 million USD
6% of global trade of total trade
Increasing
Average Rate
8.5% ad valorem
Highest Rate
25% (imposed by certain countries on non-preferential trade partners)
Lowest Rate
0% (under free trade agreements like EU-FTA or USMCA)
Shift towards sustainable materials
Increased demand for eco-friendly straps made from recycled or vegan leather, influencing sourcing and production costs
2021-2023
Growth in industrial applications
Rising demand for heavy-duty strops in construction and logistics due to global infrastructure projects
2020-2022
Automation in manufacturing
Reduced production costs and improved quality, especially in high-volume markets like China and Vietnam
2019-2023
The European Union introduced new regulations requiring traceability and sustainability certifications for leather straps and strops to combat deforestation and unethical sourcing.
June 2023
Increased compliance costs for exporters from developing countries, potentially shifting trade flows to certified producers
A revised trade agreement reduced tariffs on certain strap categories, boosting Chinese exports to the US market.
March 2022
Strengthened Chinaโs dominance in the US market for low-cost straps, affecting competitors like Vietnam and India
Vietnam announced incentives for foreign investors in the textile and accessory sector, aiming to increase production capacity for straps and strops.
September 2022
Expected to enhance Vietnamโs position as a key exporter, challenging established players like China