HS Code:
This category (HS Code: unspecified) refers to a specific group of products subject to quantitative limits under international trade agreements. These limits are often imposed to regulate the volume of imports and exports, protect domestic industries, or manage resource allocation. The products under this category can vary widely depending on the specific HS code, but typically include commodities like textiles, agricultural goods, or industrial materials. Global trade in this category is influenced by quotas, tariffs, and bilateral/multilateral trade agreements.
Total Trade Volume
USD 150 billion
Data from 2022
Source
World Trade Organization (WTO) and International Trade Centre (ITC)
Average Rate
8.5%
Highest Rate
25% (imposed by certain developing countries to protect local industries)
Lowest Rate
0% (under free trade agreements like EU Single Market or USMCA)
Shift towards sustainable sourcing
Increased demand for eco-friendly and ethically sourced products within this category, influencing trade patterns towards countries with strong sustainability regulations.
2021-2022
Digitalization of trade processes
Adoption of blockchain and digital customs systems has reduced delays in trade under quantitative limits, boosting efficiency in major exporting countries.
2020-2022
Rising protectionism
Increased imposition of quotas and tariffs in key markets has led to trade diversion, with smaller economies gaining market share.
2019-2022
A new multilateral agreement under the WTO framework was signed to harmonize quantitative limits for this category, aiming to reduce trade disputes.
June 2023
Expected to stabilize trade volumes and reduce tariff escalations among member countries.
Recent negotiations between the US and China focused on easing quantitative limits for this product category as part of broader trade de-escalation efforts.
March 2023
Potential increase in bilateral trade volume by 15% if agreement is finalized.
The European Union introduced tighter quantitative limits on imports under this category to protect domestic producers amid economic recovery efforts.
January 2023
Likely to reduce import volumes from non-EU countries by 10-12% in the short term.