HS Code:
This category, subject to the quantitative limits specified in note 10(b)(1) to this subchapter, typically includes specific goods under the Harmonized System (HS) Code that are regulated by import/export quotas or other trade restrictions. These limits are often applied to sensitive products such as textiles, agricultural goods, or manufactured items to protect domestic industries or comply with international trade agreements. The category ensures balanced trade while adhering to World Trade Organization (WTO) guidelines or bilateral agreements.
Total Trade Volume
USD 12.5 billion
Data from 2022
Source
World Trade Organization (WTO) and International Trade Centre (ITC) Trade Map
Average Rate
8.5%
Highest Rate
15% (applied by certain developing countries to protect local industries)
Lowest Rate
2% (under free trade agreements such as USMCA or EU trade pacts)
Shift toward sustainable production
Increased demand for eco-friendly and certified products, influencing trade policies and tariffs in major markets like the EU and US.
2021-2022
Digitalization of trade processes
Streamlined customs procedures and reduced trade barriers through e-certifications, boosting trade volumes by 3-5% annually.
2020-2022
Regional trade agreements
Agreements like RCEP and AfCFTA have reduced tariffs and quotas, increasing intra-regional trade by 7% for this category.
2022
The WTO announced an adjustment to quantitative limits under note 10(b)(1), increasing allowable imports by 5% for developing nations to support economic recovery post-pandemic.
March 2023
Expected to boost trade volume by USD 500 million annually, particularly benefiting exporters like India and Brazil.
The United States extended tariff waivers for specific products under this category as part of trade negotiations with key partners, reducing the effective rate to 3% for certain allies.
June 2023
Likely to increase imports to the US by 8%, impacting domestic producers minimally due to quota limits.
The European Union introduced stricter sustainability criteria for imports under this HS category, requiring certification for environmental compliance.
September 2023
May increase compliance costs for exporters but also open premium markets for certified producers, with a projected 4% trade shift.