HS Code:
Thymol (HS Code: 2907.19.90) is a naturally occurring monoterpenoid phenol derived from thyme oil and other plant sources. It is widely used in pharmaceuticals, cosmetics, and as an antiseptic and disinfectant due to its antimicrobial properties. Thymol is also utilized in food preservation and as a flavoring agent. The global trade of thymol is influenced by demand in healthcare and personal care industries, as well as by the availability of raw materials from specific regions with favorable climatic conditions for thyme cultivation.
Total Trade Volume
Approximately $50 million USD
Data from 2022
Source
United Nations Comtrade Database & International Trade Centre (ITC)
$15 million USD
30% of total trade of total trade
Increasing
$10 million USD
20% of total trade of total trade
Stable
$8 million USD
16% of total trade of total trade
Increasing
$5 million USD
10% of total trade of total trade
Stable
$4 million USD
8% of total trade of total trade
Decreasing
Average Rate
5.2% ad valorem
Highest Rate
12% (applied by certain developing countries)
Lowest Rate
0% (under free trade agreements like EU-USMCA)
Rising demand for natural antiseptics
Increased exports from thyme-rich regions like India and Spain due to consumer preference for natural and organic products in healthcare and cosmetics.
2021-2023
Growth in pharmaceutical applications
Higher trade volumes as thymol is incorporated into over-the-counter drugs and dental care products, especially in North America and Europe.
2020-2022
Supply chain disruptions
Fluctuations in trade due to climate impacts on thyme harvests and logistical challenges during the post-COVID recovery phase.
2021-2022
The European Union introduced stricter guidelines on the sourcing and labeling of natural extracts like thymol to ensure sustainability and traceability.
March 2023
Potential increase in compliance costs for exporters to the EU, but improved market access for certified suppliers.
India launched a new incentive program under the 'Make in India' initiative to boost exports of essential oils and derivatives like thymol.
January 2023
Expected to further solidify India's position as the leading exporter, potentially increasing global supply and reducing prices.
A recent update to trade agreements reduced tariffs on chemical intermediates, including thymol, between the US and China.
September 2022
Likely to enhance trade flows between the two countries, benefiting US importers and Chinese exporters.