HS Code:
The Tools category, classified under HS Code 82, encompasses a wide range of hand tools, power tools, and interchangeable tool parts used in various industries such as construction, manufacturing, and automotive repair. This category includes products like hammers, screwdrivers, drills, saws, and cutting tools. Tools are essential for industrial and household applications, making this category a critical component of global trade with consistent demand across developed and developing economies.
Total Trade Volume
USD 45.6 billion
Data from 2022
Source
United Nations Comtrade Database
USD 12.3 billion
27.0% of total trade of total trade
Increasing
USD 6.8 billion
14.9% of total trade of total trade
Stable
USD 5.2 billion
11.4% of total trade of total trade
Increasing
USD 3.9 billion
8.6% of total trade of total trade
Stable
USD 3.1 billion
6.8% of total trade of total trade
Increasing
Average Rate
5.2% ad valorem
Highest Rate
12.5% (applied by certain developing countries)
Lowest Rate
0% (under free trade agreements like EU-USMCA)
Rising demand for cordless power tools
Driven by advancements in battery technology and preference for portable equipment, boosting trade in lithium-ion powered tools by 15% annually.
2021-2022
Shift towards sustainable manufacturing
Increased focus on eco-friendly materials and energy-efficient tools, influencing trade patterns with stricter regulations in the EU market.
2020-2022
Growth in DIY home improvement
Pandemic-driven surge in home renovation projects has increased demand for hand tools, particularly in North America and Europe, with a 10% rise in imports.
2020-2022
The US reduced tariffs on certain Chinese tools from 7.5% to 2.5% as part of Phase One trade deal revisions, aiming to balance trade relations.
January 2023
Expected to increase Chinese tool exports to the US by 8-10% in 2023, benefiting manufacturers but raising concerns among domestic US producers.
New EU regulations under the Green Deal mandate stricter energy efficiency standards for power tools, requiring compliance by mid-2024.
March 2023
Non-compliant exporters may face restricted market access, pushing manufacturers to invest in sustainable production methods.
Ongoing port congestion and raw material shortages in Asia have delayed tool shipments, particularly from China and Taiwan.
October 2022
Led to a 5% increase in tool prices globally and shifted some demand to European suppliers in the short term.