HS Code:
The 'Used or Rebuilt' category under the Harmonized System (HS) Code typically encompasses a variety of second-hand or refurbished goods, including machinery, vehicles, and equipment that have been previously used and may have undergone repair or rebuilding processes to extend their usability. This category is significant in global trade as it supports cost-effective solutions for industries in developing and developed countries alike, promoting sustainability through the reuse of products. Specific HS codes within this category vary depending on the type of product (e.g., used vehicles under HS 8703 or rebuilt machinery parts under various chapters).
Total Trade Volume
Approximately $150 billion USD
Data from 2022
Source
United Nations Comtrade Database & World Trade Organization (WTO) Reports
$30 billion USD
20% of global trade of total trade
Increasing
$22 billion USD
15% of global trade of total trade
Stable
$18 billion USD
12% of global trade of total trade
Increasing
$15 billion USD
10% of global trade of total trade
Stable
$12 billion USD
8% of global trade of total trade
Increasing
Average Rate
5-10% depending on product and country
Highest Rate
25% (imposed by certain developing countries to protect domestic industries)
Lowest Rate
0-2% (under free trade agreements or for sustainability initiatives)
Growing demand for used vehicles and machinery in developing economies
Increased trade flows to Africa and South Asia, boosting affordability but raising concerns over environmental standards
2021-2022
Rise in circular economy initiatives
Encourages trade in rebuilt and refurbished goods as part of sustainability goals, with policy support in the EU and North America
2020-2022
Technological advancements in refurbishment
Improves quality and reliability of used goods, driving demand in industrial sectors and reducing cost barriers
2019-2022
The European Union introduced stricter emission standards for imported used vehicles, aiming to reduce environmental impact.
January 2023
Likely to reduce trade volume of older vehicles into EU markets while pushing exporters to focus on cleaner technologies.
Several African countries under the African Union adopted policies to ban the import of vehicles older than 10 years to curb pollution and road safety issues.
October 2022
Significant reduction in used vehicle exports to affected countries, redirecting trade to other regions.
A bilateral agreement reduced tariffs on certain refurbished electronics, promoting trade in sustainable tech products.
March 2023
Expected to increase trade volume of rebuilt electronics between the two countries, benefiting both exporters and consumers.