HS Code:
This category, valued between $1.40/kg and less than $1.70/kg, typically includes specific agricultural or processed food products under the Harmonized System (HS) Code classification. Products in this price range often encompass commodities like certain types of grains, seeds, or processed food items that are subject to specific tariff schedules based on their value per kilogram. The category is significant in global trade due to its relevance in food security and agricultural markets, often influenced by seasonal production, trade policies, and regional demand.
Total Trade Volume
USD 2.5 billion
Data from 2022
Source
United Nations Comtrade Database
USD 600 million
24% of total trade of total trade
Increasing
USD 450 million
18% of total trade of total trade
Increasing
USD 300 million
12% of total trade of total trade
Stable
USD 250 million
10% of total trade of total trade
Decreasing
USD 200 million
8% of total trade of total trade
Increasing
Average Rate
5.2% ad valorem
Highest Rate
12% (applied by certain developing economies to protect local markets)
Lowest Rate
0% (under free trade agreements like NAFTA or EU Common Market)
Rising demand in Asia-Pacific for processed agricultural goods
Increased export opportunities for major producers like the US and Brazil, driving trade volume growth by 8% annually
2021-2022
Climate change impacting crop yields
Supply chain disruptions in key exporting countries like India, leading to price volatility and a 3% trade decline in affected regions
2022
Shift towards sustainable farming practices
Higher production costs but increased market access in eco-conscious markets like the EU, with a 5% trade increase for certified products
2020-2022
The European Union introduced a revised tariff structure for agricultural imports in this value category to support local farmers, increasing duties by 2% on non-FTA partners.
June 2023
Potential reduction in exports from non-FTA countries like India by 4%, redirecting trade flows to FTA partners like the US.
A bilateral agreement between the US and Brazil reduced tariffs on agricultural products in this category to near zero, boosting trade competitiveness.
March 2023
Expected 10% increase in trade volume between the two countries, affecting global supply dynamics.
India imposed a temporary export restriction on certain agricultural commodities in this value range due to domestic shortages caused by erratic monsoons.
September 2022
Global supply tightened, leading to a 5% price increase and a shift in demand to other exporters like Australia.