HS Code:
This category, valued between $2.20/kg and $2.30/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, processed meats, or dairy products, depending on the specific HS code sub-category. These goods are traded globally with varying demand based on regional production capacities, consumption patterns, and trade agreements. The category is sensitive to price fluctuations due to its narrow value range, making it a niche yet significant segment in international trade.
Total Trade Volume
Approximately $1.2 billion USD
Data from 2022
Source
United Nations Comtrade Database
$350 million USD
29.2% of total trade of total trade
Increasing
$280 million USD
23.3% of total trade of total trade
Stable
$150 million USD
12.5% of total trade of total trade
Increasing
$120 million USD
10.0% of total trade of total trade
Decreasing
$100 million USD
8.3% of total trade of total trade
Stable
Average Rate
5.8% ad valorem
Highest Rate
12% (imposed by certain developing economies)
Lowest Rate
0% (under free trade agreements like EU-USMCA)
Rising demand in Asia-Pacific
Increased exports from major producers like the US and Brazil to meet growing consumption in countries like China and India.
2021-2022
Sustainability focus
Shift towards sustainably sourced products in this category, influencing trade patterns with stricter certification requirements in the EU.
2020-2022
Price volatility due to geopolitical tensions
Trade disruptions in key exporting regions have led to price spikes, affecting the stability of this narrow value range.
2022
The European Union signed a new trade agreement with South American countries, reducing tariffs on products in this category by up to 50% over the next five years.
June 2023
Expected to boost exports from Brazil and Argentina to the EU, potentially increasing their market share.
The United States lifted certain export restrictions on agricultural products in this value range to stabilize global supply chains amid food security concerns.
March 2023
Likely to result in a short-term increase in trade volume from the US, affecting global pricing.
Severe weather conditions in key producing regions like Argentina led to a 15% drop in production for products in this category.
January 2023
Reduced supply has driven up prices, pushing some products out of this specific value range temporarily.