HS Code:
This category, valued between 24.5¢/kg and less than 39.2¢/kg, typically includes specific agricultural or processed food products under the Harmonized System (HS) Code classification. These products are often subject to varying tariff rates based on country-specific trade agreements, quality standards, and import quotas. The category may encompass items such as certain types of meat, dairy, or processed vegetables, depending on the specific HS Code subheading (not fully provided in the query). Trade in this value range is influenced by seasonal production, global demand for affordable food products, and regional trade policies.
Total Trade Volume
USD 1.2 billion
Data from 2022
Source
United Nations Comtrade Database
Average Rate
8.5%
Highest Rate
15% (imposed by certain Asian markets)
Lowest Rate
2% (under EU preferential trade agreements)
Rising demand for affordable processed foods
Increased exports from developing countries due to competitive pricing in this value range
2021-2022
Shift toward sustainable sourcing
Countries with stricter environmental regulations may face higher compliance costs, affecting trade volumes
2020-2022
Fluctuating raw material costs
Price volatility in agricultural inputs has led to inconsistent trade volumes in this category
2019-2022
A recent trade pact between Mercosur countries has reduced tariffs for products in this value range, boosting exports from Brazil and Argentina.
June 2023
Expected to increase trade volume by 10% in the next year
The European Union adjusted import quotas for agricultural products in this category to protect domestic producers.
March 2023
Likely to reduce imports from non-EU countries by 5-7% in 2023
Ongoing negotiations between the US and China have led to temporary tariff reductions on select goods in this value range.
September 2023
Potential for a 15% increase in US exports to China if finalized