HS Code:
The 'Valued 56.7¢/kg or more' category typically pertains to high-value agricultural or processed food products under specific Harmonized System (HS) codes. While the exact HS code is not specified, this category often includes premium commodities such as specialty crops, processed fruits, or high-grade dairy products. These products are traded globally with a focus on quality and niche markets, often subject to stringent quality controls and tariff barriers due to their premium pricing and economic significance to exporting countries.
Total Trade Volume
USD 12.5 billion
Data from 2022
Source
United Nations Comtrade Database
Average Rate
8.5%
Highest Rate
35% (applied by certain developing countries to protect local markets)
Lowest Rate
0% (under free trade agreements like EU-US TTIP provisions)
Rising demand for premium and organic products
Increased exports from developed countries with strong organic certification systems; higher profit margins for exporters
2021-2022
Shift towards sustainable sourcing
Exporters adopting eco-friendly practices to meet consumer and regulatory demands, influencing trade agreements
2020-2022
Impact of supply chain disruptions
Delays and cost increases due to global logistics challenges, affecting trade volumes temporarily
2021
The European Union introduced new regulations on pesticide residues for high-value agricultural imports, impacting exporters from developing countries.
June 2023
Potential reduction in trade volume from non-compliant countries; increased compliance costs for exporters
A new bilateral agreement reduced tariffs on high-value agricultural products, boosting trade in this category between the two nations.
March 2023
Increased market access for Brazilian exporters; competitive pressure on domestic US producers
International efforts to stabilize supply chains have led to improved shipping times and reduced costs for high-value perishables in this category.
September 2023
Positive effect on trade volumes and pricing stability for importing countries