HS Code:
The 'Valued 69.3¢/kg or more' category under the Harmonized System (HS) Code typically refers to specific agricultural or food products, such as certain types of meat, dairy, or processed goods, that are valued at or above 69.3 cents per kilogram. This category is often subject to specific trade regulations, tariffs, and quotas due to its economic significance in global agricultural markets. The classification ensures that high-value products are monitored for fair trade practices, quality standards, and market competitiveness. Trade in this category is influenced by factors such as seasonal production, regional demand, and international trade agreements.
Total Trade Volume
USD 12.5 billion
Data from 2022
Source
United Nations Comtrade Database
Average Rate
8.5%
Highest Rate
25% (applied by certain developing economies to protect local markets)
Lowest Rate
0% (under free trade agreements like USMCA and EU Single Market)
Rising demand for premium agricultural products
Increased exports from countries with high-quality production standards, such as the US and Netherlands, due to growing consumer preference for premium and organic goods.
2021-2022
Impact of climate change on production
Erratic weather patterns have disrupted supply chains, particularly in regions like Australia, leading to reduced export volumes and higher prices.
2020-2022
Shift towards sustainable practices
Exporters adopting eco-friendly and traceable production methods are gaining market share in regions with strict environmental regulations, such as the EU.
2022
The European Union finalized a trade agreement with several South American countries, reducing tariffs on high-value agricultural products under this category.
June 2023
Expected to boost exports from Brazil by 10-15% over the next five years, potentially shifting market dynamics in the EU.
Recent negotiations between the US and China included discussions on reducing tariffs and quotas for agricultural products valued at 69.3¢/kg or more.
March 2023
Could lead to an increase in US exports to China, strengthening its position as the top exporter in this category.
Prolonged drought conditions in Australia have led to a significant drop in production of high-value agricultural goods, affecting export volumes.
January 2023
Reduced market share for Australia, with competitors like Brazil stepping in to fill the supply gap.