HS Code:
The 'Valued less than 60ยข/kg' category typically includes low-value bulk commodities or raw materials under various HS codes, often encompassing agricultural products, basic industrial materials, or other goods traded in large quantities at minimal per-unit cost. These products are critical in global supply chains but are often subject to fluctuating demand, trade barriers, and price volatility due to their commodity nature. Trade in this category is influenced by factors such as regional production capacities, geopolitical stability, and currency exchange rates.
Total Trade Volume
Approximately $50 billion USD
Data from 2022
Source
United Nations Comtrade Database and World Trade Organization (WTO) Statistics
$10 billion USD
20% of total trade of total trade
Increasing
$8 billion USD
16% of total trade of total trade
Stable
$6 billion USD
12% of total trade of total trade
Increasing
$5 billion USD
10% of total trade of total trade
Decreasing
$4 billion USD
8% of total trade of total trade
Decreasing
Average Rate
5.2% ad valorem
Highest Rate
15% (imposed by certain developing economies to protect domestic industries)
Lowest Rate
0% (under free trade agreements like NAFTA/USMCA or EU single market)
Rising demand for low-cost raw materials in emerging markets
Increased export opportunities for producing countries, but also heightened competition and price suppression
2021-2022
Shift towards sustainable sourcing
Countries with environmentally friendly production practices gaining market share, while others face pressure to adapt
2020-2022
Impact of geopolitical tensions
Disruptions in supply chains due to sanctions and trade wars, particularly affecting exporters like Russia
2022
A regional trade pact among Mercosur countries has reduced tariffs on low-value commodities, boosting trade volume for Brazil and Argentina.
March 2023
Expected to increase trade volume by 10% in the region over the next two years.
The United States introduced anti-dumping duties on certain low-value imports from Asia to protect domestic producers.
June 2023
Likely to reduce import volumes from affected countries by 5-7% in the short term.
Stricter environmental regulations in the EU have increased production costs for low-value goods, affecting export competitiveness.
September 2023
Potential shift of market share to less-regulated regions like Southeast Asia.