HS Code:
The 'Valued less than 7.75ยข/kg' category typically includes low-value bulk commodities or raw materials under various HS codes, often used for products like basic agricultural goods, industrial raw materials, or scrap materials. These products are traded in high volumes due to their essential nature in manufacturing and production processes globally. The low value per kilogram indicates that these are generally unprocessed or minimally processed goods, often subject to specific trade regulations due to their economic significance and potential for market distortion.
Total Trade Volume
Approximately $15.3 billion USD
Data from 2022
Source
United Nations Comtrade Database
$3.8 billion USD
24.8% of total trade of total trade
Increasing
$2.5 billion USD
16.3% of total trade of total trade
Stable
$1.9 billion USD
12.4% of total trade of total trade
Increasing
$1.2 billion USD
7.8% of total trade of total trade
Increasing
$900 million USD
5.9% of total trade of total trade
Stable
Average Rate
5.2% ad valorem
Highest Rate
15% (imposed by certain developing nations to protect domestic industries)
Lowest Rate
0% (under free trade agreements or for least developed countries under GSP schemes)
Rising demand for raw materials in emerging economies
Increased trade volumes, particularly in Asia-Pacific, driving up exports from resource-rich countries like Brazil and Australia
2021-2022
Shift towards sustainable sourcing
Growing preference for ethically sourced or environmentally friendly raw materials, impacting supplier selection and trade routes
2020-2022
Fluctuations in global commodity prices
Price volatility affecting trade profitability, with significant impacts on low-value, high-volume goods
2019-2022
The Regional Comprehensive Economic Partnership (RCEP) has reduced tariffs on low-value commodities, boosting trade among member countries.
January 1, 2022
Expected to increase trade volume by 10-15% in the region over the next five years.
Certain countries have imposed temporary export bans on critical raw materials in this category to secure domestic supply amid global shortages.
March 15, 2023
Short-term supply chain disruptions and price increases in importing countries.
The European Union has introduced stricter certification requirements for imported raw materials to ensure sustainable production practices.
July 1, 2023
Potential barriers for non-compliant exporters, necessitating investment in certification processes.