HS Code:
The 'Valued not over 80ยข/gross' category typically includes low-value goods, often small consumer items, accessories, or components that fall under specific Harmonized System (HS) codes. These products are generally mass-produced, low-cost items traded in bulk, such as buttons, fasteners, or certain textile accessories. Due to their low individual value, they are often subject to specific tariff considerations and are critical in industries like apparel and manufacturing. Trade in this category is influenced by cost efficiencies, labor-intensive production, and proximity to major markets.
Total Trade Volume
USD 1.2 billion
Data from 2022
Source
United Nations Comtrade Database
USD 650 million
54.2% of total trade
Increasing
USD 180 million
15.0% of total trade
Increasing
USD 120 million
10.0% of total trade
Stable
USD 80 million
6.7% of total trade
Increasing
USD 50 million
4.2% of total trade
Stable
Average Rate
5.3%
Highest Rate
12% (imposed by certain EU countries on non-preferential imports)
Lowest Rate
0% (under free trade agreements like USMCA or EU-Asia FTAs)
Shift to nearshoring in production
Increased trade volumes from countries closer to major markets like the EU and US, reducing reliance on traditional Asian exporters.
2021-2022
Rising production costs in China
Diversification of supply chains to Southeast Asian countries like Vietnam and Bangladesh due to increasing labor costs in China.
2020-2022
Growth in e-commerce demand
Higher demand for small, low-value goods due to direct-to-consumer shipping models, boosting trade volumes.
2019-2022
The US extended Section 301 tariff waivers for certain low-value goods from China, including items in the 'Valued not over 80ยข/gross' category, to stabilize supply chains.
September 2023
Temporary relief for importers, maintaining high trade volumes from China despite ongoing trade tensions.
New EU regulations require stricter compliance with sustainability and labor standards for low-value imports, affecting exporters from developing countries.
June 2023
Potential increase in compliance costs and slight reduction in trade volumes from non-compliant suppliers.
The EVFTA, fully implemented in 2023, has reduced tariffs on low-value goods from Vietnam, boosting its market share in the EU.
January 2023
Significant growth in Vietnamโs export volume, challenging Chinaโs dominance in this category.