HS Code:
The 'Valued over 5ยข but not over 10ยข each' category typically includes low-cost consumer goods or components, often under HS codes related to miscellaneous manufactured articles, toys, or small hardware items. These products are generally mass-produced and traded in large volumes due to their low individual value. They are critical in industries requiring inexpensive parts or promotional items, often sourced from countries with low production costs. This category's trade is sensitive to labor costs, currency fluctuations, and trade policies targeting low-value imports.
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 90 million
7.5% of total trade
Stable
USD 75 million
6.3% of total trade
Increasing
USD 60 million
5.0% of total trade
Stable
Average Rate
6.5%
Highest Rate
12% (imposed by certain EU countries on specific low-value imports)
Lowest Rate
0% (under free trade agreements like USMCA for qualifying goods)
Shift to Southeast Asia for production
Due to rising labor costs in China, manufacturers are relocating to Vietnam and Thailand, diversifying supply chains and reducing dependency on a single country.
2021-2022
Increased e-commerce demand for low-value items
Growth in online marketplaces has boosted trade volumes for small, inexpensive products, often sold directly to consumers, though it raises concerns over customs enforcement.
2020-2022
Sustainability regulations impacting production
Stricter environmental standards in importing countries are pushing manufacturers to adopt greener practices, increasing costs slightly but opening niche markets.
2022
The European Union introduced revised tariff structures targeting low-value imports to curb undervaluation and ensure fair competition with domestic producers.
July 2023
Increased costs for exporters to the EU, potentially reducing trade volumes from major suppliers like China.
The US has tightened regulations on de minimis shipments (imports valued under $800) to address concerns over untracked low-value goods flooding the market.
March 2023
Smaller exporters face higher compliance costs, potentially consolidating trade among larger players.
The EU-Vietnam Free Trade Agreement (EVFTA) has reduced tariffs on low-value goods, boosting Vietnam's export competitiveness in this category.
August 2022
Significant growth in Vietnamโs market share, challenging Chinaโs dominance in this category.