HS Code:
The 'Valued under $3,000 each' category typically includes a wide range of products and commodities that are individually priced below $3,000. This HS code category often encompasses miscellaneous goods, small machinery, consumer electronics, tools, and other low-value items traded internationally. Due to the broad nature of this classification, it serves as a catch-all for items not specifically categorized elsewhere, making it a significant segment in global trade for small-scale transactions and e-commerce.
Total Trade Volume
Approximately $150 billion USD
Data from 2022
Source
World Trade Organization (WTO) and International Trade Centre (ITC) Trade Map
$45 billion USD
30% of total trade of total trade
Increasing
$30 billion USD
20% of total trade of total trade
Stable
$15 billion USD
10% of total trade of total trade
Increasing
$10 billion USD
6.7% of total trade of total trade
Stable
$8 billion USD
5.3% of total trade of total trade
Increasing
Average Rate
5.2% ad valorem
Highest Rate
15% (applied by certain developing countries)
Lowest Rate
0% (under free trade agreements or for least developed countries)
Growth in e-commerce transactions
Significant increase in cross-border shipments of low-value goods due to the rise of online marketplaces, driving demand for items under $3,000.
2020-2022
Shift toward sustainable products
Growing consumer preference for eco-friendly and ethically sourced products in this price range, influencing production and trade patterns.
2021-2023
Digitalization of customs processes
Streamlined customs clearance for low-value goods has reduced delays and costs, boosting trade volumes in this category.
2019-2022
Several countries, including the United States and members of the EU, have reviewed and adjusted de minimis thresholds for low-value imports to combat tax evasion and protect domestic industries.
Mid-2023
Potentially reduces the volume of duty-free imports under $3,000, affecting small-scale exporters and e-commerce platforms.
The World Trade Organization introduced updated guidelines to harmonize customs procedures for low-value shipments, aiming to reduce trade barriers and improve transparency.
Early 2023
Facilitates smoother trade flows for items under $3,000, benefiting small and medium enterprises (SMEs) engaged in global trade.
Recent trade agreements, such as the RCEP (Regional Comprehensive Economic Partnership), have lowered tariffs and simplified rules for low-value goods among member countries.
Late 2022
Boosts intra-regional trade of products valued under $3,000, particularly in the Asia-Pacific region.