HS Code:
The 'Vests' category, typically classified under HS Code 6110 (for knitted or crocheted vests) and HS Code 6203/6204 (for non-knitted vests for men and women), includes a range of sleeveless garments worn over other clothing for warmth, protection, or fashion. This category encompasses casual vests, formal waistcoats, safety vests, and tactical vests. Vests are traded globally with significant demand in fashion, outdoor activities, and industrial safety sectors. The trade is influenced by seasonal demand, fashion trends, and industrial safety regulations.
Total Trade Volume
USD 2.5 billion
Data from 2022
Source
United Nations Comtrade Database
USD 800 million
32% of total trade
Increasing
USD 400 million
16% of total trade
Increasing
USD 300 million
12% of total trade
Increasing
USD 200 million
8% of total trade
Stable
USD 150 million
6% of total trade
Stable
Average Rate
10.5%
Highest Rate
25% (applied by certain developing countries to protect local industries)
Lowest Rate
0% (under free trade agreements like EU-USMCA)
Rising demand for sustainable and eco-friendly materials
Increased production of vests made from recycled polyester and organic cotton, influencing sourcing patterns and pricing.
2021-2023
Growth in safety vest demand due to stricter workplace regulations
Higher exports to construction and logistics-heavy markets like North America and Europe.
2020-2022
Shift towards athleisure and outdoor fashion
Boost in lightweight, multi-functional vests for hiking and sports, driving innovation in design and materials.
2019-2023
The European Union introduced new EN ISO 20471 standards for high-visibility vests, requiring enhanced reflectivity and durability for imports starting mid-2023.
June 2023
Exporters from Asia must adapt to higher production costs and compliance, potentially reducing short-term trade volumes.
A revised trade agreement reduced tariffs on certain apparel categories, including vests, from 15% to 7.5% as part of Phase One negotiations.
January 2023
Increased imports of vests from China to the US, benefiting Chinese manufacturers and US retailers with lower costs.
Bangladesh secured Generalized Scheme of Preferences Plus (GSP+) status, allowing duty-free access for vests and other apparel to EU markets.
March 2023
Strengthened Bangladeshโs position as a leading exporter, potentially shifting market share from competitors like Vietnam.