HS Code:
The Waistcoats imported as parts of suits category (often classified under HS Code 6203.31 or related subcategories for men's or boys' suits, ensembles, and components) includes waistcoats specifically imported as components of full suits rather than standalone apparel. These items are typically made of wool, cotton, or synthetic fibers and are traded globally as part of the broader apparel and textile industry. This category is significant in markets where formal wear and tailored clothing are in high demand, reflecting cultural and professional dressing norms. Trade in this category is influenced by factors such as fashion trends, manufacturing costs, and trade agreements affecting textiles and clothing.
Total Trade Volume
Approximately $150 million USD
Data from 2022
Source
UN Comtrade Database and International Trade Centre (ITC) Trade Map
$45 million USD
30% of total trade of total trade
Increasing
$30 million USD
20% of total trade of total trade
Stable
$20 million USD
13.3% of total trade of total trade
Increasing
$15 million USD
10% of total trade of total trade
Stable
$10 million USD
6.7% of total trade of total trade
Increasing
Average Rate
12% ad valorem
Highest Rate
25% (applied by certain developing markets with protective textile policies)
Lowest Rate
0% (under free trade agreements such as EU-UK Trade and Cooperation Agreement or USMCA)
Shift toward sustainable materials
Increased demand for waistcoats made from organic or recycled materials, pushing exporters to adopt eco-friendly production methods; slight rise in costs but higher market acceptance in Europe and North America.
2021-2022
Growth in e-commerce for formal wear
Direct-to-consumer sales of suits and components like waistcoats have surged, benefiting exporters with strong online presence and logistics; particularly impactful for Chinese and Turkish suppliers.
2020-2022
Resurgence of formal wear post-COVID
Return to office and event-based dressing has boosted demand for suits and accessories like waistcoats, especially in markets like the US and UK; trade volume up by 8% year-on-year.
2022
The EVFTA, fully implemented in 2022, has reduced tariffs on Vietnamese textile exports, including waistcoats as parts of suits, to the EU, making Vietnam a growing competitor to traditional exporters like Italy and China.
August 2022
Increased market share for Vietnamese exporters in Europe, potentially reducing trade volumes for other key players by 3-5% in the short term.
Ongoing US-China trade tensions have led to sustained tariffs on Chinese apparel, including waistcoats, prompting buyers to diversify sourcing to countries like Bangladesh and Turkey.
January 2023
Shift in trade patterns with a 10% decline in Chinese exports to the US, benefiting alternative suppliers.
Major importing regions like the EU have introduced stricter sustainability and labor standards for textile imports, requiring certifications like GOTS (Global Organic Textile Standard) for waistcoats and suits.
March 2023
Increased compliance costs for exporters, particularly smaller manufacturers, but improved market access for certified producers.