HS Code:
This category pertains to vehicles with a capacity exceeding 63.5 metric tons but not exceeding 90.7 metric tons, typically including heavy-duty trucks and specialized transport vehicles used in industries such as mining, construction, and logistics. These vehicles are designed for transporting large loads over challenging terrains and are critical to infrastructure development and industrial operations globally. The HS Code for this category is generally associated with 8704.23, covering motor vehicles for the transport of goods with a gross vehicle weight in this specific range.
Total Trade Volume
USD 5.2 billion
Data from 2022
Source
United Nations Comtrade Database
USD 1.3 billion
25% of total trade of total trade
Increasing
USD 1.1 billion
21% of total trade of total trade
Stable
USD 800 million
15% of total trade of total trade
Increasing
USD 600 million
12% of total trade of total trade
Stable
USD 500 million
10% of total trade of total trade
Increasing
Average Rate
6.5%
Highest Rate
25% (imposed by certain developing countries to protect domestic industries)
Lowest Rate
0% (under free trade agreements like EU-USMCA)
Shift towards electric and hybrid heavy-duty vehicles
Increasing demand for sustainable transport solutions is driving innovation and investment in electric vehicle technology for heavy-duty applications, though high costs remain a barrier.
2022
Growth in mining and infrastructure projects in developing regions
Rising demand for heavy-duty vehicles in Africa and Asia-Pacific due to large-scale mining operations and infrastructure development, boosting export opportunities for major manufacturers.
2021-2022
Supply chain disruptions affecting production
Global semiconductor shortages and raw material price volatility have led to production delays and increased costs for manufacturers, impacting trade volumes temporarily.
2021-2022
The European Union introduced stricter CO2 emission targets for heavy-duty vehicles, mandating a 30% reduction by 2030 compared to 2019 levels.
June 2022
Manufacturers are accelerating R&D for low-emission technologies, potentially increasing production costs but opening markets for green vehicles.
Under the United States-Mexico-Canada Agreement, tariffs on heavy-duty vehicles meeting regional content requirements have been eliminated, boosting trade among member countries.
January 2022
Enhanced market access for North American manufacturers, leading to a rise in cross-border trade in this category.
China’s ongoing infrastructure projects under the Belt and Road Initiative have increased the demand for heavy-duty transport vehicles in participating countries.
March 2023
Significant export growth for Chinese manufacturers and opportunities for other global players to supply to these regions.