HS Code:
This category, often associated with small precision components such as micro screws, pins, or needles, with a length of less than 25.4 mm and a diameter of less than 1.65 mm, falls under specific HS codes related to fasteners or small metal products (likely under HS Chapter 73 for articles of iron or steel). These products are critical in industries like electronics, medical devices, and micro-engineering due to their small size and precision requirements. They are used in assembling miniature devices, surgical instruments, and other high-tech applications.
Total Trade Volume
Approximately $1.2 billion USD
Data from 2022
Source
United Nations Comtrade Database & World Trade Organization (WTO) Statistics
$320 million USD
26.7% of total trade of total trade
Increasing
$280 million USD
23.3% of total trade of total trade
Stable
$200 million USD
16.7% of total trade of total trade
Increasing
$150 million USD
12.5% of total trade of total trade
Stable
$100 million USD
8.3% of total trade of total trade
Increasing
Average Rate
5.2% ad valorem
Highest Rate
12% (applied by certain developing countries to protect local industries)
Lowest Rate
0% (under free trade agreements like EU-Japan EPA or USMCA)
Growing demand in medical device manufacturing
Increased trade volume due to the rise in minimally invasive surgical tools requiring micro-components
2021-2022
Shift towards automation in electronics
Higher demand for precision components in wearable tech and IoT devices, boosting exports from Japan and South Korea
2020-2022
Supply chain diversification
Countries like Vietnam and Taiwan are emerging as secondary suppliers to reduce reliance on China amidst geopolitical tensions
2022
The European Union introduced provisional anti-dumping duties of up to 10% on micro fasteners and components from China to protect domestic producers.
March 2023
Likely to shift trade flows towards other Asian exporters like Taiwan and South Korea.
A new bilateral agreement reduces tariffs on precision components, including those under this category, to strengthen supply chains for tech industries.
September 2022
Expected to increase Japanese exports to the US by 15% in this category over the next two years.
German manufacturers unveiled new laser-based manufacturing processes for micro-components, reducing production costs and improving precision.
January 2023
Likely to reinforce Germany's dominance in high-quality micro-component exports.