HS Code:
The category 'With a maximum cross-sectional dimension over 6 mm but not over 9.5 mm' typically falls under HS Code 7318.15, which includes screws, bolts, nuts, and similar articles of iron or steel with a specific cross-sectional dimension range. This category is critical in various industries such as construction, automotive, and machinery manufacturing due to the essential role these components play in assembly and structural integrity. Products in this category are often subject to stringent quality standards and specifications to ensure safety and compatibility in their applications.
Total Trade Volume
USD 2.5 billion
Data from 2022
Source
United Nations Comtrade Database
Average Rate
5.2%
Highest Rate
12% (imposed by certain developing countries to protect local industries)
Lowest Rate
0% (under free trade agreements such as EU-Japan EPA)
Rising demand in renewable energy sector
Increased use of fasteners in wind turbine and solar panel installations has boosted trade volume by 10% annually.
2021-2022
Shift towards lightweight materials
Growing preference for high-strength, lightweight fasteners to improve fuel efficiency in automotive applications.
2020-2022
Automation in manufacturing
Adoption of automated production lines has reduced costs and increased output, particularly in China and Germany.
2019-2022
The European Union introduced anti-dumping duties ranging from 5% to 8% on specific steel fasteners from China to protect domestic manufacturers.
March 2023
Expected to reduce Chinese imports by 15% in the EU market, potentially benefiting local producers.
The United States-Mexico-Canada Agreement (USMCA) revised rules of origin for steel products, affecting fastener trade within North America.
January 2023
Encourages regional production but may increase costs for manufacturers reliant on Asian imports.
The International Organization for Standardization released updated guidelines for fastener durability and corrosion resistance.
June 2022
Manufacturers may face higher compliance costs, but this enhances product reliability and market trust.