HS Code:
The category of 'With links of essentially round cross sections' falls under the Harmonized System (HS) Code related to chains and parts thereof, typically under HS Code 7315. This category includes chains made of iron or steel with links that have a predominantly round cross-section, commonly used in industrial applications, machinery, and transportation equipment. These products are critical components in various sectors, including automotive, construction, and manufacturing, due to their strength and durability.
Total Trade Volume
Approximately $2.5 billion USD
Data from 2022
Source
United Nations Comtrade Database
$800 million USD
32% of total trade of total trade
Increasing
$450 million USD
18% of total trade of total trade
Stable
$350 million USD
14% of total trade of total trade
Increasing
$250 million USD
10% of total trade of total trade
Stable
$200 million USD
8% of total trade of total trade
Decreasing
Average Rate
5.2% ad valorem
Highest Rate
12% (imposed by certain developing countries)
Lowest Rate
0% (under free trade agreements like EU-USMCA)
Increased demand for high-strength chains in renewable energy sector
Growth in wind turbine and solar panel installation projects driving demand for durable chains, particularly in Europe and North America
2021-2023
Shift towards automation in manufacturing
Rising use of chains in automated conveyor systems and robotics, boosting trade volumes in Asia-Pacific regions
2020-2022
Raw material price volatility
Fluctuations in steel prices impacting production costs and trade margins globally
2022
The United States introduced a 10% tariff on specific steel chain imports from China to combat alleged dumping practices, affecting the 'With links of essentially round cross sections' category.
March 2023
Potential shift of supply chains to other Asian countries like Vietnam and South Korea
New EU regulations under the Green Deal mandate lower carbon emissions in steel production, influencing manufacturers of chains with round cross sections to adopt sustainable practices.
January 2023
Increased production costs but improved market access for compliant producers
A bilateral agreement between Japan and South Korea reduced tariffs on industrial components, including steel chains, fostering greater trade in the Asia-Pacific region.
September 2022
Enhanced competitiveness of Japanese and Korean exporters in the global market