HS Code:
The 'With movement measuring over 15.2 mm' category, typically classified under HS Code 9102.11 or related subcategories, pertains to wristwatches, pocket-watches, and other similar timepieces with mechanical or quartz movements where the movement size exceeds 15.2 mm. This category primarily includes larger watches often associated with premium or luxury segments due to their intricate design and craftsmanship. These products are traded globally with significant demand in fashion, luxury goods, and collector markets.
Total Trade Volume
USD 3.5 billion
Data from 2022
Source
UN Comtrade Database, International Trade Centre (ITC)
Average Rate
6.5%
Highest Rate
12% (applied by certain developing economies)
Lowest Rate
0% (under free trade agreements like EU-Switzerland FTA)
Rising demand for luxury mechanical watches
Increased exports from Switzerland and Germany due to consumer preference for high-end craftsmanship over smartwatches.
2021-2022
Shift towards sustainable materials
Manufacturers adopting eco-friendly materials and ethical sourcing, influencing trade patterns with higher compliance costs.
2022
Growth in e-commerce for luxury watches
Boosted cross-border trade, especially to emerging markets like India and Southeast Asia, with digital platforms facilitating sales.
2020-2022
The EU and Switzerland renewed their commitment to zero-tariff trade for luxury goods, including watches, under the bilateral agreement.
March 2023
Expected to maintain Switzerland's dominance in the EU market, with stable export volumes.
China reduced import tariffs on luxury watches from 11% to 8% to stimulate domestic consumption.
January 2023
Likely to increase export volumes to China, benefiting major exporters like Switzerland and Japan.
The US Customs and Border Protection introduced stricter valuation guidelines for high-value watches to prevent under-invoicing.
September 2022
May lead to delays in customs clearance and higher compliance costs for exporters to the US market.