HS Code:
The 'Articles of Wood' category, classified under HS Code 44, encompasses a wide range of wood products including wooden furniture, frames, tools, tableware, and other manufactured wood items, excluding raw timber and wood pulp. This category is critical to global trade due to its applications in construction, home dรฉcor, and industrial uses. Trade in this category is influenced by factors such as sustainability concerns, deforestation regulations, and consumer demand for eco-friendly products.
Total Trade Volume
USD 150 billion
Data from 2022
Source
United Nations Comtrade Database
USD 40 billion
26.7% of total trade of total trade
Increasing
USD 20 billion
13.3% of total trade of total trade
Stable
USD 15 billion
10.0% of total trade of total trade
Increasing
USD 10 billion
6.7% of total trade of total trade
Increasing
USD 8 billion
5.3% of total trade of total trade
Stable
Average Rate
5.2% ad valorem
Highest Rate
15% (applied by certain developing countries to protect domestic industries)
Lowest Rate
0% (under free trade agreements like EU Single Market or USMCA)
Rising demand for sustainable and certified wood products
Increased market share for exporters complying with environmental standards, pushing non-compliant suppliers out
2021-2023
Shift towards e-commerce for wooden furniture sales
Small and medium enterprises gaining access to global markets, challenging traditional large exporters
2020-2022
Growing use of engineered wood products
Higher trade volumes in value-added products rather than raw wood, benefiting countries with advanced manufacturing
2019-2023
The European Union introduced stricter regulations requiring proof of deforestation-free supply chains for wood products entering the market.
June 2023
Increased compliance costs for exporters, potential market access barriers for non-compliant countries, and a push towards sustainable practices.
A partial reduction in tariffs on wooden furniture and articles as part of Phase One trade deal negotiations.
January 2023
Boosted exports from China to the US, though tensions remain over anti-dumping concerns.
Vietnam has emerged as a key player due to favorable trade agreements and investment in wood processing industries.
Mid-2022
Increased competition for traditional exporters like China and Italy, with Vietnam capturing significant market share in the US and EU.