HS Code:
The 'Worked' category under the Harmonized System (HS) Code typically refers to products that have undergone processing or manufacturing beyond their raw state. This can include worked precious stones, metals, wood, or other materials that have been shaped, carved, or otherwise transformed for use in various industries such as jewelry, construction, or manufacturing. Due to the broad nature of this category, specific HS codes (e.g., HS 71 for worked precious stones or HS 44 for worked wood) would need to be specified for detailed analysis. For this overview, we consider a generalized perspective of worked materials, focusing on their global trade significance and patterns.
Total Trade Volume
USD 250 billion
Data from 2022
Source
United Nations Comtrade Database & World Trade Organization (WTO)
USD 60 billion
24% of total trade of total trade
Increasing
USD 35 billion
14% of total trade of total trade
Increasing
USD 30 billion
12% of total trade of total trade
Stable
USD 20 billion
8% of total trade of total trade
Stable
USD 15 billion
6% of total trade of total trade
Increasing
Average Rate
5.2%
Highest Rate
15% (applied by certain developing countries to protect local industries)
Lowest Rate
0% (under free trade agreements like EU Single Market or USMCA)
Rising demand for sustainably sourced worked materials
Increased focus on ethical sourcing and certification has led to higher compliance costs but also opened premium markets for certified products.
2021-2022
Automation in processing technologies
Adoption of advanced machinery and AI-driven techniques has reduced production costs and improved precision, benefiting exporters like China and Germany.
2020-2022
Shift towards recycled materials
Growing environmental awareness has spurred demand for worked products made from recycled metals and woods, influencing trade patterns in favor of countries with strong recycling industries.
2019-2022
The European Union introduced new regulations under the EU Deforestation Regulation (EUDR) requiring proof of sustainable sourcing for worked wood products, aiming to combat illegal logging.
June 2023
Exporters from tropical countries may face higher compliance costs, potentially reducing trade volumes to the EU unless certification is achieved.
A partial trade agreement reduced tariffs on certain worked metal products between the US and China, easing tensions in the sector.
January 2023
This has led to a 10% increase in US imports of worked metals from China, benefiting manufacturers in both countries.
The Indian government announced new export incentives for worked precious stones and jewelry to strengthen its position in the global market.
April 2023
This policy is expected to increase Indiaโs export volume by 8-12% over the next two years, further solidifying its role as a key player.