A recent bilateral trade agreement between the United States and Mongolia has facilitated an increase in the export of bolts, nuts, and washers (HS Code: 7318.15) from the US to Mongolia, with a reported 20% rise in shipments this quarter.
2023-10-15
Impact: This agreement is expected to strengthen trade ties, reduce tariffs, and increase demand for US-manufactured hardware in Mongolia, potentially benefiting US exporters.
Mongolian Import Surge of US Bolts and Fasteners
Mongolia has seen a significant uptick in imports of bolts and their accompanying nuts and washers from the US, driven by infrastructure development projects requiring high-quality fastening materials.
2023-09-05
Impact: This surge could lead to long-term contracts for US suppliers and a steady export market, though it may face challenges if local Mongolian production ramps up.
US Export Data Shows Growth in Fastener Shipments to Mongolia
Recent US trade data indicates a steady growth in the export of bolts, nuts, and washers (HS Code: 7318.15) to Mongolia, attributed to increasing demand in the Mongolian mining and construction sectors.
2023-08-20
Impact: This growth may encourage US manufacturers to focus on the Mongolian market, though logistical costs and competition from Chinese suppliers could pose risks.
Policy Updates
US-Mongolia Tariff Reduction on Industrial Fasteners
The US and Mongolia have agreed to reduce tariffs on industrial fasteners, including bolts, nuts, and washers (HS Code: 7318.15), as part of a broader trade facilitation initiative to support mutual economic growth.
Date: 2023-10-01
Mongolia Updates Import Regulations for Hardware
Mongolia has revised its import regulations to streamline customs processes for hardware items like bolts and fasteners, aiming to reduce delays and costs for shipments from the US and other countries.
