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GLOBAL FINTECH FEST|AUGUST 2024Building sustainable long-term businesses in Financial servicesState of the Fintech Union 2024State of the Fintech Union 2024Boston Consulting Group partners with leaders in business and society to tackle their most important challenges and capture their greatest opportunities.BCG was the pioneer in business strategy when it was founded in 1963.Today,we work closely with clients to embrace a transformational approach aimed at benefiting all stakeholdersempowering organizations to grow,build sustainable competitive advantage,and drive positive societal impact.Our diverse,global teams bring deep industry and functional expertise and a range of perspectives that question the status quo and spark change.BCG delivers solutions through leading-edge management consulting,technology and design,and corporate and digital ventures.We work in a uniquely collaborative model across the firm and throughout all levels of the client organization,fueled by the goal of helping our clients thrive and enabling them to make the world a better place.We are early-stage investors targeting companies in the Indian consumer and enterprise market.Matrix Partners began in Boston in 1977,and today invests actively in the USA,India and China.Z47(fka Matrix Partners India)was established in 2006,and invests across a variety of sectors including ConsumerTech,B2B commerce,Enterprise,Fintech,among others.We look for the best and brightest founders and teams.In our experience,the quality,passion and commitment of a companys core team are more important than any other elementWe invest in between seed and series B initially in each company.We like to get to know founders early,ideally well before they are ready to raise capital,with a focus on companies primarily targeting the Indian market.We prefer to be the lead investor.We often invest on our own but also co invest with other investorsFounders are always first in our eyes,whether you have just a nascent idea or are already running a business,let us help you turn your ideas into reality and grow your businessIntroductionYashraj ErandeGlobal Leader-FintechIndia Leader,Financial Institutions,BCGcommitment to fostering a deeper understanding and supporting this ecosystem.This partnership aims to provide comprehensive insights into the evolving landscape of Fintechs in India,highlighting the key trends and opportunities,the journey to prepare for IPOs,and collaboration potential within the ecosystem.The Fintech growth in India has been bolstered by an evolving regulatory landscape that has promoted innovation while upholding security and compliance,both critical in promoting consumer trust.Our survey of 60 founders&CXOs shows that more than 65%of respondents believe that regulations have helped reduce systematic risks.This regulatory evolution has also increased the confidence of both institutional and retail investors,leading to exponential growth in business accessing deep public markets(IPOs)for raising capital.In the past five years alone,there has been an almost 2x surge in IPO filings in India!Our study shows that successful IPOs require several years of preparation and an informed approach to effectively navigate the hurdles.This report will serve as a critical guide,outlining best practices and strategies for navigating the complexities of public market listings,especially considering that only half of the founders and CXOs feel they are adequately prepared.As the Fintech system has evolved,so have the threats that loom over the sector.Cyber intrusions and digital attacks have led to$20 B of losses reported by financial sector over the last 20 years.Collaboration may present a key solution to these threats by enabling faster escalation and information sharing among collaborators.Collaborations can also help incumbents access new technologies and Fintechs access large consumer bases.By focusing on these critical areas,this report aims to enable Fintech leaders to accelerate their growth journey,enhance strategic decision-making,and contribute to a more robust and sustainable Fintech ecosystem in the country.With a strong belief that enabling more Fintech leaders can unlock the next revolution in Financial Services and drive the countrys economic growth,we hope you find this report an insightful read!The Indian Fintech ecosystem is the third largest globally and continues to grow rapidly with tripling of Unicorns/Soonicorns and quadrupling of Minicorns over the last four years.The ecosystem has also matured significantly with 35 Fintechs at$500M valuation,compared to only 13 in 2020.We are now in the middle journey of growth,with a long roadmap ahead to stabilize and scale.As we continue to witness this transformation,its essential to probe into the rising strategic needs of this sector and identify initiatives companies must execute to catapult their growth journey and manage potential risks.The partnership between Boston Consulting Group and Z47(fka Matrix Partners India)underscores thisExecutive Summary(I/II)Indian Fintech ecosystem,cumulatively valued at$100Bn ,is in the middle journey with potential to create 2-3X value in the next decadeIndia continues to be among the top 3 Fintech destinations;ecosystem growth across the pyramid with 3.5x Minicorns,3x Unicorns&Soonicorns in 4 YearsFintechs driving significant impact on financial inclusion:56%revenue growth from 2022 to 2023 vs.13%growth rate of global Fintechs in similar periodIndian Fintechs have generated$100Bn value in 10 years but are still in the middle phase compared to incumbents who have over 30-50 years created$600Bn valueWith 63%of the Indian population outside the top cities,huge opportunity exists to serve Bharat with next wave of penetration expected to come from Tier 2 citiesProfitability is now a central focus across Fintech sectors,with over 40%of founders and CXOs prioritizing unit economics alongside market expansion.Mature Fintechs preparing for or in the IPO journey are emphasizing governance,investment in infrastructure,securityAcross survey of 60 Executives of top Fintechs,market share expansion&growth emerged as priorities for early and growth stage FintechsPre/post IPO stage Fintechs tend to place greater emphasis on unit economics&profitability and investing in tech,infra&securityWhile market share and growth remain the primary priority across LendingTech,InsurTech and SaaS/InfraTech segments;PayTech firms focusing on unit economicsProfitability outlook is improving YoY across segments,with Neobank&InsurTech showing the highest positive projections,marking the most significant shift since 2022Stricter financial management,reducing CAC and portfolio pruning emerge as top 3 prioritiesHowever,the industry is not without challenges-particularly in cybersecurity,with over$20 billion lost to cyber and digital attacks in the past two decades.Compliance is equally critical needs to be a“feature”and not a“fix”Number of fines for non-compliance has surgedRobust risk management is be the most critical factor amongst 80%respondents to strengthen governance which in turn also driving better opportunities of partnership with incumbentsThe lines between online and offline are quickly blurring with Fintechs adopting Phy-gital approaches to serve customersPhy-gital journeys with offline touchpoints help Fintechs reach previously un/underserved customers,allowing for higher-value transactions built on trustUsing the“right-tech”combined with operational rigour is helping Fintechs unlock value across functions like sourcing,underwriting,customer service,and collectionsRegulatory system is conducive for innovation;sentiment is strong,supportive and clarity has evolved;simplification of processes can further unlock valueStrong positive outlook noted across various progressive regulatory moves with 75% respondents having positive or neutral view on AA,SRO for Fintech and DPDPWhile strong sentiments exist on regulatory system being effective in safeguarding risks and accessibility,pain points emerging on driving greater clarity and simplifying complex processesAre Fintechs ready to tango with capital markets?Several Fintechs are expected to compete for public capital over the next few years;Indian startups typically go public in 3.5-4 years after reaching Unicorn status,with over 35 fintech firms valued at$500M ,many would be contemplating or approaching IPOWhile Indian markets remain bullish,capital is heavily competed for across sectorsIPO filings have nearly doubled from 75 annually in 2018-2019 to 120-140 per year from 2021 to 2023,indicating strong market momentumDespite the deemed importance of profitability,leadership,and governance in a successful IPO,only 40-60%of fintech founders feel fully prepared on all these frontsIPO is not a destination but the beginning of a journey to building an institution that stands the test of time.Investing in the IPO readiness journey is critical;70%of Fintechs listed in India have had their share prices decline in 6 months of listingAround 70%of Fintechs listed in India over the last 5 years saw share prices decline within 6 months post-IPO,highlighting the need for sustained performanceSuccessful IPOs will require a clear equity story backed by strong fundamentals in financials,governance and a wellSuccessful IPOs will require a clear equity story backed by strong fundamentals in financials,governance and a well-run IPO offrun IPO office which prepares for not just the journey but ice which prepares for not just the journey but for the expectations post IPOfor the expectations post IPOAs we move ahead,there are few key imperatives for Fintech founders and the ecosystem:Ruthless in Resilience:Build a resilient,tech-led,internal architecture with sufficient lines of defence Compliance as a“Feature”,not a“Fix”:Start early and embed compliant practices in design,from Day 1 stay away from“grey areas”,IPO is a milestone,not an end-goal:While thinking early for IPO and preparing along the 5Ps Proposition,Profitability,Prudence,Process and PeopleConstant calibration and collaboration of policy to balance innovation and risk management It is an exciting next few years as Fintechs continue to invest in building sustainable long-term businesses while driving disruptive innovation with strong focus on governance,compliance!Executive Summary(II/II)TABLE OF CONTENTSState of the Indian Fintech marketMarket landscape,key growth drivers and challenges06-210101Voice of CXOs:Building high-growth businessesOpportunities for sustainable high-growth businesses in India22-570202Journey to IPO and BeyondGetting to a successful IPO along with real-world case studies58-840303Action AgendaPriorities to unlock growth in the evolving landscape85-880404State of the Indian Fintech marketMarket landscape,key growth drivers and challenges0101Indian Fintech Ecosystem Indian Fintech Ecosystem-Key HighlightsKey Highlights-333%$20 Bn$20 Bn$100 Bn$100 Bn3.5x3.5xGrowth in Minicorns in the last 4 years that are driving overall Fintech growth in IndiaIndia Fintech market size in revenue in 2023,up by 56%YoYValuation of Indian Fintech industry,still in its middle journey with potential for exponential growthLosses from cyber intrusions over the last 20 years globally key priority for ecosystemYoY drop in India Fintech equity funding in 2023,in-line with global Fintech equity funding decline of 51%YoY$25 Bn$25 Bn35 35 Decacorn,Unicorn&Soonicorn Fintechs in India,compared to 13 in 2020,indicating a maturing ecosystemGLOBAL FINTECH FEST 20248GLOBAL FINTECH FEST 202481.As of Jun24;Note:#means NumberSource:Tracxn#FintechsAs of Jul 24Growth in#Fintechs(2019-20241)Funding($)(Jun19Jun24)#Deals(Jun19Jun24)#Unicornsas of Jun 24USA39,06510!8 Bn7,266131UK14,57610q Bn2,33928Canada4,53510 Bn6217India12,37012& Bn2,47924Australia4,0826%9 Bn3723China4,0105 Bn52022India continues to be among the top 3 Fintech destinationsGLOBAL FINTECH FEST 20249While funding has declined for Indian Fintechs,revenues continue to grow fastSource:“Prudence,Profits,and Growth”BCG QED Investors Report,BCG Fintech Control Tower854220232022-51(432020222023 132520222023 56%GlobalIndiaGlobalIndiaGlobal funding dips due to economic&political turmoilIndia funding also drops 33%YoYGlobal Fintech revenue continues to growIndian Fintech revenue rising rapidly vs.global revenueFintech equity funding($billion)Fintech revenue($billion)4.63.120222023-33%-33%GLOBAL FINTECH FEST 202410Growth in Fintechs across the pyramid;3.5x Minicorns in 4 Years20202024Indian Fintech landscape inDecacorn($10B)Unicorns($1-10B)Soonicorns($0.5-1B)Century Club Fintechs($100-500M)Minicorns($1-100M)117205173974200713Note:2024 data is as of July 2024.Calculation is based on latest valuation available as per database.Source:TracxnThe number of Minicorns has nearly quadrupled from 200 to 700 in the last 4 yearsGLOBAL FINTECH FEST 202411Positive outlook for Fintech ecosystem given the penetration potential across sectorsPenetrationIndiaGlobalIndia Growth(5-year CAGR)4Mutual Funds(%GDP)2170-10020%Life Insurance density(per capita premium in$)7036112%Non-Life Insurance density(per capita premium in$)2552811%Unsecured Retail Loans5(%population6)990-12023%1.Private and Web aggregators insurance pool considered.2.Household value of MF assets as on Jan20 and Jan23 instead of financial year.3.From Jan20 and Jan24 instead of financial year.4.FY19 to FY24;5.Includes Personal Loans and Credit Cards.6.as%of total working population(15-64 years).Source:UIDAI,IRDAI,AMFI,SEBI,RBI,IMF,CRIF:How India Lends Report,UNFPA State of World Population 2023 Report,Life Insurance Council,General Insurance Council,Axis Capital Report “Unsecured Lending and its Promise of Structural Growth”However,significant potential ahead with penetration still lower than global levels FY 20FY 2380147Unsecured Retail Loan book73143Credit Card spends 67.5Insurance commission1,3146280Household Value of MF assets2($Bn)Growth across all Fintech segments in financial services over the last 3 years1.5x growth2x growth1.25x growth2x growthGLOBAL FINTECH FEST 202412Our Fintechs are in the middle journey with significant headroom for growthFintechs have created sizeable value in a 10-year period Incumbents have created 5.5x value in a 30-to-50-year period Fintechs(Combined valuation of$100 Bn)Incumbents(Market cap.of$610 Bn)RAZORPAYPHONEPECREDZERODHAGROWWONECARDSLICEFIVE STARUPSTOXACKOJUPITERZETAPAYTMINCRED FINANCEDIGITPB FINTECHOXYZOCOINDCXPINE LABSPAYUYUBIHDFC BANKICICI BANKAXIS BANKSBISBI LIFEBAJAJ FINSERVSHRIRAM FINANCEKOTAKHDFC LIFESBI CARDICICI PRUDENTIALHDFC AMCSource:Tracxn,Capital IQ,Press Search.IllustrativeGLOBAL FINTECH FEST 202413880165214327358840315565No overnight successes,but significant compounding potential for the Indian Fintech ecosystem as indicated by Global Financial IndustryTotal growth of market cap.($B)Est.1958Est.1984Est.1994Est.2007 525 81 157 30200820182023 250 275 53 28 85 72 18 12Market cap.(in$Bn)Examples of companies from US and IndiaFinancial industry demonstrates gradual value accumulation,leading to significant compounding growthExamples show market cap growth in the recent five years equaling or exceeding growth of the initial ten yearsHighlights importance of investing in long-term capabilities for compounding growth,even at large scales10 years5 yearsSource:CapitalIQVISAVISAFINSERVFINSERVHDFC BANKHDFC BANKBAJAJ FINSERVBAJAJ FINSERVGLOBAL FINTECH FEST 202414Next set of growth for Fintechs to come from Bharat 1.Annual household gross income based out of 2019;2.CAGR Growth from FY19-22;3.Amount of outstanding loan as of 2022 Source:World Bank,“Financial Services Innovation for Bharat”BCG RBIH Report,“Growing Inclusion in India-The Fintech Way”BCG StartUp India report,The Rise and Evolution of Indias Digital Finance TransUnion CIBIL reportIndian population resides beyond Tier-I cities as of 2023Indian population in the next billion1 segment64D%Growth of outstanding loans in rural v/s urban(14%vs.7%of urban2)Consumers of Fintech lending come from semi-urban&rural segment2x51%Estimated credit gap3 in MSME sectorGross cropped area insured20-25INR Tn25-30%Share of Fintechs in total Agri-lending segmentTotal farmers with access to formal credit14 Mn registered taxpayersNational Digital Health Mission22 Mn health IDs created1.Till Jan 24.All data as latest available on the respective websites captured in June 2024.Source:India Stack,Press Releases,BCG Analysis.Identity LayerPayments LayerData LayerOpen Networks Public Tech Platform for Frictionless Credit(PTPFC)GLOBAL FINTECH FEST 202417The AI Buzz-Transforming banking across seven key use-casesValue seen across revenue growth,cost reduction,and risk management1.AI use-cases deliver value through one or a combination of growing revenue,increasing productivity(i.e.doing more with the same number of FTE,or doing the same work with fewer FTE),or avoiding risk/potential costsSource:AI at Work:What People are Saying BCGX.RevenueProductivityRiskRevenueProductivityRiskRevenueProductivityRiskRevenueProductivityRiskRevenueProductivityRiskRevenueProductivityRiskRevenueRiskValue Lever1 ProductivityCustomer intimacy:Enhancing customer experiences with targeted marketing campaigns and personalizing offeringsOperational excellence:Streamlining operations by automating routine and repetitive tasks with AI to increase efficiencyControlling credit risks:Implementing predictive models to manage credit risks effectivelyContaining compliance and operational risks:Embracing Responsible AI to enhance compliance measures and mitigate risksBuilding workforce and culture:Utilizing AI in workforce planning and fostering a culture of innovationFraud detection and prevention:Leveraging AI to analyze transaction patterns to detect suspicious activities and mitigate riskAI-based products and services:Maximize revenue with dynamic pricing,automated data analysis to derive insights quickly,etc.Use cases in the global financial sector11342567Responsible AI focuses on AIs development and use legally and ethically.It targets minimizing harm,prioritizes transparency and fairnessIt addresses the main concerns of bias,data privacy,and lack of explainability of complex modelsIt encourages sustainable innovation and enhances performance Practice Responsible AI to build accountability and mitigate risksGLOBAL FINTECH FEST 202418Frauds and cyber attacks-A major challenge for the ecosystem6,479729345316251249229156USUKCanadaIndiaAustraliaFranceGermanyChina$20 billion in losses have resulted from over 20,000 cyber intrusions and digital attacks reported by the financial sector over the last 20 years.Number of publicly attributed cyber events(last 20 years)$20 Bn lost in cyber and digital attacks by the financial services sector globallyNumber of frauds have risen significantly in India while value has shown a decline294420224202483343211721520222024434132Number of frauds(in 000)Fraud amount(in INR Bn)Digital PaymentsLoanEstablishment of cyber rangeEstablished a cyber range under the Utkarsh 2.0 initiative to enhance cyber incident response capabilities of SCB1AI/ML algorithms deployedDetects potential fraud by identifying unusual patterns and behaviors in real-timeRobust KYC procedures implementedVerify customer identities during onboarding and at periodic intervals to prevent identity theft and ensure complianceMeasures to reduce frauds and cyber attacks1.Scheduled Commercial Banks.Source:RBI Annual Report 2024,“Cyber Risks for Indian Lenders”Jefferies Report.GLOBAL FINTECH FEST 202419Compliance as a Feature,”not a FixRegulators actions aimed at ensuring longer-term stability of our financial ecosystem52211281FY20FY23FY245xFine Value(INR Crore)554086Perceived conflict in objectives(profit maximization vs compliance)Compliance an afterthought post regulatory actionsInability to keep up with new regulations due to legacy systems,business continuity risksRisks covered are non-comprehensiveIneffective and unindustrialized processes Tick mark culture lacking insightsStakeholders not empowered to make decisionsIncreased scrutiny by regulator on complianceThree major reasons that cause firms to miss complianceCompliance as a feature,not a fixSource:RBI Annual Report 2024,Press Search,BCG analysis.#of instances wherein fines were imposed on banks by RBIFocus on short-term resultsProcess and system issuesUn-empowered compliance function 11 Cr fines on Fintechs in last 3 years regulators actions have been overall a positive for the industry by enabling increase in consumer trust in the Fintech ecosystem it has been a clear message that companies need to ensure that compliance is a Day 1 focus and regulatory arbitrage is not a winning strategy”Founder&CEO,NeobankSeat at the table or you are on the menu!Do the right thing,be seen doing it and tell othersEvery mini-crisis is an opportunity for step changeGLOBAL FINTECH FEST 202420The SRO guidelines have been much awaited.This has for the first time provided a structured way for Fintech ecosystem to connect with the regulator.FLDG is a good example for one going forward we expect that this collaboration will help the ecosystem strengthen itself against emerging threats like frauds&further drive innovation”Moving towards self-governance in the Fintech sectorRBI proposes omnibus SRO-FT(s)1:These are to include diverse players,set conduct standards,and enforce complianceThis has paved the way for an industry-wide move towards selfself-governancegovernance,with organizations like PCI&DLA already expressing interest in applyingWhat does this mean?Minimum net worth of Rs.2 croreRs.2 crore,MoA stating the operation as an SROSRO-FT as its primary objectiveFT as its primary objectiveRobust IT infrastructureRobust IT infrastructure,systems for managing user harm instancesVoluntary membershipVoluntary membership for diverse Fintechs,including those domiciled outside IndiaCreate policiesCreate policies,resolve conflictsresolve conflicts,offer expertise,offer expertise,and training programsCommunication channelCommunication channel between the diverse industries and the regulatorManage dataManage data pertaining to the activities of its membersEligibility to become SRO1 and membership criteriaRoles and responsibilities of SROs11.Self-Regulatory Organization for Fintechs;2.Self-Regulatory OrganizationSource:RBIRapid growthRapid growth and diverse naturediverse nature of sector(digital lenders,account aggregator,P2P business)Regulatory asymmetryRegulatory asymmetry and competition with bankscompetition with banks Issues like mis-selling,data privacy,cyber security,unauthorized transactions,unfair practices,etc.Need for SROs1 in Fintech spaceRBIRBI-recognized NGOrecognized NGO that serves to regulate the sectorOperates independentlyOperates independently and consists of members from the industryWhat is an SRO1?Anand Khetan Associate Vice PresidentZ47(fka Matrix Partners India)GLOBAL FINTECH FEST 202421As DPDP puts data ownership fully in the hands of consumers,Fintechs can take the lead in helping ecosystem adaptConsent formClear affirmative consent with purpose of data collectionNotice containing details of mechanism for consent withdrawal,grievance redressalData mappingKeep a trace of data flow,security,and monitor usageUse risk assessments to prioritize vendors and customize mitigation planData modificationEnable data deletion and modification upon request from data principalSeparate out legally required data points from others;e.g.KYC data required for 5 yrs.DPDP guides organizations to integrate privacyConcerns for the DPDP ActPeriod of limitation for data:Does not grant below rights to the data principalRight to data portability(i.e.data principal can obtain data for own use in structured,common format)Right to be forgotten(i.e.limitation of time period for which data can be accessed)Transfer outside IndiaAllows transfer of personal data outside IndiaMay not ensure adequate data protection in countries where data transfer is allowedIndependent functioning of BoardMembers of Board will be appointed for 2 years&are eligible for re-appointment The short-term with scope for re-appointment may affect their independenceSource:MeitY-Digital Personal Data Protection Act,2023,Press SearchVoice of CXOs:Building high-growth businessesOpportunities for sustainable high-growth businesses in India0202Laying out foundations for successful IPOs to ensure long-term growth and market presenceAssessment and Playbook for IPO readinessAssessing the impact of technology and the availability of skilled personnel in building competitive advantageUnderstanding the state of regulatory adherence,compliance,and collaboration between Fintechs&incumbentsGovernance,compliance,and collaborationIdentifying key focus areas that drive growth,innovation,and competitive advantage in the Fintech industryKey strategicprioritiesBuilding technology and talent advantageLaying out foundations for successful IPOs to ensure long-term growth and market presenceAssessment and Playbook for IPO readinessAssessing the impact of technology and the availability of skilled personnel in building competitive advantageUnderstanding the state of regulatory adherence,compliance,and collaboration between Fintechs&incumbentsGovernance,compliance,and collaborationBuilding technology and talent advantageIdentifying key focus areas that drive growth,innovation,and competitive advantage in the Fintech industryKey strategicprioritiesGLOBAL FINTECH FEST 202425Market share expansion and improving profitability emerged as the top strategic priorities across segmentsTop strategic priorities across Fintech segmentsMarket share expansion&growthPositive outlook across Fintech segmentsInvestment in tech.,infra.&securityGovernance and complianceTalent development strategyStrengthening customer engagementFocus on unit economics&profitabilityStrategic partnerships/expansion(selected by%respondents1)Overall58C50&%LendingTech6718!V%PayTech273%0 CG%InsurTech79)%7!W!%WealthTech48900%Neobank44D9%0D(%SaaS/InfraTech81&9)%0%1.Percentage of respondents is calculated by dividing the number of people who agreed this is one of the top 3 strategic priorities by the total number of respondents Note:Q:What strategic objectives are the most pressing for your company?(n=60)Source:BCG Z47(fka Matrix Partners India)SOFTU Survey24GLOBAL FINTECH FEST 202426Balancing growth with profitability is top of mind for all Fintechs;those closer to IPO are also giving equal focus to technology,infrastructure,and securityMarket share expansion&growthInvestment in tech,infra&securityGovernance and complianceTalent development strategyStrengthening customer engagementEarly StageGrowth StagePre/Post IPO Stage7736A%NA80GG %NA51%Focus on unit economics&profitability41gcB%5%Strategic partnerships/expansion21D0%1.Percentage of respondents is calculated by dividing the number of people who agreed this is one of the top 3 strategic priorities by the total number of respondents Note:Q:What strategic objectives are the most pressing for your company?(n=60)Source:BCG Z47(fka Matrix Partners India)SOFTU Survey24(selected by%respondents1)Top strategic priorities across Fintechs at various stagesMarket share expansion&growth emerged as priorities for early and growth stage FintechsPre/post IPO stage Fintechs tend to place greater emphasis on unit economics&profitability and investing in tech,infra&securityGLOBAL FINTECH FEST 202427Early Stage Fintechs|Market entry&growth strategy emerge as highest priorities;PayTech firms focusing on profitability1.Percentage of respondents is calculated by dividing the number of people who agreed this is one of the top 3 strategic priorities by the total number of respondents Note:Q:What strategic objectives are the most pressing for your company?(n=28)Source:BCG Z47(fka Matrix Partners India)SOFTU Survey24(selected by%respondents1)Top 3 strategic priorities across segmentsBusiness CategoryTop 3 priorities for EarlyStage FintechsMarket share expansionTalent development strategyGovernance and complianceFocus on unit economics&profitabilityMarket share expansionStrategic partnerships/expansionMarket share expansionFocus on unit economics&profitabilityBuilding the core teamMarket share expansionTalent development strategyInvestment in tech,infra&securityFocus on unit economics&profitabilityMarket share expansionGovernance and complianceMarket share expansionTalent development strategyInvestment in tech&infraSaaS/InfraTechNeobankWealthTechInsurTechPayTechLendingTechGLOBAL FINTECH FEST 202428Growth Stage Fintechs|Investment in technology,infrastructure,and security emerge as a priority across sectors1.Percentage of respondents is calculated by dividing the number of people who agreed this is one of the top 3 strategic priorities by the total number of respondents Note:Q:What strategic objectives are the most pressing for your company?(n=7)Source:BCG Z47(fka Matrix Partners India)SOFTU Survey24Top 3 strategic priorities across segmentsBusiness CategoryTop 3 priorities for GrowthStage FintechsFocus on unit economics&profitabilityMarket share expansionInvestment in tech,infra&securityInvestment in tech,infra&securityGovernance and complianceStrategic partnerships/expansionMarket share expansion Focus on unit economics&profitabilityStrategic partnerships/expansionMarket share expansionStrategic partnerships/expansionInvestment in tech,infra&securityFocus on unit economics&profitabilityMarket share expansionGovernance and complianceInvestment in tech,infra&securityStrategic partnerships/expansionMarket share expansionSaaS/InfraTechNeobankWealthTechInsurTechPayTechLendingTech(selected by%respondents1)GLOBAL FINTECH FEST 202429Pre/Post IPO Stage Fintechs|IPO stage Fintechs driving stability at scale with focus on tech,infra,and security1.Percentage of respondents is calculated by dividing the number of people who agreed this is one of the top 3 strategic priorities by the total number of respondents Note:Q:What strategic objectives are the most pressing for your company?(n=29)Source:BCG Z47(fka Matrix Partners India)SOFTU Survey24Top 3 strategic priorities across segmentsTop 3 priorities for Pre/Post IPOStage FintechsMarket share expansionFocus on unit economics&profitabilityGovernance and complianceInvestments in tech,infra&securityStrategic partnerships/expansionGovernance and complianceMarket share expansionFocus on unit economics&profitabilityCustomer engagementMarket share expansionInvestments in tech,infra&securityStrengthening customer engagementInvestments in tech,infra&securityGovernance and complianceStrengthening customer engagementMarket share expansionInvestments in tech,infra&securityFocus on unit economics&profitabilityBusiness CategorySaaS/InfraTechNeobankWealthTechInsurTechPayTechLendingTech(selected by%respondents1)GLOBAL FINTECH FEST 202430Profitability outlook continues to improve year-on-year,with SaaS,PayTech,and WealthTech outlook rising significantly1.Percentage of respondents is calculated by dividing the number of people who agreed by the total number of respondentsNote:Q:Do you believe most Fintechs in your sector will operate profitably in the next 2-3 years?(n=60 in 2024,n=102 in 2022)Source:BCG Z47(fka Matrix Partners India)SOFTU Survey24Change from 20222024Positive outlook across segmentsHigher%of respondents believe in Fintech profitability(%respondents1 who believe Fintechs will be profitable in the next 2 years)202445-500-35 22LendingTechWealthTechPayTech68UB%R%InsurTech71R%Neobank79W%SaaS/InfraTech70 %Neobank&InsurTech emerging with the highest positive outlook on profitability in the next 2 years,also with the biggest change from 2022;personalized financial products and subscription-based services,are the key drivers towards the positive outlookGLOBAL FINTECH FEST 202431Stricter financial management and customer acquisition cost rationalization emerge as key levers for cost reduction across segments1.Percentage of respondents is calculated by dividing the number of people who agreed this to be top 3 priority by the total number of respondents;2.Strict financial management”involves rigorous budgeting,expense tracking,and cost control to minimize expenses and maximize operational efficiency and profitabilityNote:Q.Which cost reduction measures are you prioritizing/believe are most effective to cut costs?(Rank in order)(n=60)Source:BCG Z47(fka Matrix Partners India)SOFTU Survey24Stricter financial management,reducing CAC and portfolio pruning emerge as top 3 prioritiesTop 3 challenges(selected by%respondents1)Segment specific split of priorities across top cost reduction leversStricterfinancialmanagementReducecustomeracquisitioncostExitnon-profitablebusiness linesOutsourcenon-corefunctionsIntroducealternatecommercialmodel68W9!%sg3 WqCC%0qqq)ggg3xVV3icH)%Stricter financial management2Reduced customer acquisition costExiting non-profitable products and business lines69cH%Business CategoryPayTechInsurTechWealthTechNeobankSaaS/InfraTechLendingTechOverallGLOBAL FINTECH FEST 202432Increasing CAC and compliance with the evolving regulatory guidelines highlighted as major challenges1.Percentage of respondents is calculated by dividing the number of people who agreed this is one of the top 3 challenges by the total number of respondents Note:Q.What are the top challenges you foresee for your business in the next 2-3 years?(n=60)Source:BCG Z47(fka Matrix Partners India)SOFTU Survey24CAC,regulatory compliance&technology upgrades/integration as top 3 challengesTop 3 challenges(selected by%respondents1)Segment specific split across challenges being faced by the FintechsIncreasing customer acquisition costEvolving regulatorycompliancesTech integration and upgradesFraud preventionand cyber-securityCompetition fromincumbents40c1%6&Bt&V8P%X%8%p 02S7%5)&#%Increasing customeracquisition costCompliance with evolving regulatory frameworkTechnological upgrades and integration40)&%Business CategoryPayTechInsurTechWealthTechNeobankSaaS/InfraTechLendingTechOverallLaying out foundations for successful IPOs to ensure long-term growth and market presenceAssessment and Playbook for IPO readinessAssessing the impact of technology and the availability of skilled personnel in building competitive advantageBuilding technology and talent advantageIdentifying key focus areas that drive growth,innovation,and competitive advantage in the Fintech industryKey strategicprioritiesUnderstanding the state of regulatory adherence,compliance,and collaboration between Fintechs&incumbentsGovernance,compliance,and collaborationGLOBAL FINTECH FEST 202434Indias regulator undertaking progressive initiatives to boost innovationStrong positive outlook noted across most initiatives1.Percentage of respondents is calculated by dividing the number of people who selected strongly positive,positive and neutral by the total number of respondents.Note:Q:What is your outlook on the following regulations and their impact on the industry?(n=60)Source:BCG Z47(fka Matrix Partners India)SOFTU Survey24Respondents view on top 3 progressive regulatory movesProgressive regulatory moves%respondents1 with positive or neutral outlook90uu%DigitalPersonal Data Protection ActSRO forFintechAccount Aggregator ModelPositive outlook on regulatory innovation can be harmonized through clear communicationEstablishing an SRO to streamline compliance,enhance industry collaboration,and adapt regulatory frameworks to foster innovation in Indias Fintech sectorDPDP Act to strengthen data privacy,enhance consumer trust,and set clear guidelines for secure data management in the Fintech industryOutlook on recently introduced regulationsIRDAISandbox63c%Bureau accessto Fintechs63c%GLOBAL FINTECH FEST 202435Regulatory system highly effective in safeguarding risks;however,potential to benefit from greater clarity&easier processes existsDriving higher clarity in regulations5050G47%Complex process and regulationBest features of regulatory environment(selected by%respondents1)Biggest pain points of regulatory environment(selected by%respondents2)Change from 202212 %8%8%Strong positive sentiment on regulatory environment however,potential to further improve clarity&consistency1.Percentage of respondents is calculated by dividing the number of people who agreed to this being best feature by the total number of respondents;2.Percentage of respondents is calculated by dividing the number of people who agreed to this being a pain point by the total number of respondentsNote:Q:What are the best features of the regulatory environment in your business area?Q.What are the biggest pain points of the regulatory environment in your business area?(n=60 in 2024,n=102 in 2022)Source:BCG Z47(fka Matrix Partners India)SOFTU Survey24Offering level playing field 3535%Safeguard systemicrisks6565P50cessibility to regulatory authorityFuture oriented and pro-innovation4040%6%6%GLOBAL FINTECH FEST 202436Fintech founders/CXOs have continuously improved governance frameworks focusing on enhanced risk management and compliance readiness1.Percentage of respondents is calculated by dividing the number of people who agreed to Fintechs being at par with incumbents by the total number of respondents;2.Percentage of respondents is calculated by dividing the number of people who selected this by the total number of respondentsNote:Q:Fintechs are at par with Incumbents in terms of governance mechanism?(n=51);Q:What has your business done to improve governance standards over last year?(n=60 in 2024,n=45 in 2023,n=102 in 2022)Source:BCG Z47(fka Matrix Partners India)SOFTU Survey24(%respondents2 who mentioned this as a step to improve governance standards over the last year)Robust risk management continues to be the most critical factor amongst 80%respondents to strengthen governanceChange from 20232024Improved cybersecurity systems365%Set up stricter internal controls and risk management systems10%Enhanced readiness for regulatory compliance and reporting5r%(6%)Improved data handling andmanagement capabilitiesEstablishing an advisory board and ensuring board independence and composition47B%(%respondents1 who believe Fintechs are at par with incumbents in terms of governance)20222024Continuous improvement in Fintechs governance systems noted year on year 28-33 %-30 23GLOBAL FINTECH FEST 202437Robust risk management processes and greater balance in the win-win equation between Fintechs&Incumbents will accelerate collaborationRisk managementRegulatory challengesWays of working/operational complexityTech maturity&commercial models1.Percentage of respondents is calculated by dividing the number of people who agreed this is one of the top 3 challenges by the total number of respondentsNote:Q:What will be the biggest challenge for you while partnering with fintechs?n=60 in 2024,n=102 in 2022Source:BCG Z47(fka Matrix Partners India)SOFTU Survey24Top challenges faced during collaboration between Fintechs and incumbents(selected by%respondents1 considering it as a top challenge)68d3%(21%)24%(33%)Change from 20222024NAHaving balanced and scaled partnerships between incumbents and Fintechs can go a long way in unlocking mutual value,along with ensuring strong compliance.However,imbalanced collaborations will lose their edge over time.”Jitendra GuptaFounder&CEO,JupiterLike in every other industry,a wave of disruptors will herald the demise of companies that do not adopt quickly enough,it is inevitable that the incumbents have to partner up to stay relevant.Its also important to note that India is already blazing new trail on a number of avenues within Fintech and India will become the Fintech factory for the world.”Madhusudanan RFounder&CEO,M2PAssessing the impact of technology and the availability of skilled personnel in building competitive advantageBuilding technology and talent advantageIdentifying key focus areas that drive growth,innovation,and competitive advantage in the Fintech industryKey strategicprioritiesUnderstanding the state of regulatory adherence,compliance,and collaboration between Fintechs&incumbentsGovernance,compliance,and collaborationLaying out foundations for successful IPOs to ensure long-term growth and market presenceAssessment and Playbook for IPO readinessGLOBAL FINTECH FEST 202439Top 5 critical factors identified for IPO readiness;however,readiness levels roughly around the half-way mark1.Percentage of respondents is calculated by dividing the number of people who agreed this factor as of high or very high importance by the total number of respondentsNote:Q:If you prepare your Fintech company for an IPO,in your mind,what will be the importance across the mentioned factors.Plotted high and very high responses as%of total responses,(n=60)Source:BCG Z47(fka Matrix Partners India)SOFTU Survey2441%Sustained profitability58%Strong equity story54%Experienced leadership team64%Compliance adherence53%Unique value proposition92%Profitability,equity story,leadership,compliance&unique value proposition emerge as critical factors for IPO readiness(%respondents1 mentioning this as the importance and level of readiness)An IPO is a significant milestone in a companys evolution,requiring thorough preparation.Founders and leaders must ensure that governance and a strong team culture are deeply embedded in the organization.With the emphasis on tracking and delivering strong numbers,it is crucial for founders and leaders to focus on steady,sustainable growth and establish robust systems and processes that ensure these goals are achieved.”V.R.GovindarajanCo-founder&Executive Chairman,PerfiosReadiness levelsImportance levelsIdentifying key focus areas that drive growth,innovation,and competitive advantage in the Fintech industryKey strategicprioritiesUnderstanding the state of regulatory adherence,compliance,and collaboration between Fintechs&incumbentsGovernance,compliance,and collaborationLaying out foundations for successful IPOs to ensure long-term growth and market presenceAssessment and Playbook for IPO readinessAssessing the impact of technology and the availability of skilled personnel in building competitive advantageBuilding technology and talent advantageGLOBAL FINTECH FEST 202441Early Stage Fintechs|Building strong company culture and adhering to budget critical as early stage Fintechs ramp up their workforceMaintaining budgetconstraints when hiringAccessing talented tech teamConvincing top talent to joinIntegrating new hires into the teamDeveloping leadership withinthe existing teamBuilding strong company culture52D(r%1.Percentage of respondents is calculated by dividing the number of people who have mentioned this as a top 3 teaming priority by the total number of respondents.2.Percentage of respondents is calculated by dividing the number of people who have mentioned this as a top 3 challenge by the total number of respondentsNote:Q:Which teaming priorities do you believe are critical to your companys success and Key challenges faced to achieve these priorities.(n=22)Source:BCG Z47(fka Matrix Partners India)SOFTU Survey24Establishing strong culture from the ground up should be prioritized in early stage Fintech startup(%respondents1 mentioning this as the critical teaming priority)%respondents mentioning this as a challengeKey difficulties faced by early-stage Fintechs as they strengthen their employee value propositions59Y%of respondentsBudget constraints to hire the best talent41A%of respondentsRetaining original culture becomes difficult as team expands41A%of respondentsDifficulties in adjusting to new environment faced by new hires from established companies(%respondents2 mentioning this as a challenge)GLOBAL FINTECH FEST 202442Cultivating a strong cultureCareer&growth opportunitiesSuccession planningRecruiting senior leadershipEnhanced diversity and inclusion81tRE#%Growth Stage Fintechs|Cultivating strong company culture and career development are priorities for companies at other stages of investment1.Percentage of respondents is calculated by dividing the number of people who have mentioned this as a top 3 teaming priority by the total number of respondents.2.Percentage of respondents is calculated by dividing the number of people who have mentioned this as a top 3 challenge by the total number of respondentsNote:Q:Which teaming priorities do you believe are critical to your companys success and Key challenges faced to achieve these priorities.n=22Source:BCG Z47(fka Matrix Partners India)SOFTU Survey24Key difficulties faced by growth-stage Fintechs as they maintain their employee value propositionsCultivating and maintaining a strong culture along with well-defined career development trajectories critical59Y%of respondentsAttracting strong senior leadership59Y%of respondentsMaintaining a strong culture,especially with global and remote teams388%of respondentsEnsuring leadership continuity in critical areas(%respondents1 mentioning this as a top teaming priority)(%respondents2 mentioning this as a challenge)SaaS/InfraTechNeobankWealthTechPayTechLendingTechInsurTechSegment specific deep-dives123465GLOBAL FINTECH FEST 202444LendingTech|Market Overview:Significant potential in Indias underpenetrated retail lending market but requires a measured approach by FintechsRetail unsecured loan1 penetration2,as of Dec 23India retail unsecured loan book(INR Tn)1.Includes Personal loans and credit cards.2.Calculated as%of total working population(15-64 years)Source:Experian,Axis Capital report”Unsecured Lending and its Promise of Structural Growth”,Federal Reserve Bank of St.Loius,SBI Research,CNBC,RBI,The Rise and Evolution of Indias Digital Finance TransUnion CIBIL report,“Personal Loans UK Report”Mintel,“UK labour market statistics”House of Commons Library,“How many credit cards can you have?”Uswitch,National Bureau of Statistics,China,SOHU-China,Press Search,BCG AnalysisLow penetration underscores huge expansion potential in IndiaMeasured approach with relevant guardrails to tap into this marketUnsecured retail loans witnessed robust growth with stable GNPAFY20FY236.612.2 23%unsecured vs.,retail loans%unsecured vs.,total loans%GNPA16 %5%7%2.8%2.8%USAUKChinaGermanyIndia25935e%9I%of retail loan originations from 5 states(Maha.,Kar.,UP,TN&Telangana).Other states(AP,WB)underpenetrated RBI is keeping a close watch,hiking risk weights on PL by 25%as a proactive step for risk managementNTC customers coming into fold with 56%growth over the last 4 years.However,they account for 13%of overall portfolioWhile unsecured lending has potential,Fintechs need to balance it with secured loans,aligning with the regulators stanceAs the demand for credit continues to surge,driven by the rapid digitization of financial services,we are witnessing a significant influx of individuals and businesses engaging with formal financial systems for the first time.This trend,often referred to as First to Bank and First to Credit,is reshaping the financial ecosystem.With advancements in technology,the average loan size is expected to decrease as embedded finance solutions proliferate,allowing customers to access credit seamlessly across various digital platforms.”Gaurav KumarFounder and CEO,Yubi1GLOBAL FINTECH FEST 202445Securing initial funding roundsFocusing on unit economicsPlan for a NBFC licenseEnsuring foundational regulatory complianceAchieving initial market penetrationOthersBuilding the core team436666!C%Focusing on uniteconomicsEnhancing security and fraud preventionBuilding out new products/offeringsUpskilling employees&talent acquisitionEnsuring enhanced regulatory complianceOthersExpanding market share50P333gSS %Implementing cross-sell strategies to existing customersExpanding market presence(geographical and customer segments)Ensuring advanced regulatory complianceEnhancing profitability&managing costsOthers7%Strengthening customer relationshipsFocusing on unit economics&building the team remain top strategic focus areasIncreasing market share and optimizing unit economics remain the top prioritiesEnhancing profitability and advancing in regulatory compliance remain top prioritiesStartups in early-stage of investmentStartups in growth-stage of investmentStartups in IPO-stageNote:Q:What are the most important strategic focus areas for you and your business in next 2-3 years?(Rank in order);Others in early stage include:finding initial core customers,building out the loan origination&management system,developing a viable product;Others in growth stage include:pursue a NBFC license,scaling up the loan origination&management system,focusing on driving collections;Others in pre and post IPO include:focusing on driving collections,revamping technology stack,enabling agility&customer service,defending against new entrants,preparing for IPO or strategic exit,pursue/acquire a NBFC license,onboarding senior executives to strengthen management.Source:BCG Z47(fka Matrix Partners India)SOFTU Survey24LendingTech|Strategic Priorities:Focus on profitability is unwavering,along with increasing market share and regulatory compliance1GLOBAL FINTECH FEST 202446LendingTech|Key Challenges:Regulatory compliance by Fintechs viewed as a key challenge dampening avenues for Incumbent collaborationKey to drive further clarity in the regulatory environment,optimizing CACRobust risk management can further drive Fintech and Incumbent collaboration374 %Risk managementRegulatory challengesWays of working1.Percentage of respondents is calculated by dividing the number of people who have mentioned this as a top 3 challenge forseen by the total number of respondentsNote:Q:What are the top challenges you foresee for you and your business in the next 2-3 years?(n=40);Q:What will be the biggest challenge for you while partnering with Fintechs?(n=13)Source:BCG Z47(fka Matrix Partners India)SOFTU Survey24Regulatory compliance&policy changesIncreasing customer acquisition costCustomer retention&satisfactionOversaturation of the unsecured lending market23c%(%respondents1 who mentioned this as a foreseeable top challenges)(%respondents1 who mentioned this as a top challenges)1GLOBAL FINTECH FEST 202447CollectTech|Market Overview:AI-Digital driven collections a$15 billion opportunity;30-40%cost reduction scopeSource:Press Search,BCG Analysis6915FY23FY25EFY28E 20%Share of digital collectionsCollections spending in India($Bn)20% 40%2xIndias collections market on the riseAdoption of AI-Digital collections to reduce credit loss by up to 50%and boost recoveries by 20-30%Rising customer awarenessAbout the impact of late payments on credit scores and extra chargesRegulatory pushTo adopt customer-centric and compliant approachesAnalytics-powered tele-callingTransforming call center productivityAI and Gen AIEnabling personalized collection strategiesCostly traditional collectionsCosts reaching 10-15%of gross collectionsPreference for DIY modesComfort of digital banking in collections6Key drivers of digital collections165432We anticipate a rapid expansion of the partnership lending ecosystem,where collaborations between banks,non-banking financial companies(NBFCs),and large digital platforms will become increasingly common.In this evolving landscape,collection technology will play a pivotal role,moving beyond mere efficiency to focus on the cost-effectiveness and compliance of collections.The ability to manage collections effectively in this new environment will be crucial for maintaining financial stability and ensuring sustainable growth.”Gaurav KumarFounder and CEO,Yubi1GLOBAL FINTECH FEST 202448PayTech|Market Overview:Revolutionizing B2B payments with Fintech-driven efficiency,security,and scalabilityReal-time payments Leveraging UPI to ensure instant transaction settlementsRecurring paymentsSupports recurring mandates,enhancing cash flow managementAI-powered fraud detectionTo detect and prevent fraudulent activities in real-timeFaster settlementsReduces time for international transactions from days to secondsScalabilityGrowing with business needs,ensuring flexibility and adaptabilityOne-time mandateBlocks funds for future payments,reducing credit risksReduced costsInnovative payment channels,making international trade more cost-effectiveDigital invoicingAdapting to the mandatory e-invoicing system,ensuring compliance and reducing errorsIntegrationStreamlining payment processes and improving operational efficiencyInvoice in the inboxIntegrates invoices directly into the payment system,reducing admin overheadsCurrency flexibilityOffers better currency conversion options,improving planning and budgeting for businessesCustomizationSolutions tailored to specific business requirements,enhancing user experienceB2B PaymentsUPI 2.0Cross-Border PaymentOpenOpenPayMatePayMatePayment as a ServiceRazorpayRazorpayInstaMojoInstaMojoInstaRemInstaRemPayoneerPayoneerCashfree Cashfree PaymentsPaymentsFSSFSSSource:BCG Analysis2GLOBAL FINTECH FEST 202449PayTech|Market Overview:Opportunity worth$1.8 Tn in cross border payments yet to be cracked1.Up to September 2023;Source:Draft RBI circular on Processing and settlement of small value Export and Import related payments facilitated by Online Export-Import Facilitators(OEIF)(erstwhile OPGSP),dated Apr 2022;Indian Cross Border E-Commerce Survey,Payoneer.Expert discussions,Foreign Trade Policy 2023,PIB,Analyst Reports,Press SearchThe Indian Fintech industry has been undergoing significant transformation,with new-age technologies redefining how businesses transact with money today.I believe the next frontier of innovation lies with cross-border payments.And as more and more small and medium-sized enterprises enter the formal economy,Fintechs will play a crucial role in addressing key challenges in the payment value chainsuch as reconciliation and seamless integration into business models.This shift towards integrated payment systems will not only enhance transaction reliability,scalability,and overall success rates,but also offer an opportunity for mature Fintechs to expand into Southeast Asia and similar geographies,bringing their expertise and innovations into new markets.Harshil MathurCEO and Co-founder,RazorpayCross-border payments expected to grow by 1.5x to$1.8 Tn in the next 3 yearsDespite their large volume,cross-border payments in India face many hurdlesThree key drivers defining the cross-border landscapeCross-border opportunityChallengesIndias targeted exports by FY30 from$776 Bn in FY24$2 Tn$2 TnContribution of MSME products to exports in FY24146F%High transaction charges for cross-border payments2 2-10%Other issues include lack of transparency and speedRise of B2B2XDemand for direct trade paymentsSophistication of NanopreneursMarketplaces are enabling sellers to go multi-country easily e.g.,Atomgrid,Shopee,etc.Higher focus on fee income by banks leading to bundled offersRise of freelancers/sole proprietors1503651812652002413504416453003635302021220232027E2202120232027E515625915502607885355LC based paymentsBank transferVia OEIFImportsExportsB2B cross-border transactions($Bn)Direct payments2GLOBAL FINTECH FEST 202450PayTech|Priorities and Challenges:Need to prioritize profitability,digital innovation,and expanding market presence while monitoring policy shifts1.Percentage of respondents is calculated by dividing the number of people who have mentioned this as a top 3 strategic priority by the total number of respondents.2.Percentage of respondents is calculated by dividing the number of people who have mentioned this as a top 3 challenge by the total number of respondentsNote:Q:What are the most important strategic focus areas for you and your business in next 2-3 years?(Rank in order)(n=16)Q.What are the top challenges you foresee for you and your business in the next 2-3 years?(Rank in order)n=11;Others in IPO include:Developing new revenue growth avenues beyond payments,Strengthening customer relationships,Preparing for IPO or strategic exit,Onboarding sr.exec to strengthen mgmnt.,Defending against new entrants;Source:BCG Z47(fka Matrix Partners India)SOFTU Survey24Enhancing profitability and managing costsInnovating in digital payment technologiesExpanding market presence(geographical and customer segments)Revamping technology stack,enabling agility and customer serviceEnsuring advanced regulatory complianceOthers50PPBB3%Strategic priorities of IPO stage companies(selected by%respondents1)Enhancing profitability&innovating in digital payments remain high priority,followed by expanding market presenceChallenges of IPO stage companies(selected by%respondents2)Driving further clarity in regulatory environment,and lowering operational risk key Regulatory compliance and policy changesIncreasing fraud and operational risksIncreasing customer acquisition costManaging operational cost74XB2%2GLOBAL FINTECH FEST 202451Tier 2 cities:Tier 2 cities:Potential to cover over 55%of lives.Furthermore,by 2030,70%of Indian insurance demand is expected to come from these areasMissing middle:Missing middle:The bottom 50nefit from government schemes,and the top 20%have health insurance,leaving the middle 30%as potential target lacking financial health protection1SelfSelf-employed individuals:employed individuals:are structurally disincentivized from availing insurance like their employed counterparts.Many lack stable income proofs,face eligibility issues,or lack awarenessHuge gap in health and life insurance:Huge gap in health and life insurance:Unlike mandatory motor insurance,there are no regulations for other insurances,leading to high potential in adoption72%of Indians lack life insurance,and 63%lack health insurance2.82.67.12.12.92.10.5IndiaUSUKChinaSwitzer-landGermany Pakistan1.09.32.61.84.03.40.3IndiaUSUKChinaSwitzer-landGermany PakistanInsurTech|Market Overview:India is a chronically underpenetrated market in insurance providing a vast growth opportunityGlobal avg.at 2.9%Global avg.at 4.2%1.Data for 2021Note:Data for India is based on the financial year and all other countries data is based on the calendar yearSource:IRDAI Handbook,Sigma 3/2024-World Insurance Swiss Re Institute report,NITI Aayogs Health insurance for Indias Missing Middle report,BCGs India Insurtech Landscape and Trends 2023 reportThe Indian insurance market is heavily underpenetrated across multiple segmentsInsurance penetration by country(%premiums to GDP)as of 2023Insurance density by country(per capita premium in$)as of 2023Non-life insuranceLife insurance702,1363,4662742,8321,106IndiaUSUKChinaSwitzer-landGermany Pakistan7257,5041,2942343,9981,804IndiaUSUKChinaSwitzer-landGermany Pakistan4Global avg.at 361Global avg.at 5283GLOBAL FINTECH FEST 202452InsurTech|Market Overview:Opportunity in capitalizing on the new digital and analytical disruptionsSource:BCGs The Second Wave:Resilient,Inclusive,Exponential Fintechs report,Company Website,Press SearchUsing data from wearables and apps for personalization of insurance coverE.g.ICICI Lombards Elevate leverages AI to tailor personalized,optimal coverageIntegrating tech enablers in agency and banca channelsE.g.Bajaj Allianz uses Gen AI-powered bot“Insurance Samjho”to improve productivity and customer experienceInsurTechs creating or joining ecosystems with Fintechs central to partnershipsE.g.Paytm partners with insurance companies to offer a variety of insurance products on its platformInsurtech enhances pricing,underwriting,and fraud preventionE.g.HDFC Ergos partnership with Meta enables AI-driven vehicle inspections for insurance renewals via WhatsAppRise in usage-based insurance due to the sharing economy and demographic changesE.g.The Pay As You Drive model allows vehicle owners to save premiums based on driving usageOpportunity for HealthTechs to partner with Insurtech,to promote preventive care,proactive health management,and reduce healthcare costsE.g.ekincares partnership with Bharti AXA enables fitness tracking with reward points that can be redeemed for lower insurance premiumsHyper-personalizationTech enablementBionic distributionEcosystem collaborationOn-demand insuranceHealth and wellness integration 3GLOBAL FINTECH FEST 202453WealthTech|Market Overview:Shift in consumer behavior towards investment in markets but penetration still lowIndia1 121%USA2 290-100%Brazil2 275-80%UK2 260-70%China3 325-30v1061131211501641772032107101216202221303638525711%Mar-1413%Mar-1513%Mar-1616%Mar-1719%Mar-1820%Mar-1916%Mar-2021%Mar-2123%Mar-2222%Mar-2326%Mar-2428%May-248593133Bank Desposits(Rs Lakh Cr)MF AUM(Rs Lakh Cr)MF AUM as a%of Bank Deposits1.As of June 2024.2.As of December 2023.3.As of April 2024Source:RBI,Investment Company Institute,Bureau of Economic Analysis(USA),AMFI,IMF,The Investment Association(UK),Office for National Statistics(UK),Asset Management Association of China,Fitch Ratings,IBGEMF AUM has increased to 1/4th from 1/10th the size of overall bank deposits in the past 10 years MF Penetration(as%of GDP)Country with further potential to grow as India still lags in MF penetrationMF AUM as a%of Bank DepositsIndia MF investor count has doubled since Mar20 from 9 Cr to 18 Cr,however,penetration still lower vs.other countriesTo unlock growth among first-time investors and the emerging affluent segment,two key factors are crucial:enhancing accessibility and offering unbiased,personalized investment solutions.Collaborations between Wealth Techs and traditional AMCs can seamlessly merge digital agility with the trust and reach of established players,driving innovation and creating tailored investment products.This synergy will be pivotal in providing a trust-driven,digitally-led investment experience for emerging wealth creators.Sandeep JethwaniCo-founder,Dezerv 4GLOBAL FINTECH FEST 202454WealthTech|Market Overview:Next frontier of growth with influx of first-time investors and rising penetration in affluent segmentsNote:Population and wealth segment categorized basis Global Wealth Market Sizing data;P denotes ProjectedSource:BCG Global Wealth Market Sizing 2024,Asian Private Banker,Expert Interviews,Press Search,Investor Presentations,BCG AnalysisEquity returns vs FD returns over the last decade1.8xHousehold assets in equities as compared to 2.2%in 20134.7%Nifty large cap annualized returns vs 6%of the US and 2.7%of China market in the last 10 years10.9%Indian population to continue moving up the ladder with higher growth in affluent Indian affluent and masses segment projected to grow 60%in next 4 yearsWealthTech Firms have made investing easy and affordable,and are at forefront of driving MF penetration in the country accounting for 15-20%of overall equity inflows.Fixed income&quant strategies have seen a rise as they provide asymmetric returns and are analytical driven appealing to tech-savvy investors.Growth further fostered by tech platforms Indian adult population in millionsIndian financial wealth in$billionsSegment202120242028PHNW&UHNW0.10.20.3Affluent0.50.71.1Masses9681,0131,074Overall9691,0141,075Segment2021 20242028PHNW&UHNW1,535 2,2263,512Affluent217321516Masses2,148 3,0124,516Overall3,900 5,5608,544 58% 61% 6% 50fluent population&wealth to increase by 60%by 2028,creating an opportunity for WealthTechIndustry supported by equity growthIndia is seeing a secular trend-financialization of savings.Increased awareness,coupled with the availability of diverse and customized investment products has led to broad-based retail investor participation.Indian capital markets today offer a“once-in-a-lifetime”wealth creation opportunity for investors.Anish PatilVice President,Z47(fka Matrix Partners India)4 60% 58%GLOBAL FINTECH FEST 202455WealthTech|Priorities and Challenges:Building team and customer focus criticalRising talent cost and increasing CAC foreseen as top challengesFinding initial core clientsBuilding the core teamEstablishing digital advisory platformsDeveloping partnerships with financial institutionsOthers80%Expanding into different customer segmentsInnovating in asset management technologiesForming strategicpartnerships or acquisitionsOthers75PP%1.Percentage of respondents is calculated by dividing the number of people who have mentioned this as a top 3 strategic priority by the total number of respondents.2.Percentage of respondents is calculated by dividing the number of people who have mentioned this as a top 3 challenge by the total number of respondentsNote:Q:What are the most important strategic focus areas for you and your business in next 2-3 years?(n=4 in Early stage),(n=4 in IPO);Q.What are the top challenges you foresee for you and your business in the next 2-3 years?(Rank in order)n=14;Others in IPO include:Developing new revenue growth avenues beyond payments,Strengthening customer relationships,Preparing for IPO or strategic exit,Onboarding sr.exec to strengthen mgmnt.,Defending against new entrants;Others in growth stage include:Developing initial investment product offerings,Securing seed fundingSource:BCG Z47(fka Matrix Partners India)SOFTU Survey2458apting to changing consumer expectations25%Regulatory compliance and policy changes58%Increasing CAC and retention42%Rising cost of talentSecuring initial customer base is the top priority,followed by building the core teamExpansion is the top priority,followed by innovation in asset management techAdapting to customer expectations and increasing CAC seen as top challengesTop strategic focus areas for business in growth stage(selected by%respondents1)Top strategic focus areas for business in IPO stage(selected by%respondents1)Top challenges foreseen(selected by%respondents2)4GLOBAL FINTECH FEST 202456Neobank|Priorities and Challenges:Focus on profitability and optimizing costs key,while constantly evolving compliance poses challenges1.Percentage of respondents is calculated by dividing the number of people who have mentioned this as a top 3 strategic priority by the total number of respondents;2.Percentage of respondents is calculated by dividing the number of people who have mentioned this as a top 3 challenge by the total number of respondents;3.Percentage of respondents is calculated by dividing the number of people who have mentioned this as an important factor by the total number of respondentsNote:Q:What are the most important strategic focus areas for you and your business in next 2-3 years?(Rank in order)(n=5);Q:What are the top challenges you foresee for you and your business in the next 2-3 years?(Rank in order)(n=9);Others in strategic focus areas include:Developing new financial products,Defending against new entrants,Strengthening customer relationships,Expanding geographical&customer seg.,Onboarding senior exec.,revamping tech.&customer service,and Preparing for IPO or Exits;Q:What will be the biggest challenge for you while partnering with Fintechs?(n=6);Q:If you prepare your Fintech company for an IPO,in your mind,what will be the importance across the mentioned factors?(n=8)Source:BCG Z47(fka Matrix Partners India)SOFTU Survey24Top strategic focus areas for business(selected by%respondents1)Advance regulatory compliance and profitability are top strategic prioritiesTop challenges to profitability(selected by%respondents2)Regulatory compliances&changing policies is the top challenge to profitabilityEnsuring advanced regulatory complianceEnhancing profitabilityand managing costsInnovating in digital banking technologiesOthers50P3 %Regulatory compliance and policy changesCustomer acquisitionand retentionManaging operational costsCybersecurity threats and data breachesShift of savings from deposits to equity/MFs60P000%IPO readiness best among Industry players.However,attention to profitability required Sustained profitability is critical for IPO readiness100%Experienced leadership important for launching IPO100herence to compliance is necessary for launch readiness75%Robust risk management challenge between Fintech and incumbent collaborations67%Regulatory challenges exist in collaboration with incumbents56%Top factors for IPO readiness(selected by%respondents3)5GLOBAL FINTECH FEST 202457SaaS/InfraTech|Priorities and Challenges:Creating scalable products and identifying new revenue streams emerge as critical prioritiesBuilding the core teamDeveloping a scalable productFinding initial core customersFocusing on unit economicsand marketing costsBuilding out the core API and infrastructure platformOthers50PB33veloping new revenue growth avenuesInnovating tech.for financial data integrationRevamping technology stack,enabling agility and customer serviceExpanding market presence(geographical and customer segments)Enhancing profitability&managing costsOthers67PPP3 %Building core team and scalable products are the top strategic focus areasRegulatory compliance is seen as the top challenge followed by customer retention and satisfactionTop strategic focus areas for business in early stage(selected by%respondents1)Top challenges foreseen across all stages(selected by%respondents2)New revenue growth models and innovative products are the top strategic focus areasTop strategic focus areas for business in IPO stage(selected by%respondents1)1.Percentage of respondents is calculated by dividing the number of people who have mentioned this as a top 3 strategic priority by the total number of respondents.2.Percentage of respondents is calculated by dividing the number of people who have mentioned this as a top 3 challenge by the total number of respondentsNote:Q:What are the most important strategic focus areas for you and your business in next 2-3 years?(n=11 in Early stage)(n=5 in IPO);Q:What are the top challenges you foresee for you and your business in the next 2-3 years?(n=24)Source:BCG Z47(fka Matrix Partners India)SOFTU Survey2442BGS%Regulatory compliance and policy changesCustomer retention and satisfactionManaging scalability and performance of the API&infrastructure platformRising cost of talentSaaS in general and Fintech SaaS in particular,is at an inflection point globally.We are seeing an increased adoption of cloud native capabilities by banks and there has been an acceleration particularly by large banks looking for all things SaaS even in core processing assets that were otherwise considered out of bounds.With the crashing cloud compute costs,SaaS offerings should become a better bang for the buck as against capex heavy models deployed today,it is pertinent that AI products will provide the tailwinds for a rapid adoption with the only speed bumps being the growing cyber risks and event like the recent Cloudflare outage that could prove to be a dampener that regulators have been cautioning.”Madhusudanan.RFounder&CEO,M2P6Journey to IPO and BeyondGetting to a successful IPO along with real world case studies0303GLOBAL FINTECH FEST 202459Indias maturing Fintech ecosystem looking at the next large liquidity eventThe liquidity event required for mature Fintechs with$72Bn current combined valuation needs additional$15-20Bn1 IPO capital made available through government regulations1.The Second Wave,Resilient,Inclusive,Exponential Fintechs Report;Valuations as per last funding roundsSource:SEBI(as of June24),Tracxn(as of July24 Latest funding valuation)Fintechs in mature stage(i.e.,Decacorns,Unicorns and Soonicorns)in India35 The average age of unicorn Fintechs in India3 YearsAverage time from Unicorn to IPO for Indian startups3.5 YearsLendingTechsFintech InfraPayTechsWealthTechsZerodha$3.6BnPerfios$1BnOneCard$1.3BnMobiKwik$924MnOpen Money$3.2BnCoinDCX$2.2BnSlice$1.8BnBillDesk$1.6BnPhonePe$12.7BnBharatPe$2.7BnUpstox$3.4BnOxyzo$963MnInsurTechCharge-bee$3.5BnGroww$3 BnYubi$1.5BnRazorpay$7.5BnCRED$6.4BnPine Labs$3.5BnCoin-Switch Kuber$1.9BnZeta$1.5BnAcko$1.1BnMultiple mature Fintechs potentially looking for IPO in next few yearsDoubling of average draft offers filed with SEBI per year in CY21-23 vs CY18-19120-150Select FintechsKissht$500MnGLOBAL FINTECH FEST 202460Preparing for a successful IPO journey and beyondTreating an IPO as a milestone instead of the end goal for a company involves focusing on three key stagesPriorityWatch outCore questionJourney to IPO 18-24 months preIPO window6-9 months preJourney beyond IPO3-6 months postDetail out your dream equity storyTell your equity storyLive your equity storyProactively deal with weaknesses in your equity storyMitigate internal and external accidents that erode confidenceEnsure no expectation mismatch with marketWhy will we be seen as a good company and stock at and post IPO?How do we ensure the listing upholds and creates value?How do we settle into a rhythm to Set-Beat-Raise quarterly?Fintech founders must continuously ask themselves crucial questions throughout the IPO journey to ensure meticulous planning and alignment with their long-term vision and market expectationsAn IPO is merely a step within a companys broader strategic plan,and not the final goal.It offers substantial capital access,enabling companies to drive growth,innovation,and market expansion.By viewing the IPO as part of a long-term transformational process,companies can better position themselves for sustained success in the public market.Yashraj ErandeManaging Director&Partner,BCGGLOBAL FINTECH FEST 202461Preparing for a successful IPO journey and beyondIPO window6-9 months preJourney beyond IPO3-6 months postStrategic Planning&Structural Decisions The Why?Go or No go decision The Where?Domestic or International The When?Market conditions&Readiness The What?Investor study,Peer referenceEquity Story Development Develop unique value proposition Identify and mitigate risksFinancial Planning Plan use of IPO capital Define target valuation Define MOIC and TSR targetsStakeholder Management Select merchant bankers Ensure key stakeholder benefits are covered Plan analyst engagement in advanceFinancial Readiness Establish expected valuation Conduct necessary pre-IPO rounds Internal scorecard with key metricsRisk Management Corrective actions(organic&inorganic)to strengthen narrative Forecast first two quarters performance Prepare for major risks Prepare IPO checklistMarket Preparation Determine required participation Understand strengths and weaknesses Investor roadshows to generate interest and gauge share demandMarket Integration Establish analyst coverage model Ensure right investors are in our stockPerformance Tracking Establish TSR equation for 3 and 5 years Settle into Set-Beat-Raise rhythm with marketsOngoing Risk Management Manage negative overhangOperational Monitoring Monitor IPO fund utilization Ensure on-track delivery of first quarter Maintain visibility into next four quartersJourney to IPO 18-24 months pre1A1B2A2D2C2B3C3A3BJourney via IPO:Treating an IPO as a milestone instead of the end goal GLOBAL FINTECH FEST 202462Preparing for a successful IPO journey and beyondIPO window6-9 months preJourney beyond IPO3-6 months postStrategic Planning&Structural Decisions The Why?Go or No go decision The Where?Domestic or International The When?Market conditions&Readiness The What?Investor study,Peer referenceEquity Story Development Develop unique value proposition Identify and mitigate risksFinancial Planning Plan use of IPO capital Define target valuation Define MOIC and TSR targetsStakeholder Management Select merchant bankers Ensure key stakeholder benefits are covered Plan analyst engagement in advanceFinancial Readiness Establish expected valuation Conduct necessary pre-IPO rounds Internal scorecard with key metricsRisk Management Corrective actions(organic&inorganic)to strengthen narrative Forecast first two quarters performance Prepare for major risks Prepare IPO checklistMarket Preparation Determine required participation Understand strengths and weaknesses Investor roadshows to generate interest and gauge share demandMarket Integration Establish analyst coverage model Ensure right investors are in our stockPerformance Tracking Establish TSR equation for 3 and 5 years Settle into Set-Beat-Raise rhythm with marketsOngoing Risk Management Manage negative overhangOperational Monitoring Monitor IPO fund utilization Ensure on-track delivery of first quarter Maintain visibility into next four quartersJourney to IPO 18-24 months pre1A1B2A2D2C2B3C3A3BJourney via IPO:Treating an IPO as a milestone instead of the end goal GLOBAL FINTECH FEST 202463The 4Ws:Key questions to ask before embarking on the IPO journeyWhy IPO?Raising capital,brand visibility,liquidity for shareholders,and other strategic reasonsWhy Not IPO?Increased scrutiny,near-term pressure of public markets,stringent compliance,and equity dilution Other financing alternativesThe WHYWhere to list-domestic or international?Decision based on regulatory and liquidity requirementsSingle or dual listing?Capital requirements and investor base demographicsDirect to IPO,or private placement?Market conditions,investor sentiment,and capital needsThe WHEREWhen is the best time to go public?Company stage,market conditions,and investor sentimentsWhen to go for IPO preparation?Stable governance,financials,and operations over an extended periodThe WHENWhat is the investor study?Equity story resonance and missing narrativesWhat is the peer reference?Which peers should the company be referenced againstWhat is the valuation?Acceptable valuation range and optimal valuation methodThe WHATDeep dive aheadDeep dive ahead1A Strategic Planning&Structural Decisioning1234GLOBAL FINTECH FEST 202464The best listing venue is specific for each company,with considerations following key determinantsLegal and procedural obligations to ensure compliance,avoid fines,and maintain reputation,including:Compliance requirementsEase of executionFees and economics of listingLegal and investor relationsListing locations vary in capacity and scale,influencing the handling of large transactions and overall market perception through:Market depth/liquidityTax and FX implicationsDiverse equity baseValuation effectsUnique advantages like potential inclusion in major indices,asset manager interest,and automatic demand,influencing:Investor support and sentimentLiability exposure Expertise of the analyst and investor communityCompanies choose IPO locations with predictable and safe conditions:Investor confidence influenced by political environmentImpact on financial deals Countrys legal and regulatory frameworkSignificant event for companies,serving as both a marketing tool and a strategic move:Provides a moment of pride for the foundersEnhances marketing opportunitiesAttracts consumer attentionIncreases media presenceRegulatory requirementsVolume of placingAmbitionPolitical stabilityRing the bell1A Strategic Planning&Structural DecisioningWhere?GLOBAL FINTECH FEST 202465Nubank|Global access to funds through NYSE listing;strategic planning and optimal timing critical factors for successful IPO1.As of CY Q224,2.As of Q4 2021,3.As of 13 Aug 24,4.As of 2022 Rebex Consumer Survey Source:Nubank prospectus,Q224 Nu Holdings Earnings Release,Bacens complaint index,XP research,Press SearchNubank listed on NYSE to access globalfunds and lower regulatory disclosures along with strong fundamentals and a good timing capturing the digital waveUnmatched advocacy with highest4 NPS of 76 among banks(40-50)in Brazil;strong customer service through excellence platforms Low cost to acquire customers(CAC)compared to incumbents in digital channelsStrong brand promise and customer centric culture as showcased by low complaint indexTapped into broader global investor base,gaining a market capitalization of nearly$60 bn3As an FPI(Foreign Private Issuer),benefited from reduced regulatory filing requirements(e.g.,only 2 years of audited financial statements required)Relaxation on filing periodic reports with SEC vs.US firms,option to use non-US GAAP and IFRS financial standards 123125Strategy conducive to IPO successNYSETimingPandemic-driven shift in favor of digital banking,with a fully digitized E2E experience41A Strategic Planning&Structural DecisioningWhere?Compounded by a lower cost to serve of 12m,as bonus shares of up to 100 and rewardsIssued dual class shares ensuring low dilution of voting rights with 2.5 million Class A sharesThe program allowed international customers to participate as shareholders as well4Incentivized shareholders through customer shareholding program OwnWISE Source:Wise Prospectus,Press Search,LSEG reportWhere?1A Strategic Planning&Structural DecisioningAbout WiseLeading London-based global tech company founded in 2011,offering cross-border payments for consumers,businesses and banks with more transparent fees and faster transfer timesRebranded to Wise in Feb 21 to highlight its evolution from a money transfers firm to an international account for people and businesses to send,spend,receive,and hold money across borders.Wise also enabled banks to leverage its infrastructure through Wise Platform,allowing them to offer their customers seamless international paymentsProfitable since 17 achieved through self-funding and re-investments.Steady revenue growth with CAGR of 54%for the past 3 years in FY21.Processed 54 bn in cross-border payments in FY21Low pricing model up to 4x cheaper than leading UK banksManaged a successful direct listing with actual valuation exceeding prior expectedGLOBAL FINTECH FEST 202467A successful equity story is much beyond the sound long-term vision&strategic planning exercise Investor types and demandsSound business planConvincing narrativeWhat do investors care about,e.g.,growth vs.margin vs.cash yield?Which groups of investors can we attract given our profile?Why would an investor invest?What is the risk reward profile from investors perspective?What is a compelling investment rationale?Is my operating and business model bulletproof from an investors view?What is the long-term vision?What is the overall operating and business model?What is our unique positioning and our right to win?1B Equity Story DevelopmentStorytelling must be ingrained in a companys culture,with founders and CEOs actively involved.Investing in PR well ahead of an IPO is essential for building a strong presence and lifelong brand.Clear and consistent communication strategies are crucial to meet the expectations of both institutional and individual investors,requiring careful planning and execution.Vivek MandhataManaging Director&Partner,BCGCrafting a great equity story requires operating at the intersection of great company and great stockSource:“An Algorithm for a Successful 21st-Century CEO,”BCG CEO Tenure StudyPredictable and strong business fundamentalsand competitive positionGreatCompanyStrong potential upside,adjusted for the risks the company is undertakingGreat Stock1B Equity Story DevelopmentGLOBAL FINTECH FEST 202469Align/position your opportunity towards a large macro trend;build the right narrativeHigh multiples are inherent to large high growth macro trends.Industry matters a lot its rare to outperform an entire industry consistentlyPlace multiple bets towards a large goal;avoid single points of failureInvestors love focus in very early-stage companies,but as companies mature,they like management teams that have multiple bets placed towards a large opportunity as it creates optionality and pivotsBuild high talent density with high performance cultureAttracting and retaining high quality talent in a high-performance culture increases the chances of success manifoldsExplicitly reduce exposure to structural risks in your idea;be known as a strong risk managerIsolate the specific biggest risks to your idea capital,talent,macros etc.;Hedge those risks explicitly and all the timeOver invest(relative to competition)in assets that are critical for building unique IP or,in other words,moatIsolate the specific assets that will make you win e.g.data,algorithms,channels,UX design,partnerships etc.and over invest in them10 pro-moves to be madeit takes time and consistencyDesigning a great stock its an always on process123451B Equity Story DevelopmentGLOBAL FINTECH FEST 202470Build a reputation of a good actor in the ecosystem with strong governanceBe known for taking hard decisions because they are rightBe available for stakeholders(analysts,key media,regulators,influencers)and give them the right level of disclosure for them to do their job properlyAlways ensure that your chosen important stakeholders dont look bad because of your errors of omission or commissionAlign your incentives with the investors incentivesbut also remember to align on the downsideEveryone makes money or loses money together this needs to be symmetric for all parties otherwise one side takes the upside and other downsideKnow what to expect from your cap tableWill the investors be supportive or exit at the first sign of risk?Depends on the role of your investment in their portfolio and who they areHave high pain threshold,but be clear about your and your investors maximum risk appetite and if you need an off-ramp;always be solvent with salvage valueDespite best intentions and efforts,things can go south.Know when the risk appetite is breached and what off-ramps are feasibleDesigning a great stock its an always on process6789101B Equity Story Development10 pro-moves to be madeit takes time and consistencyGLOBAL FINTECH FEST 202471Critical to tailor equity story based on future investor goals“Yield”investorsTSR of portfolio above benchmark average0%GDP levelgrowthIn and out with yield,particularly relativeto bondsP/E,level ofrisk,yieldLow P/E“Better thanbonds”Organic growth tuck-in M&A,fundwith debt“Core value”investors0%GDP level growth,skeptical about M&AIn&out with P/EGrowth in ROICand P/EBelow normal P/E that can rise unlikely to pay above 12x610%,debt reduction,dividends and buybacksOrganic growth minimal tuck-in M&A,fund with debt“Alpha value”investors25%organic,OK with tuck-ins5 yearsGrowth in FCF9x15x36%buybacks and dividendsOrganic growth tuck-in M&A,fund with debt,cash flowIncome Growth investorsAbove GDP(48%)organic tuck-in M&A510 yearsEPS growth 610%Growing dividend,high ROE18x24x,but willing to pay above 24xGrowing dividend yield,02%share repurchasesOrganic growth tuck-in M&A adjacencies,fund with cash flows or equityGARPinvestorsAbove GDP(48%)organic tuck-in M&A510 yearsEPS growth 10%Growing dividend,high ROE18x24x,but willing to pay above 24x23%dividend yield,02%share repurchasesOrganic growth tuck-in M&A adjacencies,fund with cash flows or equity“Core growth”investors10%organic,plus M&A35 yearsForward 35 year organic revenuegrowth 10%Prepared topay 30 xNone(preferable),share repurchase(last resort)Aggressive M&Afocused on growth platforms rollups,any funding okInvestorscriteriaFundmanager goalRevenueGrowth expectationsTime horizonKey metricsExpectedP/E multipleTarget yieldGrowth spendand fundingWho are our future investors?1Are we well positioned to meet their demands?2Investors can be segmented similarly to customers,helping founders identify the most suitable investors to targetSource:BCG analysis1B Equity Story DevelopmentGLOBAL FINTECH FEST 202472Decommoditization and premium brandingNarratives that work We interviewed major capital allocators on narratives that have worked in India to drive premiumTurnaround improving metricsLeaders in long-term trendsLeaders in consolidating industryNew player with strong parentRepositioning towards higher multipleLeader in organizing a sector HUL in India consumption,Jio in data and digitalJio and Tatas through acquisitionTata Powers renewables unitBajaj Finserv as Fintech,Havells as consumer companyUdaan in retail ITC with Aashirvaad AttaMahindra Motors/Tata Motors with catchup on qualityRelevant for IPORelevant for IPORelevant for IPORelevant for IPO1B Equity Story DevelopmentGLOBAL FINTECH FEST 202473Preparing for a successful IPO journey and beyondIPO window6-9 months preJourney beyond IPO3-6 months postStrategic Planning&Structural Decisions The Why?Go or No go decision The Where?Domestic or International The When?Market conditions&Readiness The What?Investor study,Peer referenceEquity Story Development Develop unique value proposition Identify and mitigate risksFinancial Planning Plan use of IPO capital Define target valuation Define MOIC and TSR targetsStakeholder Management Select merchant bankers Ensure key stakeholder benefits are covered Plan analyst engagement in advanceFinancial Readiness Establish expected valuation Conduct necessary pre-IPO rounds Internal scorecard with key metricsRisk Management Corrective actions(organic&inorganic)to strengthen narrative Forecast first two quarters performance Prepare for major risks Prepare IPO checklistMarket Preparation Determine required participation Understand strengths and weaknesses Investor roadshows to generate interest and gauge share demandMarket Integration Establish analyst coverage model Ensure right investors are in our stockPerformance Tracking Establish TSR equation for 3 and 5 years Settle into Set-Beat-Raise rhythm with marketsOngoing Risk Management Manage negative overhangOperational Monitoring Monitor IPO fund utilization Ensure on-track delivery of first quarter Maintain visibility into next four quartersJourney to IPO 18-24 months pre1A1B2A2D2C2B3C3A3BJourney via IPO:Treating an IPO as a milestone instead of the end goal GLOBAL FINTECH FEST 202474In addition to merchant bankers and law firms,critical to have a strong IPO OfficeIPO OfficeIPO OfficeI I-BankBankLaw firmsLaw firmsFinancial AdvisorsFinancial AdvisorsOrchestrate multiple workstreams,identify and support in key decisionsAct as underwriter;bear risk,thus not always value maximizingIn charge of prospectus;oversee DD&compliance with regulationsAudit financials;contribute to financial section in prospectusSupport IPO decisionSupport IPO decisionBPBP1 1,execution certainty&gap fixes ,execution certainty&gap fixes Equity Story,value acceleration Equity Story,value acceleration Due diligence(IB)Due diligence(IB)ProspectusProspectusDocumentationDocumentationIPO ValuationIPO ValuationOffer structureOffer structureMarketingMarketingCommunication/PRCommunication/PRPMOPMOInputInputLeadLeadInputInputInput/Con Input/Con financialsfinancials2 22A Stakeholder Management1.BP-Business Plan;2.Con-financials means Consolidated financialsGLOBAL FINTECH FEST 202475Activist IPO Office to orchestrate multiple threads across life cycleCorp.strategy&developmentIPO related communication and change managementTransaction preparationExternal preparation Internal preparation Engage with Capital Market Regulator(CMR)and national stock exchange to monitor changes on CMR regulation,and stock exchange infrastructureCodify and implement changes related to ownership and economic factors as well as regulations in coordination with government stakeholdersAdapt internal management processes and develop capabilities required for a listed companyPrepare documentation for review by investors(e.g.equity story)and engage with investors.Setup underwriter team and prepare information(e.g.data,reports)for the execution phaseImplement changes to finance processes and systems to comply with listing requirements and best practices for listed companiesIPO monitoring,coordination and supportGovernment®ulations Transaction preparationFinance preparationDomestic capital market0103020405Activist IPO office2B Financial ReadinessConduct necessary pre-IPO roundsGLOBAL FINTECH FEST 202476Founders to constantly review/evaluate IPO readiness across multiple areasStrategic andfinancial readinessReporting and compliance readinessGovernance readinessCorporate readinessGovernment readinessDo we have an equity story to educate the market?Is our capital structure optimal?How do we develop a dividend policy?Can we prepare financial reports in a timely manner?Can we prepare financial reports on segment level?Can we comply to all disclosure requirements?Do we have any unresolved disputes?Do we have the right governance structure?Do we have enough independent board members?Do we have all the required committees?Do we comply with control system requirements?Do we have required capabilities?Is our IT system ready for reporting requirements?Do we have a variable compensation scheme?Do we have enough resources for the IPO process?Are government regulations in our favor?Can they be influenced?What regulatory changes need to occur?463428284ABCDEInternalreadinessExternalreadinessTotal:140 xxNumber of Checklist Items2C Risk ManagementPrepare IPO ChecklistGLOBAL FINTECH FEST 202477As the IPO approaches,ensure all functions can meet capital market requirements;prepare to revamp if necessary2C Risk ManagementCorrective action to strengthen narrativeSource:BCG Corporate Finance Task Force Secures data,protects customers,builds trust,and mitigates Fintech risks Enables Fintechs cross-border operations,avoiding legal issues and protecting reputationAbility to fulfill scope postIPO?IPO affected functionsPostIPO challenges(demonstrative)CompetenciesProcessOutputResponsibleResourcesDeadlineAccountingTreasuryTaxComplianceInternal auditPensionsRisk managementStrategyM&ALegalIncreased amount,speed,and intervalE.g.,transparent foreign currency management/hedgingReporting of soft facts(Tax Map)Additional(disclosure/legal)requirementsE.g.,process for communication of adhoc relevant issuesDedicated pension reportsAdhoc reportingCompetitive analysis and high-level business planExplicit M&A strategypotential to fill gaps in high level business planE.g.,tracking of shareholdings,preparation of shareholders meetingsIPO windows are crucial elements and everyday counts,i.e.,be prepared for surprising external factorsAlexander Duschek Partner and Associate Director,BCGGLOBAL FINTECH FEST 202478Crucial to engage analysts with strategic,data-driven presentations in the months before IPOInitial valuation of analysts with significant impact on final IPO priceConvincing presentation of equity story helps to reduce the common IPO discount or even justifies a premium comparedto peersSoundness of business plan key to raise confidence among analysts that translates in positive evaluation model adjustmentsAnalysts maintain close relationships(both formal and informal)with institutional clientsStrong analyst presentation guarantees tailwind going into subsequent road shows with institutional clientsAnalysts assessment of deal crucial for success of IPO though challenging to live up to their expectationsOutlook requiredfor analysts newissuance reportsEasy to understandclear strategy and“Big picture”ConvincingmanagementteamSolid prooffor growthpotential(organic vs M&A)Comparisonwith peersJustfor premium/reduced discountExtensiveanalysis of multiplesIn depthanalysisof all P/L&CF statement positionsTrackrecord for costcutting effortsHistoric developmentof KPIsComp situation/marketdynamics2D Market PreparationInvestor roadshowsGLOBAL FINTECH FEST 202479Preparing for a successful IPO journey and beyondIPO window6-9 months preJourney beyond IPO3-6 months postStrategic Planning&Structural Decisions The Why?Go or No go decision The Where?Domestic or International The When?Market conditions&Readiness The What?Investor study,Peer referenceEquity Story Development Develop unique value proposition Identify and mitigate risksFinancial Planning Plan use of IPO capital Define target valuation Define MOIC and TSR targetsStakeholder Management Select merchant bankers Ensure key stakeholder benefits are covered Plan analyst engagement in advanceFinancial Readiness Establish expected valuation Conduct necessary pre-IPO rounds Internal scorecard with key metricsRisk Management Corrective actions(organic&inorganic)to strengthen narrative Forecast first two quarters performance Prepare for major risks Prepare IPO checklistMarket Preparation Determine required participation Understand strengths and weaknesses Investor roadshows to generate interest and gauge share demandMarket Integration Establish analyst coverage model Ensure right investors are in our stockPerformance Tracking Establish TSR equation for 3 and 5 years Settle into Set-Beat-Raise rhythm with marketsOngoing Risk Management Manage negative overhangOperational Monitoring Monitor IPO fund utilization Ensure on-track delivery of first quarter Maintain visibility into next four quartersJourney to IPO 18-24 months pre1A1B2A2D2C2B3C3A3BJourney via IPO:Treating an IPO as a milestone instead of the end goal GLOBAL FINTECH FEST 202480Under increased scrutiny,founders must focus on long-term sustainable TSR with targeted management modelTSR approachStrong&sustainableTSR Capital structureDividends/buybacksBusiness strategyGrowth,margins,portfolio,targets,risk Valuation multiple Messaging MigrationInvestor strategyFinancial strategyBuild a shared fact baseDevelop and debate alternative scenariosAlign around TSR goal,strategy,and roadmapDevelop compelling business and financial plansTypical approachDevelop business strategyGrowth agendaPortfolio mix,migrationFinancial targetsRisk managementDefine financial strategyCapital structureFinancial policiesSell investorsTSR resultsSub-optimalOptimal3A Performance TrackingEstablish TSR EquationAs companies transition from private to public entities,the focus on sustainable TSR and effective management becomes paramount due to increased transparency and accountability requirements.Achieving long-term sustainable TSR requires strategies that foster steady revenue growth,cost efficiency,and continuous innovation,collectively enhancing shareholder value over time.By emphasizing sustainable practices and strong governance,founders can successfully navigate the challenges of public market scrutiny.Vikram VaidyanathanManaging Director,Z47(fka Matrix Partners India)GLOBAL FINTECH FEST 202481200025050300150100012Be prepared to handle any post-IPO ups and downsShare price()movement post-IPO: 55%Fintechs lost value within 1 week; 70%lost value in 6-month period post-listingP/E ratio()movement post-IPO: 40%Fintechs exhibited decline within 1 week; 90%in 6-month period post-listingMultiple interventions to manage negative overhang Boost revenue and profitability through cost-cutting and increasing market share Develop and execute a clear long-term sustainable growth strategy Communicate transparent updates to build investor confidence and trust45%gained value30%gained value40%gained value50%gained value20%gained value55%lost value70%lost value60%lost value50%lost value80%lost value1w 1m3B On-going Risk Management1w 1m6m6m12m12m18m18m24m24m30m30m60%show higher P/E40%show lower P/E10%show higher P/E90%show lower P/E40%show higher P/E60%show lower P/E15%show higher P/E 85%show lower P/E100%show lower P/ENone show higher P/E 1.Share prices are normalized and start from 100 at the time of listing,percentage change marked post-listing,2.P/E ratios are normalized and start from 1 at the time of listing,percentage change marked post-listingSource:CapitalineAs Fintechs look ahead to their IPO journeys,its vital to recognize that success in the public markets requires meticulous preparation.Planning an IPO strategy 2-3 years in advance is crucial to be fully prepared and get optimal valuation while ensuring transparency and long-term growth.Its equally important to plan for post IPO success which will shape the companys future trajectory while creating value for incoming investors.Vikram KhannaPartner,BCGGLOBAL FINTECH FEST 202482Formula for founders to win in public markets:Set,Beat,Raise rhythm3A Performance TrackingSet-Beat-Raise rhythmPlan for
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WorldTariff Profiles 2024Tariffs on critical minerals in the electric vehicle value chainSPECIAL TOPICAbout this publicationWorld Tariff Profiles is a co-publication of the WTO,ITC and UNCTAD on market access for goods.This annual publication provides comprehensive information on the tariffs and non-tariff measures imposed by over 170 countries and customs territories.Non-WTO members are included if data on the tariffs they applied in 2023 or 2022 are available in the databases of the WTO,ITC orUNCTAD.For more informationThe statistical tables included in this report can be downloaded from the WTO web site at www.wto.org/statisticsDisclaimerThe World Tariff Profiles and its contents are the sole responsibility ofthe WTO Secretariat,ITC and UNCTAD,except for the opinion pieces written by the external contributors,which are the sole responsibility oftheir respective authors.The publication does not reflect the opinions or views of members of the WTO,ITC and UNCTAD.The authors of the publication also wish to exonerate those who have commented upon it from responsibility for any outstanding errors or omissions.WTO ITC UNCTADWorld Tariff Profiles 2024Download the data:www.wto.org/statistics1ContentsGeneral note and abbreviations 2Introduction 3I.Summary tables 4Tariff 6Description of column headings 6Technical notes 7All products 8Agricultural products 14Non-agricultural products 20Trade 26Description of column headings 26Technical notes 27Imports and exports profile 28II.Country/territory tariff profiles 34Index of tariff profiles 36Technical notes 37Country/territory tariff profiles 43III.Non-tariff measures 1961.Introduction 1992.Statistics on some selected non-tariff measures 2012.1.Final measures by importing/exporting country/territory 2012.2.Final measures by product groups 2112.3.Final measures of the 20 most frequently affected 212 HS headings or HS chaptersIV.Special topic 216Tariffs on critical minerals in the electric vehicle value chainIntroduction 218Supply of critical minerals in the electric vehicle value chain 218International trade and the supply chain for electric vehicles 219Tariffs and tariff escalation 219Participation of developing economies in electric vehicle value chains 221Conclusion 221Annex 222References 225V.Annexes 226A.Data sources 228B.Frequently asked questions 233Acknowledgements 236I SUMMARY TABLESII COUNTRY/TERRITORY TARIFF PROFILESIV SPECIAL TOPICIII NON-TARIFF MEASURESV ANNEXESWTO ITC UNCTADWorld Tariff Profiles 20242Download the data:www.wto.org/statisticsAbbreviationsAVG AverageAG Agricultural productsAVE Advalorem equivalentHS Harmonized System(nomenclature)Max Maximum dutyMFN Most favoured nationNAV Non-advalorem dutyNon-AG Non agricultural productsSSG Special safeguardsTL Tariff lineUV Unit valueNotations Not applicable0 =0(not rounded)0.0 0 and 99.95 and 15%Share of HS six-digit subheadings subject to advalorem duties or AVEs greater than 15 per cent.When only part of the HS six-digit subheading is covered by such duties,the calculation is done on a prorata basis.Duties 3 AVGShare of HS six-digit subheadings subject to advalorem duties or AVEs greater than three times the national average.When only part of the HS six-digit subheading is covered by such duties,the calculation is done on a prorata basis.Concessions not yet implemented in 2023Share of HS six-digit bound subheadings not yet implemented in 2023.When only part of the HS six-digit subheading is covered by such duties the calculation is made on a prorata basis.Maximum dutyMaximum tariff line level advalorem duty or AVE.Number of distinct duty ratesNumber of distinct duty rates.Non-ad valorem duties are always treated as distinct because AVE calculations would always yield distinct AVEs.For this indicator,however,duties not provided are not included in the count.Coefficient of variationStandard deviation of tariff line duty rates divided by the simple tariff line level average of all duty rates.Includes only advalorem duties or AVEs.Number of MFN applied tariff linesTotal number of MFN applied tariff linesDescription of column headingsTariffWTO ITC UNCTADWorld Tariff Profiles 20247Download the data:www.wto.org/statisticsI SUMMARY TABLESOnly duties and imports recorded under HS Chapters 0197 are taken into account.Each applied tariff schedule is validated against the standard nomenclature at the HS six-digit subheading level of the HS version adopted by the country for the reference year.National tariff lines that do not follow this standard(i.e.,the first six digits should be based on the standard subheading nomenclature of the HS version used by the country)are discarded and not taken into account.On the other hand,missing subheadings are added.Hence,all calculations are based on the complete standard nomenclature.All simple averages are based on pre-aggregated HS six-digit averages.Pre-aggregation means that duties at the tariff line level are first averaged to HS six-digit subheadings.Subsequent calculations are based on these pre-aggregated averages.To the extent possible,non-advalorem duties are converted into advalorem equivalents.The methodology used for the conversion is in Technical Annex B of World Tariff Profiles 2006.Technical notesSummary TablesAll productsCountry/TerritoryBoundMFN appliedBoundMFN appliedBoundMFN appliedBoundMFN appliedin34567891011Afghanistan 96.7 13.4 8.8 0.8 28.3Albania 2023100 6.6 3.5 32.7 54.3 0 0 15.2 0Algeria 2022 18.9 1.7 0 42.2Angola 2023100 59.1 11.0 0 44.0 0 0 99.2 25.7Antigua and Barbuda 202295.2 59.5 9.9 0 10.0 0 0.1 95.2 24.5Argentina 2023100 31.8 13.4 0.0 6.2 0 0 97.8 35.2Armenia 2023100 8.7 6.3 35.3 16.3 0 8.8 0 0.6Australia 202397.2 9.4 2.4 23.6 52.1 1.0 0.1 12.9 0.0Azerbaijan 2023 8.2 34.1 1.3 0.6Bahrain,Kingdom of 202370.3 34.9 4.5 2.0 11.0 0 0.2 68.3 0.1Bangladesh 202317.6 155.1 14.1 0.0 4.3 0 0.4 16.9 42.1Barbados 202295.2 78.9 13.9 0 5.4 0 0 95.2 26.3Belarus 2023 6.6 16.3 8.8 1.5Belize 202396.0 59.1 11.9 0 11.0 0 0.5 96.0 26.8Benin 202338.7 29.2 12.0 0.8 1.7 0 0 18.0 38.6Bhutan 2023 9.3 11.0 0 0.9Bolivia,Plurinational State of 2023100 40.0 11.8 0 7.0 0 0 100.0 20.8Bosnia and Herzegovina 2023 6.2 31.8 2.9 2.4Botswana 202393.8 18.7 7.5 14.1 60.6 0 2.5 38.4 20.2Brazil 2023100 31.4 11.2 1.0 18.0 0 0 96.4 20.9Brunei Darussalam 202395.5 25.4 0.5 0 92.8 0.3 0.2 95.3 0.0Burkina Faso 202338.8 43.8 12.0 0.7 1.7 0 0 18.1 38.6Burundi 202322.5 68.6 14.0 0.8 38.3 0 0.7 19.4 41.7Cabo Verde 2023100.0 15.9 11.9 4.5 11.1 0 0 44.7 31.5Cambodia 2023100 19.3 9.4 0.8 17.1 0 0.0 45.4 4.4Cameroon 202314.0 79.9 18.1 0 0.7 0 0 14.0 48.0Canada 202399.7 6.6 3.8 40.3 77.8 2.8 1.5 7.0 6.1Central African Republic 202361.4 35.7 18.1 0 0.7 0 0 61.4 48.0Chad 202314.3 79.9 18.1 0 0.7 0 0 14.3 48.0Chile 2023100 25.1 6.0 0.0 0.4 0 0.1 100.0 0China 2023100 10.0 7.5 6.5 9.7 0 0.3 16.3 5.0Colombia 2023100 41.9 6.7 4.5 51.8 0 2.1 95.4 4.6Comoros 2022 15.1 13.4 1.9 71.4Congo 202316.8 27.4 18.1 0 0.7 0 0 14.8 48.0Cook Islands 2023 3.4 98.8 0.9 1.1Costa Rica 2023100 43.1 5.5 2.0 52.0 0 0 96.0 1.1Cte dIvoire 202333.3 11.2 12.1 0.8 1.7 0 0 2.5 38.6Cuba 202332.5 21.1 4.4 2.2 6.7 0 0 14.5 0Democratic Republic of the Congo 100 96.0 0 0 98.9Djibouti 100 41.3 0.0 0 99.6Dominica 202392.1 59.5 10.7 0 24.2 0 0.1 92.1 25.4Dominican Republic 2023100 34.0 7.6 2.4 55.4 0 0 89.4 29.4Ecuador 2023100 21.9 11.1 0 45.9 0 5.9 71.6 34.4Egypt 99.4 36.8 1.8 0.2 69.6El Salvador 2023100 37.0 5.7 2.3 51.9 0 0 97.7 1.5Eswatini 202393.8 19.0 7.5 14.2 60.6 0 2.5 38.3 20.2European Union 2023100 4.9 5.0 29.2 29.3 4.7 4.8 4.0 4.3Fiji 202350.0 41.0 8.2 0 26.5 0.3 1.7 50.0 5.6Gabon 2023100 23.7 18.1 0 0.7 0 0 53.0 48.0The Gambia 202314.6 103.1 12.0 0 1.7 0 0 14.6 38.6Georgia 2023100 7.1 1.5 24.9 87.2 0.4 0.5 1.9 0.1Ghana 202315.1 92.0 12.0 0 1.7 0 0 15.1 38.6Grenada 2023100 57.2 11.0 0.2 5.1 0 0.2 99.8 26.5Guatemala 2023100 41.3 5.6 2.0 50.7 0 0 94.0 0.7Guinea 202338.4 20.8 12.0 0.7 1.7 0 0 17.8 38.6Guinea-Bissau 202397.6 48.6 12.0 0 1.7 0 0 97.6 38.6Simple averageDuty-freeNon ad valorem dutiesYear of MFN applied tariffBinding coverageDuties 15%Share of HS 6 digit subheadings in per centWTO ITC UNCTADWorld Tariff Profiles 20248Download the data:www.wto.org/statisticsAll productsSummary TablesAll productsBoundMFN appliedBoundMFN appliedBoundMFN appliedBoundMFN appliedCountry/Territory1213141516171819202122 4.7 0 7019103Afghanistan 11.0 9.7 0 20 15961011349,754Albania 0.1 6055516,875Algeria 0 10.4 0 80 7061381435,656Angola 0.2 6.8 0 220 70321239946,705Antigua and Barbuda 0 0 0 35 351752237710,673Argentina 0 0.3 0 15 809253807113,106Armenia 5.7 0.1 0 55 18555118996,799Australia 0.5 2582411810,583Azerbaijan 0.3 0.1 0 200 1004940837,848Bahrain,Kingdom of 0 0 0 200 25171749667,512Bangladesh 0.5 5.0 0 247 2162946301517,056Barbados 1.0 19825411513,228Belarus 0 10.6 0 110 110542321226,986Belize 0.8 0 0 100 3514594616,380Benin 0.6 10011755,864Bhutan 0 6.2 0 40 40291818,129Bolivia,Plurinational State of 2.1 6335714310,536Bosnia and Herzegovina 2.8 9.1 0 597 141561031291418,367Botswana 0 6.3 0 55 553230289010,451Brazil 0.1 7.1 0 1000 105131113352711,413Brunei Darussalam 0 0 0 100 35125105616,380Burkina Faso 0 0.7 0 100 100111363985,955Burundi 2.1 5.8 0 55 551213811026,138Cabo Verde 0.1 4.4 0 60 35246567811,413Cambodia 0 0 0 80 30252536,063Cameroon 1.2 7.2 0 570 5703802243324827,106Canada 0 0 0 70 308525536,063Central African Republic 0 0 0 80 30251536,063Chad 0.1 0 0 98 6731078,737Chile 2.4 2.3 0 65 65588576859,004China 2.4 4.5 0 227 985117601687,971Colombia 0 2612557,408Comoros 0 0 0 30 303526536,063Congo 1.1 1000387546,777Cook Islands 0.1 1.1 0 233 15019183616611,183Costa Rica 0.1 0 0 64 3515559616,127Cte dIvoire 0 0 0 62 528679336,262Cuba 0 0 100922Democratic Republic of the Congo 0.6 0 4501449Djibouti 0 8.9 0 150 165422411536,769Dominica 0 1.0 0 99 991312351337,696Dominican Republic 0.2 0.7 0 86 861933391178,284Ecuador 0.4 0 100031405Egypt 0.2 1.5 0 164 1641511361238,890El Salvador 3.3 9.1 0 597 401581031291488,418Eswatini 4.3 5.0 0 321 1525395011711509,754European Union 0.1 5.4 0 1000 1000876565156,516Fiji 0 0 0 60 308571536,063Gabon 0 0 0 110 359521616,380The Gambia 0.7 12.6 0 311 31126109525910,096Georgia 0 0 0 99 356521616,380Ghana 0.8 7.9 0 200 4091037936,663Grenada 0.6 0.7 0 257 2012711471317,594Guatemala 0.1 0 0 75 3515577616,380Guinea 0 0 0 50 35357616,380Guinea-BissauNumber of distinct duty ratesCoefficient of variationMaximum dutyNumber of MFN applied tariff linesConcessionsnot yetimplemented in 2023Duties 3*AVGShare of HS 6 digit subhdgs in per centWTO ITC UNCTADWorld Tariff Profiles 20249Download the data:www.wto.org/statisticsI SUMMARY TABLESAll productsSummary TablesAll productsCountry/TerritoryBoundMFN appliedBoundMFN appliedBoundMFN appliedBoundMFN appliedin34567891011Simple averageDuty-freeNon ad valorem dutiesYear of MFN applied tariffBinding coverageDuties 15%Share of HS 6 digit subheadings in per centGuyana 2023100 57.0 11.7 0 9.6 0 0.0 100.0 26.7Haiti 202387.7 18.7 4.9 5.2 45.4 9.4 0.0 52.3 5.6Honduras 2023100 31.9 5.7 1.9 51.2 0 0 89.8 0.7Hong Kong,China 202349.7 0 0 49.7 100.0 0 0 0 0Iceland 202395.0 24.0 3.3 43.6 94.5 3.2 2.9 32.2 4.5India 202374.3 50.8 17.0 2.2 1.9 5.0 4.1 71.5 30.9Indonesia 202396.3 37.1 8.0 2.4 13.3 0 0.2 90.6 9.3Israel 202375.6 22.3 1.3 10.7 93.5 6.8 3.0 20.9 2.4Jamaica 2023100 50.0 8.5 0.5 58.5 0.0 0 83.7 26.5Japan 202399.7 4.1 3.7 53.0 53.9 3.5 3.4 3.6 3.3Jordan 2023100 16.2 4.0 6.2 56.9 0.2 0.3 47.7 5.0Kazakhstan 2023100 6.4 5.6 15.0 26.1 7.8 6.9 0.9 0.6Kenya 202316.3 93.8 13.8 0 38.0 0 8.0 16.3 35.7Kiribati 2023 0.0 100.0 0.0 0Korea,Republic of 202394.9 17.0 13.4 16.2 17.6 0.6 0.5 20.4 10.4Kuwait,the State of 202399.9 98.0 4.7 2.0 10.5 0 1.3 97.9 0.2Kyrgyz Republic 202399.9 7.5 6.4 19.6 16.3 0.5 8.8 3.0 1.2Lao Peoples Democratic Republic 2023100 19.2 8.6 1.1 1.7 0 0 57.1 9.4Lebanese Republic 2023 11.3 40.1 6.3 10.7Lesotho 2023100 79.4 7.5 0 60.6 0 2.5 100.0 20.2Liberia 2023100 26.7 12.0 0.1 1.7 0 0 86.5 38.6Libya 2023 4.5 17.0 1.0 1.2Macao,China 202330.4 0 0 30.4 100.0 0 0 0 0Madagascar 202331.2 27.4 12.0 0.1 5.3 0 0 28.7 39.4Malawi 202235.1 73.2 12.2 0 33.1 0 0.0 35.1 36.8Malaysia 202383.8 21.1 5.6 5.5 66.8 2.9 0.7 36.5 13.5Maldives 202394.5 36.9 11.6 0 43.5 0 0 94.5 29.0Mali 202339.5 29.4 12.0 0.8 1.7 0 0 18.9 38.6Mauritania 202339.7 20.8 12.0 0.7 2.9 0 0 19.0 38.8Mauritius 202320.4 86.6 0.8 4.9 95.7 0 0 15.5 1.0Mexico 2023100 36.2 6.8 0.3 49.4 1.0 1.0 98.7 10.7Micronesia,Federated States of 2023 5.0 0 0.3 4.7Moldova,Republic of 2022100 6.9 5.3 26.1 37.5 1.2 1.6 2.9 2.0Mongolia 2023100 17.4 5.2 1.7 1.3 0 0 76.9 0.9Montenegro 2023100 5.3 3.7 31.0 33.0 0 0.5 3.4 2.9Morocco 2023100 41.3 14.0 0.0 0.0 0 0 99.5 28.7Mozambique 202314.3 97.7 10.3 0 3.6 0 0.0 14.0 34.6Myanmar 202318.6 82.8 7.6 1.2 5.8 0.1 0 14.9 10.8Namibia 202393.8 19.0 7.5 14.2 60.6 0 2.5 38.3 20.1Nauru 2023 12.6 4.2 1.4 3.3Nepal 202399.4 26.1 12.7 2.5 3.4 0 1.0 87.0 15.9New Zealand 2023100 9.5 1.9 50.0 66.1 3.1 0.3 29.5 0.0Nicaragua 2023100 40.9 5.6 1.8 51.6 0 0 98.1 0.7Niger 202396.9 45.2 12.0 0.7 1.7 0 0 76.6 38.6Nigeria 202319.7 120.5 12.0 0 1.7 0 0 19.7 38.6North Macedonia 2023100 7.0 6.5 39.5 44.1 1.4 1.4 11.3 10.8Norway 2023100 22.3 4.6 49.6 89.9 11.5 5.9 7.0 4.6Oman 2023100 14.1 5.6 6.1 10.5 0 0.6 5.5 1.1Pakistan 202398.6 60.8 10.3 0 31.1 0.1 0.8 95.0 39.1Palau 2022 4.0 16.9 2.3 1.0Panama 2023100 22.6 5.1 4.1 56.8 0.2 0 66.8 1.2Papua New Guinea 2023100 32.8 4.2 0 76.5 1.0 1.2 71.3 6.4Paraguay 2023100 33.4 8.6 0 28.7 0 0 94.8 20.4Peru 2023100 29.6 2.3 1.8 69.1 0 0 98.2 0Philippines 202367.6 24.9 6.0 5.0 13.2 0 0 54.8 3.2Qatar 2023100 15.6 4.7 3.1 10.5 0 1.3 17.2 0.2WTO ITC UNCTADWorld Tariff Profiles 202410Download the data:www.wto.org/statisticsAll productsSummary TablesAll productsBoundMFN appliedBoundMFN appliedBoundMFN appliedBoundMFN appliedCountry/Territory1213141516171819202122Number of distinct duty ratesCoefficient of variationMaximum dutyNumber of MFN applied tariff linesConcessionsnot yetimplemented in 2023Duties 3*AVGShare of HS 6 digit subhdgs in per cent 0 10.0 0 100 100415311116,707Guyana 0.0 13.5 0 70 5014514581315,918Haiti 0.0 0.7 0 164 1642314311437,585Honduras 0 0 0 0 011007,804Hong Kong,China 5.5 5.4 0 574 4151741632494209,313Iceland 0.5 2.8 0 300 3791981588211412,302India 0.4 5.5 0 210 15017213513011,413Indonesia 7.7 6.4 0 560 2122691861815378,961Israel 0 8.9 0 100 1001211501317,945Jamaica 4.7 4.7 0 457 4572603252863129,886Japan 0.6 7.9 0 200 2002223923096,996Jordan 0.8 0.6 0 207 1971801789911013,258Kazakhstan 0 0.8 0 100 100540171045,956Kenya 0.0 225,9265,800Kiribati 2.6 2.6 0 887 88715113433741411,384Korea,Republic of 0 0.2 0 100 10025191317,848Kuwait,the State of 0.1 0.6 0 135 13519253747713,110Kyrgyz Republic 0.7 4.1 0 90 401811598010,812Lao Peoples Democratic Republic 6.3 1000623916,153Lebanese Republic 0 9.1 0 200 1113103611398,427Lesotho 0 0 0 50 3512538616,380Liberia 1.2 305785,953Libya 0 0 0 0 011006,957Macao,China 0 0 0 30 2012821577,372Madagascar 0 0 0 125 2511856827,199Malawi 1.6 13.5 0 1000 10001825031824411,434Malaysia 2.4 4.2 0 300 4002181161858,525Maldives 0 0 0 75 3512589616,380Mali 1.8 0 0 75 3513588626,128Mauritania 0 4.3 0 122 10055624496,855Mauritius 0.8 2.1 0 254 754426451268,127Mexico 4.7 28891335,976Micronesia,Federated States of 0.9 2.0 0 75 523337891089,624Moldova,Republic of 0.0 0.9 0 75 40131237576,360Mongolia 3.4 4.8 0 50 50776012714110,282Montenegro 1.3 1.8 0 289 20048175613213,012Morocco 0 0 0 100 203515725,807Mozambique 0.5 5.2 0 550 60231310810811,848Myanmar 3.3 9.1 0 597 136581031291408,418Namibia 1.2 1000373425,571Nauru 0.5 2.7 0 200 2001432501186,293Nepal 7.9 4.5 0 716 4511761491368,282New Zealand 0.1 0.7 0 200 164812271288,199Nicaragua 3.3 0 0 200 3513576616,380Niger 0 0 0 150 357539616,380Nigeria 4.1 5.9 0 65 6513416011813110,277North Macedonia 6.6 4.8 0 1000 10003572963235127,405Norway 1.4 1.1 0 200 2001591382077,848Oman 0.0 2.3 0 200 1301732371097,578Pakistan 1.1 922155426,065Palau 0.5 1.2 0 260 2604830641869,678Panama 0.6 16.6 0 161 1612529582506,068Papua New Guinea 0 0.4 0 35 35748229410,497Paraguay 0 9.4 0 68 1133201658,002Peru 0 3.2 0 60 6518396111211,557Philippines 0.7 0.2 0 200 1001651101317,848QatarWTO ITC UNCTADWorld Tariff Profiles 202411Download the data:www.wto.org/statisticsI SUMMARY TABLESAll productsSummary TablesAll productsCountry/TerritoryBoundMFN appliedBoundMFN appliedBoundMFN appliedBoundMFN appliedin34567891011Simple averageDuty-freeNon ad valorem dutiesYear of MFN applied tariffBinding coverageDuties 15%Share of HS 6 digit subheadings in per centRussian Federation 2023100 7.5 6.6 3.4 15.9 9.1 8.8 1.6 1.5Rwanda 2023100 89.3 13.3 1.1 39.6 0 0.4 96.9 41.0Saint Kitts and Nevis 95.2 76.5 0 0 95.1Saint Lucia 99.5 64.6 0 0 99.5Saint Vincent and the Grenadines 202399.7 65.2 10.8 0 8.7 0 0.2 99.7 25.8Samoa 100 21.3 0 0.5 54.4Saudi Arabia,Kingdom of 2023100 11.0 6.2 6.9 10.2 1.3 1.7 1.3 1.2Senegal 2023100 30.0 12.0 0 1.7 0 0 99.8 38.6Serbia 2023 7.3 1.3 0.0 12.9Seychelles 2023100 9.8 2.6 46.9 90.9 0 0.5 27.6 6.1Sierra Leone 2023100 47.3 12.0 0 1.7 0 0 100.0 38.6Singapore 202372.0 8.8 0.0 17.3 100.0 0.5 0.0 0.4 0.0Solomon Islands 2022100 78.6 9.6 0 0.5 1.3 1.6 96.3 0.6Somalia 2023 15.6 0 0.8 42.5South Africa 202393.8 19.0 7.6 14.2 60.6 0 2.5 38.3 20.1South Sudan 2023 10.2 0 0 12.9Sri Lanka 202340.5 32.3 8.4 0.2 52.1 0.6 14.7 27.7 30.5Suriname 202327.5 18.0 10.4 1.4 4.5 0.0 0 21.5 24.7Switzerland 202399.7 7.0 5.2 20.9 31.7 78.8 68.3 6.4 4.1Chinese Taipei 2023100 6.8 6.5 30.3 31.3 1.2 1.2 8.5 8.7Tajikistan 100 7.9 12.5 0.4 7.1Tanzania 202314.1 120.0 14.1 0 38.2 0 1.5 14.1 42.1Thailand 202376.9 26.6 9.8 4.9 37.1 18.6 6.8 64.4 21.8Timor-Leste 2023 2.5 0 0.9 0Togo 202314.6 80.0 12.0 0 1.7 0 0 14.6 38.6Tonga 2023100.0 17.6 10.7 0 20.7 0.0 0 52.0 6.7Trinidad and Tobago 2023100 55.7 8.2 1.5 66.1 0 0.4 94.9 26.3Tunisia 202358.0 57.9 19.5 0 34.8 0 0.7 58.0 42.1Trkiye 202350.5 28.9 16.2 2.9 19.6 0.1 1.3 29.2 33.4Uganda 202316.6 72.9 15.6 0 38.8 0 1.0 16.6 42.0Ukraine 2023100 5.8 4.3 31.4 42.5 0.2 0.2 4.0 2.7United Arab Emirates 2023100 14.5 4.7 3.1 10.5 0 1.3 0.8 0.2United Kingdom 2023100 5.1 3.8 29.8 53.0 100.0 3.8 4.6 3.9United States of America 2023100.0 3.4 3.3 46.5 47.5 8.2 8.3 2.7 2.7Uruguay 2023100 31.5 10.1 0 15.2 0 0 98.0 32.1Vanuatu 2023100 40.1 9.0 3.4 27.3 0 0.0 96.3 10.8Venezuela,Bolivarian Republic of 2023100 36.5 13.8 0 4.9 0 0 99.0 36.8Viet Nam 2023100 11.7 9.4 13.9 36.4 0.0 0 27.4 23.8Yemen 100 21.7 0.1 1.1 88.1Zambia 202317.5 106.7 14.6 0 24.4 0 2.8 17.5 34.7Zimbabwe 24.5 84.13.40.615.3WTO ITC UNCTADWorld Tariff Profiles 202412Download the data:www.wto.org/statisticsAll productsSummary TablesAll productsBoundMFN appliedBoundMFN appliedBoundMFN appliedBoundMFN appliedCountry/Territory1213141516171819202122Number of distinct duty ratesCoefficient of variationMaximum dutyNumber of MFN applied tariff linesConcessionsnot yetimplemented in 2023Duties 3*AVGShare of HS 6 digit subhdgs in per cent 0.6 1.0 0 207 19723425410411413,232Russian Federation 0 0.7 0 100 80151831985,959Rwanda 0.1 0 2502326Saint Kitts and Nevis 0.3 0 2503746Saint Lucia 0.3 7.9 0 250 1003814461067,127Saint Vincent and the Grenadines 0.1 0 1042237Samoa 0.2 1.2 0 883 883252314832912,779Saudi Arabia,Kingdom of 0 0 0 30 35252616,380Senegal 5.7 30169610,520Serbia 0.6 8.6 0 200 2008201414726,118Seychelles 0 0 0 80 357513616,380Sierra Leone 0.4 0.0 0 1000 892234364,34011,414Singapore 0.0 0.5 0 593 1821927221356,288Solomon Islands 0 357585,469Somalia 3.3 9.1 0 597 636581031291618,419South Africa 0 205425,682South Sudan 0.0 1.6 0 175 43722178631738,154Sri Lanka 0 6.1 0 40 50171052936,288Suriname 5.3 4.0 0 1000 9628109873624678,793Switzerland 4.5 7.5 0 1000 10001581412362389,135Chinese Taipei 0.7 0 2072980Tajikistan 0 0.6 0 120 1001230975,977Tanzania 1.1 14.8 0 806 226146998214611,638Thailand 0.3 103165,950Timor-Leste 0 0 0 80 35150616,380Togo 0 0 0 20 204514685,715Tonga 0 10.2 0 156 1001636371516,559Trinidad and Tobago 1.1 0 0 200 504211707817,088Tunisia 2.9 6.9 0 225 22529436111915411,557Trkiye 0 2.5 0 80 277518181065,954Uganda 3.9 4.2 0 50 5053489311611,007Ukraine 0.8 0.2 0 200 1001161191317,848United Arab Emirates 4.6 10.4 0 302 243 .2931701829,789United Kingdom 7.5 7.1 0 350 35073473829826311,960United States of America 0 0.3 0 55 351919237712,162Uruguay 0.0 5.7 0 210 75161329985,756Vanuatu 2.0 0 0 135 404417417111,168Venezuela,Bolivarian Republic of 4.1 6.6 0 200 135513711312611,684Viet Nam 0.3 0 1003540Yemen 0 0.0 0 125 9872332846,702Zambia0 0 1501890ZimbabweWTO ITC UNCTADWorld Tariff Profiles 202413Download the data:www.wto.org/statisticsI SUMMARY TABLESAll productsSummary TablesAgricultural productsCountry/TerritoryBoundMFN appliedBoundMFN appliedBoundMFN appliedBoundMFN applied124567891011Afghanistan 33.8 0.4 5.5 74.4Albania 2023 9.7 7.7 10.2 12.3 0 0 17.5 0Algeria 2022 23.7 0.4 0 70.3Angola 2023 52.7 21.5 0 30.2 0 0 94.3 47.2Antigua and Barbuda 2022 105.0 16.3 0 24.5 0 0 99.9 45.6Argentina 2023 32.4 10.3 0.1 7.1 0 0 95.2 15.3Armenia 2023 14.7 8.2 1.3 9.3 0 23.5 0 1.1Australia 2023 3.2 1.2 33.1 76.3 1.6 0.9 3.1 0.3Azerbaijan 2023 13.0 12.1 5.6 3.3Bahrain,Kingdom of 2023 39.4 3.9 0 26.5 0 1.4 99.9 0.2Bangladesh 2023 186.2 17.7 0 8.7 0 0.7 98.2 61.1Barbados 2022 111.0 29.0 0 12.7 0 0 99.9 47.3Belarus 2023 9.8 9.3 23.5 6.7Belize 2023 101.3 22.4 0 17.2 0 3.2 99.9 45.7Benin 2023 61.4 15.9 0 0 0 0 97.9 54.5Bhutan 2023 9.8 24.4 0 2.6Bolivia,Plurinational State of 2023 40.0 13.2 0 0.8 0 0 100.0 22.0Bosnia and Herzegovina 2023 9.0 36.9 21.2 17.4Botswana 2023 36.5 8.5 21.9 46.0 0 12.9 72.4 22.3Brazil 2023 35.4 8.1 2.7 10.9 0 0 95.7 5.4Brunei Darussalam 2023 31.2 0.1 0 97.9 2.2 1.1 96.7 0.0Burkina Faso 2023 97.9 15.9 0 0 0 0 97.9 54.5Burundi 2023 94.9 24.6 2.9 15.1 0 1.1 96.2 69.6Cabo Verde 2023 19.4 13.3 0 9.2 0 0 62.1 38.8Cambodia 2023 28.0 11.9 0 14.3 0 0 71.8 13.6Cameroon 2023 80.0 22.4 0 0 0 0 99.9 68.7Canada 2023 15.6 14.8 48.0 68.7 18.4 11.0 8.8 8.5Central African Republic 2023 30.0 22.4 0 0 0 0 99.9 68.7Chad 2023 80.0 22.4 0 0 0 0 99.9 68.7Chile 2023 26.1 6.0 0 0 0 1.0 100.0 0China 2023 15.7 14.0 5.9 7.0 0 0.1 35.5 27.6Colombia 2023 92.0 14.1 0 3.2 0 15.0 99.9 3.7Comoros 2022 12.0 21.6 0.3 53.8Congo 2023 30.0 22.4 0 0 0 0 99.9 68.7Cook Islands 2023 20.6 95.7 4.1 4.2Costa Rica 2023 43.2 11.5 0 29.2 0 0 90.7 8.1Cte dIvoire 2023 14.9 15.8 0.1 0 0 0 1.1 53.8Cuba 2023 37.4 4.3 3.6 8.3 0 0 93.4 0Democratic Republic of the Congo 97.8 0 0 99.7Djibouti 49.6 0 0 99.7Dominica 2023 112.7 22.2 0 24.7 0 0.1 99.9 47.9Dominican Republic 2023 39.3 14.7 0 32.2 0 0 98.9 53.6Ecuador 2023 25.7 17.3 0 26.5 0 1.4 86.1 55.5Egypt 94.8 0 1.6 68.5El Salvador 2023 42.2 9.8 0 33.8 0 0 100.0 7.1Eswatini 2023 39.0 8.5 22.5 46.0 0 12.9 71.9 22.4European Union 2023 11.3 10.8 31.4 31.1 31.7 32.0 23.8 21.6Fiji 2023 43.5 21.2 0 20.2 2.2 3.5 99.8 10.9Gabon 2023 58.6 22.4 0 0 0 0 99.3 68.7The Gambia 2023 105.2 15.9 0 0 0 0 99.9 54.5Georgia 2023 12.3 6.3 7.9 49.7 2.4 2.4 12.3 0.9Ghana 2023 96.6 15.9 0 0 0 0 99.9 54.5Grenada 2023 101.4 18.5 1.7 11.9 0 0.5 98.3 48.6Guatemala 2023 51.4 8.5 0 35.9 0 0 97.8 3.9Guinea 2023 39.6 15.9 0 0 0 0 97.9 54.5Guinea-Bissau 2023 40.1 15.9 0 0 0 0 100.0 54.5Duties 15%Share of HS 6 digit subheadings in per centSimple averageDuty-freeNon ad valorem dutiesYear of MFN applied tariffWTO ITC UNCTADWorld Tariff Profiles 202414Download the data:www.wto.org/statisticsAgricultural productsSummary TablesAgricultural productsBoundMFN appliedBoundMFN appliedBoundMFN appliedBoundMFN appliedCountry/Territory1213141516171819202122 0 0 701657Afghanistan 0 0 0 20 156657592,134Albania 0 605442,464Algeria 0 0.3 0 60 704121899792Angola 0 0 0 220 45101017821,158Antigua and Barbuda 0 1.2 0 35 35131924621,080Argentina 0 0.9 0 15 80514114582,582Armenia 8.9 23.7 0 29 18265149167883Australia 1.4 122121022,224Azerbaijan 2.1 0.2 0 200 10039641431,292Bahrain,Kingdom of 0 0 0 200 259826521,171Bangladesh 0 8.4 0 223 2161540231311,280Barbados 2.1 1981421192,704Belarus 0 5.9 0 110 11043261081,177Belize 0 0 0 100 35742059938Benin 2.6 1004154815Bhutan 0 2.7 0 40 40272501,086Bolivia,Plurinational State of 8.3 633481492,209Bosnia and Herzegovina 2.3 6.2 0 597 11151801361311,216Botswana 0 1.2 0 55 55211531621,084Brazil 1.0 2.1 0 1000 501052661,1131,441Brunei Darussalam 0 0 0 100 35641459938Burkina Faso 0 1.1 0 100 100592466804Burundi 0 4.4 0 55 5511106096860Cabo Verde 0 0 0 60 3513445851,441Cambodia 0 0 0 80 3014043899Cameroon 6.0 6.0 0 570 5703022142903011,294Canada 0 0 0 30 3014043899Central African Republic 0 0 0 80 3014043899Chad 0.7 0 0 98 6322401,455Chile 2.9 3.3 0 65 65403675851,210China 0 3.3 0 227 984715371151,093Colombia 0 20371975Comoros 0 0 0 30 3014043899Congo 3.7 100073801,351Cook Islands 1.0 7.8 0 233 1501418631441,820Costa Rica 0.9 0 0 64 35843760918Cte dIvoire 0 0 0 40 5762635860Cuba 0 0 100413Democratic Republic of the Congo 4.4 0 4501096Djibouti 0 5.7 0 150 150319201251,130Dominica 0 2.7 0 99 991212251071,219Dominican Republic 0.9 2.0 0 86 86161445871,110Ecuador 2.2 0 100022450Egypt 1.6 5.4 0 164 164139511181,394El Salvador 2.3 6.2 0 597 11152801311311,219Eswatini 6.8 7.3 0 321 1524864461301212,134European Union 1.0 2.8 0 1000 100082198435867Fiji 0 0 0 60 30441243899Gabon 0 0 0 110 35641859938The Gambia 0.1 0.5 0 311 311229921222,201Georgia 0 0 0 99 35341259938Ghana 0 0 0 200 4081030791,126Grenada 4.1 1.5 0 257 2012211811411,112Guatemala 0 0 0 75 35641559938Guinea 0 0 0 50 3524359938Guinea-BissauCoefficient of variationMaximum dutyNumber of MFN applied tariff linesConcessionsnot yetimplemented in 2023Duties 3*AVGShare of HS 6 digit subhdgs in per centNumber of distinct duty ratesWTO ITC UNCTADWorld Tariff Profiles 202415Download the data:www.wto.org/statisticsI SUMMARY TABLESAgricultural productsSummary TablesAgricultural productsCountry/TerritoryBoundMFN appliedBoundMFN appliedBoundMFN appliedBoundMFN applied124567891011Duties 15%Share of HS 6 digit subheadings in per centSimple averageDuty-freeNon ad valorem dutiesYear of MFN applied tariffGuyana 2023 99.7 22.3 0 10.8 0 0 100.0 50.3Haiti 2023 21.3 9.7 16.3 29.7 9.2 0 64.9 19.6Honduras 2023 32.3 10.8 0 26.7 0 0 93.8 4.8Hong Kong,China 2023 0 0 100.0 100.0 0 0 0 0Iceland 2023 113.6 23.5 25.6 65.0 24.5 21.1 64.0 32.9India 2023 113.1 39.0 0 3.4 0.3 0.3 98.5 92.2Indonesia 2023 47.1 8.6 0 8.3 0 1.3 99.4 9.4Israel 2023 78.0 8.1 4.2 61.3 0.3 18.2 80.6 15.7Jamaica 2023 97.3 19.4 1.5 30.5 0.3 0 97.6 49.5Japan 2023 14.9 12.2 34.1 35.4 15.1 13.1 22.8 20.4Jordan 2023 23.7 10.9 1.4 41.4 1.2 2.0 57.7 14.8Kazakhstan 2023 9.6 8.7 6.0 11.7 18.2 15.6 6.4 4.6Kenya 2023 100.0 24.7 0 14.9 0 3.3 99.9 67.8Kiribati 2023 0 100.0 0 0Korea,Republic of 2023 61.4 57.0 2.2 5.4 4.3 3.6 76.5 52.9Kuwait,the State of 2023 100.0 5.4 0 23.6 0 7.3 100.0 1.6Kyrgyz Republic 2023 12.8 8.6 1.2 9.3 2.3 23.5 22.8 3.1Lao Peoples Democratic Republic 2023 19.6 11.2 7.1 10.0 0 0 40.3 20.9Lebanese Republic 2023 33.0 22.2 10.4 24.6Lesotho 2023 199.1 8.5 0 46.0 0 12.9 100.0 22.4Liberia 2023 23.8 15.9 0 0 0 0 72.5 54.5Libya 2023 2.0 69.4 6.9 2.8Macao,China 2023 0 0 99.9 100.0 0 0 0 0Madagascar 2023 30.0 15.0 0 6.4 0 0 99.9 61.8Malawi 2022 121.1 17.4 0 11.8 0 0 99.9 57.1Malaysia 2023 53.7 7.4 12.7 74.5 21.5 5.0 26.3 8.0Maldives 2023 44.7 10.7 0 75.5 0 0 99.9 21.8Mali 2023 59.1 15.9 0 0 0 0 98.0 54.5Mauritania 2023 38.7 15.3 0 2.8 0 0 98.1 53.4Mauritius 2023 119.4 1.6 0 92.7 0 0 99.9 1.7Mexico 2023 45.0 11.9 0.4 29.4 7.3 4.8 95.4 34.1Micronesia,Federated States of 2023 6.0 0 1.5 7.6Moldova,Republic of 2022 13.9 11.7 3.1 9.3 9.0 10.2 20.0 13.8Mongolia 2023 18.8 6.3 0.9 3.6 0 0 73.3 4.3Montenegro 2023 10.9 8.8 22.9 29.9 0 3.5 23.7 20.9Morocco 2023 54.4 29.5 0 0 0 0 99.9 52.0Mozambique 2023 100.0 14.1 0 5.9 0 0 99.9 63.0Myanmar 2023 103.6 15.9 0.8 8.3 0.7 0 83.5 34.3Namibia 2023 39.0 8.5 22.5 46.0 0 12.9 71.9 22.2Nauru 2023 27.2 19.3 4.1 8.9Nepal 2023 41.1 15.7 0 0.8 0 5.0 95.5 15.7New Zealand 2023 5.8 1.4 55.9 72.5 0.2 0.1 12.8 0Nicaragua 2023 43.6 10.6 0 26.6 0 0 100.0 5.4Niger 2023 84.6 15.9 0 0 0 0 98.1 54.5Nigeria 2023 150.0 15.9 0 0 0 0 99.9 54.5North Macedonia 2023 13.0 12.9 33.7 36.6 9.2 8.9 31.0 31.2Norway 2023 138.9 31.1 29.1 52.0 66.2 42.9 48.9 33.4Oman 2023 27.8 11.5 0 23.6 0 2.9 11.4 7.3Pakistan 2023 96.2 13.0 0 5.7 0.4 5.0 93.1 46.8Palau 2022 9.5 71.8 3.0 4.1Panama 2023 27.4 12.0 0.5 29.0 0.1 0 79.5 8.1Papua New Guinea 2023 43.9 12.6 0 46.6 6.9 6.2 80.8 22.9Paraguay 2023 33.0 9.0 0 11.3 0 0 92.9 9.4Peru 2023 30.8 2.8 0 55.4 0 0 100.0 0Philippines 2023 35.4 9.6 0 3.6 0 0 91.3 12.7Qatar 2023 25.7 5.4 0 23.6 0 7.3 24.0 1.6WTO ITC UNCTADWorld Tariff Profiles 202416Download the data:www.wto.org/statisticsAgricultural productsSummary TablesAgricultural productsBoundMFN appliedBoundMFN appliedBoundMFN appliedBoundMFN appliedCountry/Territory1213141516171819202122Coefficient of variationMaximum dutyNumber of MFN applied tariff linesConcessionsnot yetimplemented in 2023Duties 3*AVGShare of HS 6 digit subhdgs in per centNumber of distinct duty rates 0 4.0 0 100 1002115961,127Guyana 0.3 6.5 0 70 50491274108830Haiti 0.2 3.6 0 164 1641514381421,088Honduras 0 0 0 0 011001,062Hong Kong,China 10.0 11.5 0 574 4151621631341872,161Iceland 0 2.3 0 300 150192046741,566India 3.3 4.4 0 210 1501313502121,441Indonesia 2.6 10.0 0 560 212122172882261,279Israel 0 1.4 0 100 10061116911,453Jamaica 7.4 5.4 0 457 4571982481952031,929Japan 3.4 3.5 0 200 2001923131250950Jordan 3.0 2.0 0 207 197109111100982,734Kazakhstan 0 1.2 0 100 100119068804Kenya 0 010852Kiribati 7.7 8.7 0 887 8871301052102371,697Korea,Republic of 0 1.6 0 100 1001502381,292Kuwait,the State of 0.6 0.9 0 135 1351614174702,586Kyrgyz Republic 4.4 4.1 0 90 4015890911,369Lao Peoples Democratic Republic 7.5 100043287859Lebanese Republic 0 6.2 0 200 11128081321,219Lesotho 0 0 0 50 35843959938Liberia 2.9 305272828Libya 0 0 0 0 01100919Macao,China 0 0 0 30 2016047995Madagascar 0 0 0 125 25651552971Malawi 8.1 5.8 0 1000 1000173422944701,441Malaysia 5.4 8.4 0 300 2002131382551,202Maldives 0 0 0 75 35641359938Mali 0 0 0 75 35754562918Mauritania 0 7.3 0 122 1003512318987Mauritius 4.5 3.8 0 254 7541208995956Mexico 7.6 2888222879Micronesia,Federated States of 2.0 0.4 0 75 52282969642,163Moldova,Republic of 0.3 4.3 0 75 4011102791994Mongolia 4.4 7.4 0 50 50514388862,350Montenegro 8.4 5.7 0 289 2004116961202,057Morocco 0 0 0 100 2014058840Mozambique 3.4 0.9 0 550 60211292801,589Myanmar 2.3 6.2 0 597 11152801311321,219Namibia 3.2 100028350803Nauru 0.9 2.4 0 200 200121753151932Nepal 10.2 27.4 0 43 56031101361,108New Zealand 0.7 4.3 0 200 164612371141,276Nicaragua 0 0 0 200 35747659938Niger 0 0 0 150 3514059938Nigeria 9.8 9.9 0 65 6511911889952,241North Macedonia 7.5 8.8 0 1000 10003042891222181,449Norway 7.3 7.3 0 200 2001191552501,292Oman 0 2.4 0 200 130122221108899Pakistan 3.6 92210518878Palau 1.5 3.6 0 260 2603125791791,511Panama 0.1 11.4 0 161 161182650161936Papua New Guinea 0 0.7 0 35 3062021571,085Paraguay 0 2.2 0 68 1123211141,088Peru 0 9.2 0 60 651623291101,484Philippines 5.4 1.6 0 200 1001051632381,292QatarWTO ITC UNCTADWorld Tariff Profiles 202417Download the data:www.wto.org/statisticsI SUMMARY TABLESAgricultural productsSummary TablesAgricultural productsCountry/TerritoryBoundMFN appliedBoundMFN appliedBoundMFN appliedBoundMFN applied124567891011Duties 15%Share of HS 6 digit subheadings in per centSimple averageDuty-freeNon ad valorem dutiesYear of MFN applied tariffRussian Federation 2023 10.8 9.7 3.0 9.6 22.9 23.5 7.5 6.7Rwanda 2023 74.4 24.4 2.9 14.9 0 0.9 95.4 69.8Saint Kitts and Nevis 109.3 0 0 99.4Saint Lucia 115.1 0 0 100.0Saint Vincent and the Grenadines 2023 115.1 18.2 0 11.3 0 1.3 99.9 44.7Samoa 26.6 0 3.4 77.6Saudi Arabia,Kingdom of 2023 16.0 9.6 0.1 21.4 8.8 10.1 6.2 5.7Senegal 2023 29.9 15.9 0 0 0 0 99.1 54.5Serbia 2023 13.9 2.9 0.1 42.9Seychelles 2023 17.2 7.5 29.3 80.0 0 3.6 51.3 10.8Sierra Leone 2023 40.3 15.9 0 0 0 0 100.0 54.5Singapore 2023 19.3 0.1 4.0 99.8 3.5 0.2 3.1 0.2Solomon Islands 2022 72.6 13.2 0 0.5 3.3 6.3 87.7 4.0Somalia 2023 20.7 0 5.3 65.1South Africa 2023 39.0 8.5 22.5 46.0 0 12.9 71.8 21.9South Sudan 2023 7.1 0 0 9.0Sri Lanka 2023 50.2 20.7 0 17.9 3.0 24.9 99.6 72.7Suriname 2023 19.9 18.4 0.2 10.0 0 0 99.3 48.1Switzerland 2023 40.9 28.5 22.0 33.0 78.0 67.0 40.5 26.5Chinese Taipei 2023 17.7 16.6 24.0 25.2 6.5 6.3 37.7 36.1Tajikistan 10.8 0.8 3.0 7.3Tanzania 2023 120.0 24.7 0 13.9 0 3.7 99.9 67.5Thailand 2023 38.2 27.0 2.5 13.4 43.1 11.7 91.7 66.9Timor-Leste 2023 2.5 0 0.4 0Togo 2023 80.0 15.9 0 0 0 0 99.9 54.5Tonga 2023 19.2 7.9 0 47.1 0 0 83.6 3.7Trinidad and Tobago 2023 88.6 19.1 5.8 42.8 0 2.3 88.2 47.4Tunisia 2023 116.0 30.3 0 12.7 0 0 100.0 64.5Trkiye 2023 61.8 39.8 0.0 19.6 0 5.9 87.7 63.9Uganda 2023 77.2 28.0 0 14.7 0 1.2 99.9 69.7Ukraine 2023 11.0 9.1 12.3 22.4 1.1 1.3 24.8 18.3United Arab Emirates 2023 25.6 5.4 0 23.6 0 7.3 5.7 1.6United Kingdom 2023 11.1 9.2 30.4 38.7 100.0 26.2 23.4 20.0United States of America 2023 4.8 5.0 30.2 30.1 41.3 42.4 5.4 5.9Uruguay 2023 34.1 10.0 0 8.4 0 0 96.2 14.4Vanuatu 2023 43.6 16.9 0.1 10.8 0 0 99.4 46.8Venezuela,Bolivarian Republic of 2023 55.7 13.0 0 6.2 0 0 99.0 25.4Viet Nam 2023 18.8 17.1 8.6 15.5 0 0 46.2 41.7Yemen 25.0 0 7.5 80.4Zambia 2023 122.9 19.7 0 2.6 0 7.6 99.9 60.4Zimbabwe 1411.12.595.7WTO ITC UNCTADWorld Tariff Profiles 202418Download the data:www.wto.org/statisticsAgricultural productsSummary TablesAgricultural productsBoundMFN appliedBoundMFN appliedBoundMFN appliedBoundMFN appliedCountry/Territory1213141516171819202122Coefficient of variationMaximum dutyNumber of MFN applied tariff linesConcessionsnot yetimplemented in 2023Duties 3*AVGShare of HS 6 digit subhdgs in per centNumber of distinct duty rates 3.2 2.5 0 207 1971351421181182,708Russian Federation 0 0.9 0 100 808112763804Rwanda 0 0 2501728Saint Kitts and Nevis 0 0 2501524Saint Lucia 0 0.8 0 250 100161423981,234Saint Vincent and the Grenadines 0.7 0 1041742Samoa 1.3 1.7 0 883 88324202474881,729Saudi Arabia,Kingdom of 0 0 0 30 3524559938Senegal 0 3010592,248Serbia 1.2 10.6 0 200 2007201232591,059Seychelles 0 0 0 80 35441259938Sierra Leone 2.5 0.2 0 1000 892033631,5401,441Singapore 0 2.8 0 182 1821316371931,011Solomon Islands 0 35740774Somalia 2.3 6.2 0 597 10952801311321,219South Africa 0 20363782South Sudan 0.0 2.8 0 175 1751375121211,131Sri Lanka 0 0 0 20 50688801,025Suriname 8.6 10.1 0 1000 9623955681802532,174Switzerland 3.6 3.1 0 1000 100085832202241,505Chinese Taipei 0.7 0 2072280Tajikistan 0 1.1 0 120 100113066810Tanzania 2.7 3.9 0 806 2268877981011,513Thailand 0.3 103121,271Timor-Leste 0 0 0 80 3514059938Togo 0 0 0 20 20241099851Tonga 0 3.2 0 156 1001127391061,125Trinidad and Tobago 0 0 0 200 5027933493,454Tunisia 4.7 9.8 0 225 225132199791052,284Trkiye 0 0 0 80 805111169804Uganda 0.8 0.9 0 50 50262469752,263Ukraine 5.7 1.6 0 200 100251682381,292United Arab Emirates 6.6 8.1 0 302 243 .2811311312,160United Kingdom 6.2 5.9 0 350 3503683703463261,731United States of America 0 0.4 0 55 35141623581,544Uruguay 0.1 1.4 0 210 7512112776797Vanuatu 0 5.9 0 135 40391560721,191Venezuela,Bolivarian Republic of 2.4 2.0 0 135 135312987941,473Viet Nam 2.3 0 1002454Yemen 0 0.1 0 125 984121049908Zambia0 0 150726ZimbabweWTO ITC UNCTADWorld Tariff Profiles 202419Download the data:www.wto.org/statisticsI SUMMARY TABLESAgricultural productsSummary TablesNon-agricultural productsCountry/TerritoryBoundMFN appliedBoundMFN appliedBoundMFN appliedBoundMFN appliedin34567891011Afghanistan 96.1 10.1 10.1 0 20.8Albania 2023100 6.1 2.9 36.3 61.0 0 0 14.8 0Algeria 2022 18.1 1.9 0 37.7Angola 2023100 60.1 9.3 0 46.3 0 0 100.0 22.3Antigua and Barbuda 202294.4 51.7 8.9 0 7.8 0 0.1 94.4 21.3Argentina 2023100 31.7 13.9 0 6.0 0 0 98.2 38.4Armenia 2023100 7.7 6.0 40.9 17.5 0 6.4 0 0.5Australia 202396.8 10.5 2.6 22.0 48.3 0.9 0 14.5 0Azerbaijan 2023 7.4 37.6 0.6 0.2Bahrain,Kingdom of 202365.5 33.8 4.6 2.3 8.6 0 0 63.2 0.0Bangladesh 20234.3 37.6 13.5 0.0 3.6 0 0.4 3.7 39.1Barbados 202294.4 73.4 11.5 0 4.2 0 0 94.4 23.0Belarus 2023 6.0 17.5 6.4 0.7Belize 202395.4 52.0 10.3 0 10.0 0 0.0 95.4 23.8Benin 202328.9 11.2 11.4 0.9 2.0 0 0 5.1 36.1Bhutan 2023 9.3 8.9 0 0.6Bolivia,Plurinational State of 2023100 40.0 11.5 0 8.0 0 0 100.0 20.6Bosnia and Herzegovina 2023 5.7 31.0 0.1 0.0Botswana 202392.9 15.6 7.4 12.8 62.9 0 0.9 32.9 19.8Brazil 2023100 30.8 11.7 0.7 19.2 0 0 96.5 23.4Brunei Darussalam 202395.1 24.4 0.6 0 92.0 0 0.1 95.1 0.0Burkina Faso 202329.0 13.7 11.4 0.9 2.0 0 0 5.2 36.1Burundi 202310.0 26.1 12.3 0.5 42.0 0 0.6 7.0 37.3Cabo Verde 2023100.0 15.3 11.7 5.3 11.4 0 0 41.9 30.3Cambodia 2023100 17.9 9.0 0.9 17.6 0 0.0 41.2 2.9Cameroon 20230.2 68.8 17.4 0 0.8 0 0 0.2 44.7Canada 202399.7 5.1 2.0 39.0 79.2 0.3 0 6.7 5.7Central African Republic 202355.2 37.4 17.4 0 0.8 0 0 55.2 44.7Chad 20230.5 76.0 17.4 0 0.8 0 0 0.5 44.7Chile 2023100 25.0 6.0 0.0 0.4 0 0 100.0 0China 2023100 9.1 6.4 6.6 10.1 0 0.3 13.3 1.4Colombia 2023100 33.5 5.7 5.3 59.5 0 0.0 94.7 4.7Comoros 2022 15.6 12.1 2.1 74.2Congo 20233.4 15.0 17.4 0 0.8 0 0 1.0 44.7Cook Islands 2023 0.6 99.4 0.4 0.6Costa Rica 2023100 43.1 4.6 2.3 55.7 0 0 96.8 0.0Cte dIvoire 202322.6 8.6 11.5 0.9 2.0 0 0 2.8 36.2Cuba 202321.6 8.9 4.4 2.0 6.5 0 0 1.7 0Democratic Republic of the Congo 100 95.7 0 0 98.8Djibouti 100 39.9 0.0 0 99.6Dominica 202390.9 50.0 8.9 0 24.1 0 0.1 90.9 21.7Dominican Republic 2023100 33.2 6.4 2.8 59.0 0 0 87.9 25.6Ecuador 2023100 21.2 10.1 0 49.0 0 6.6 69.2 31.0Egypt 99.3 27.4 2.1 0 69.8El Salvador 2023100 36.2 5.0 2.6 54.7 0 0 97.4 0.6Eswatini 202392.9 15.6 7.4 12.8 62.9 0 0.9 32.9 19.8European Union 2023100 3.9 4.1 28.9 29.0 0.6 0.5 1.0 1.5Fiji 202342.0 40.0 6.1 0 27.5 0.0 1.4 42.0 4.8Gabon 2023100 17.9 17.4 0 0.8 0 0 45.3 44.7The Gambia 20230.8 60.0 11.4 0 2.0 0 0 0.8 36.1Georgia 2023100 6.3 0.7 27.6 93.2 0.0 0.1 0.3 0Ghana 20231.4 39.5 11.4 0 2.0 0 0 1.4 36.1Grenada 2023100 50.0 9.7 0 4.0 0 0.2 100.0 22.8Guatemala 2023100 39.7 5.2 2.3 53.1 0 0 93.5 0.1Guinea 202328.5 10.1 11.4 0.9 2.0 0 0 4.8 36.1Guinea-Bissau 202397.2 50.0 11.4 0 2.0 0 0 97.2 36.1Year of MFN applied tariffBinding coverageDuties 15%Share of HS 6 digit subheadings in per centSimple averageDuty-freeNon ad valorem dutiesWTO ITC UNCTADWorld Tariff Profiles 202420Download the data:www.wto.org/statisticsNon-agricultural productsSummary TablesNon-agricultural productsBoundMFN appliedBoundMFN appliedBoundMFN appliedBoundMFN appliedCountry/Territory1213141516171819202122 0.3 0 501289Afghanistan 10.0 19.1 0 20 15861111737,620Albania 0.0 6055614,411Algeria 0 15.6 0 80 504831504,864Angola 0.2 3.4 0 206 70261126895,547Antigua and Barbuda 0 0 0 35 35104923799,593Argentina 0 0.1 0 15 208134907210,524Armenia 6.4 0 0 55 5493111925,916Australia 0.2 258161088,359Azerbaijan 0 0.0 0 100 1003326706,556Bahrain,Kingdom of 0.1 0 0 200 25151579696,341Bangladesh 0.6 8.3 0 247 1451817261245,776Barbados 0.2 511347310,524Belarus 0 7.1 0 110 65522161055,809Belize 1.3 0.4 0 60 3512593605,442Benin 0.3 10011485,049Bhutan 0 6.8 0 40 40291867,043Bolivia,Plurinational State of 0.0 3216848,327Bosnia and Herzegovina 0.6 9.0 0 50 1411441691427,151Botswana 0 7.3 0 35 35192627929,367Brazil 0 8.0 0 50 105610304719,972Brunei Darussalam 1.4 0.4 0 100 35115147605,442Burkina Faso 1.3 0.2 0 100 501091141015,151Burundi 1.8 6.0 0 55 501210841035,278Cabo Verde 0 2.9 0 43 3520656779,972Cambodia 0 0 0 80 302523545,164Cameroon 6.7 15.3 0 20 25123361002005,812Canada 0 0 0 70 308525545,164Central African Republic 0 0 0 80 30253545,164Chad 0 0 0 25 652277,282Chile 1.4 0.9 0 50 50557569697,794China 0.1 4.7 0 104 4078261706,878Colombia 0 2612536,433Comoros 0 0 0 30 303567545,164Congo 0.6 1000331,0135,426Cook Islands 0 19.4 0 100 45165301249,363Costa Rica 0 0.4 0 25 3512568605,209Cte dIvoire 0.8 0 0 62 527683335,402Cuba 0 0 100823Democratic Republic of the Congo 0.0 0 230921Djibouti 0 5.7 0 100 16531431385,639Dominica 0 25.6 0 40 2075361296,477Dominican Republic 0 0.2 0 40 401126361227,174Ecuador 0.2 0 1601976Egypt 0 0.6 0 80 4099311107,496El Salvador 0.6 9.0 0 50 4011541691517,199Eswatini 7.4 2.8 0 26 261011051061037,620European Union 0 4.7 0 40 100016004175,649Fiji 0.9 0 0 60 306555545,164Gabon 0 0.4 0 110 356542605,442The Gambia 0.3 6.6 0 20 12144803927,895Georgia 0 0.4 0 99 356546605,442Ghana 0 5.6 0 100 40393885,537Grenada 0 0.1 0 75 20135311166,482Guatemala 0.3 0.4 0 40 3514571605,442Guinea 0 0.4 0 50 35351605,442Guinea-BissauNumber of MFN applied tariff linesConcessionsnot yetimplemented in 2023Share of HS 6 digit subhdgs in per centNumber of distinct duty ratesCoefficient of variationMaximum dutyDuties 3*AVGWTO ITC UNCTADWorld Tariff Profiles 202421Download the data:www.wto.org/statisticsI SUMMARY TABLESNon-agricultural productsSummary TablesNon-agricultural productsCountry/TerritoryBoundMFN appliedBoundMFN appliedBoundMFN appliedBoundMFN appliedin34567891011Year of MFN applied tariffBinding coverageDuties 15%Share of HS 6 digit subheadings in per centSimple averageDuty-freeNon ad valorem dutiesGuyana 2023100 50.1 10.0 0 9.4 0 0.0 100.0 22.9Haiti 202385.7 18.2 4.2 3.4 47.9 9.5 0.0 50.3 3.4Honduras 2023100 31.9 4.9 2.2 55.1 0 0 89.1 0Hong Kong,China 202341.6 0 0 41.6 100.0 0 0 0 0Iceland 202394.3 9.5 0.1 46.4 99.1 0.0 0 27.3 0India 202370.1 36.0 13.5 2.6 1.6 5.7 4.7 67.0 21.3Indonesia 202395.8 35.5 7.9 2.8 14.0 0 0.0 89.3 9.3Israel 202371.9 10.0 0.2 11.7 98.5 7.8 0.6 11.2 0.3Jamaica 2023100 42.3 6.8 0.3 62.9 0 0 81.5 22.9Japan 202399.6 2.5 2.4 55.9 56.8 1.7 1.8 0.7 0.6Jordan 2023100 15.0 2.9 7.0 59.4 0.1 0.1 46.1 3.4Kazakhstan 2023100 5.9 5.1 16.3 28.4 6.2 5.6 0.1 0Kenya 20232.8 57.9 12.0 0 41.7 0 8.7 2.8 30.6Kiribati 2023 0.0 100.0 0.0 0Korea,Republic of 202394.1 9.8 6.5 18.3 19.5 0.1 0.0 11.9 3.7Kuwait,the State of 202399.9 97.7 4.6 2.3 8.5 0 0.3 97.6 0.0Kyrgyz Republic 202399.9 6.7 6.1 22.4 17.5 0.2 6.4 0.0 0.8Lao Peoples Democratic Republic 2023100 19.1 8.1 0.1 0.3 0 0 59.8 7.6Lebanese Republic 2023 7.8 43.0 5.7 8.4Lesotho 2023100 60.1 7.4 0 62.9 0 0.9 100.0 19.8Liberia 2023100 27.2 11.4 0.1 2.0 0 0 88.7 36.1Libya 2023 4.8 8.7 0.0 0.9Macao,China 202319.2 0 0 19.2 100.0 0 0 0 0Madagascar 202320.1 25.3 11.5 0.1 5.1 0 0 17.2 35.9Malawi 202224.6 41.8 11.3 0 36.5 0 0.0 24.6 33.6Malaysia 202381.4 15.0 5.3 4.4 65.6 0.1 0.0 38.1 14.4Maldives 202393.6 35.5 11.7 0 38.5 0 0 93.6 30.2Mali 202329.8 13.3 11.4 0.9 2.0 0 0 6.1 36.1Mauritania 202330.0 11.1 11.5 0.8 2.9 0 0 6.2 36.5Mauritius 20237.6 17.0 0.7 5.7 96.2 0 0 1.9 0.9Mexico 2023100 34.8 6.0 0.3 52.6 0.0 0.4 99.2 7.0Micronesia,Federated States of 2023 4.9 .0.1 4.3Moldova,Republic of 2022100 5.8 4.3 29.8 42.1 0 0.2 0.1 0.1Mongolia 2023100 17.2 5.0 1.8 1.0 0 0 77.4 0.4Montenegro 2023100 4.4 2.9 32.3 33.4 0 0 0.2 0.0Morocco 2023100 39.3 11.5 0.0 0.0 0 0 99.4 25.0Mozambique 20230.5 26.0 9.7 0 3.3 0 0.0 0.1 30.1Myanmar 20235.5 21.2 6.3 1.2 5.4 0 0 3.9 7.1Namibia 202392.9 15.6 7.4 12.8 62.9 0 0.9 32.9 19.8Nauru 2023 10.2 1.8 0.9 2.3Nepal 202399.4 23.7 12.3 2.9 3.8 0 0.3 85.7 15.9New Zealand 2023100 10.2 2.0 49.0 65.1 3.6 0.4 32.2 0.0Nicaragua 2023100 40.5 4.9 2.1 55.5 0 0 97.8 0Niger 202396.4 38.6 11.4 0.8 2.0 0 0 73.1 36.1Nigeria 20236.7 49.6 11.4 0 2.0 0 0 6.7 36.1North Macedonia 2023100 6.0 5.4 40.4 45.2 0.2 0.2 8.1 7.6Norway 2023100 2.9 0.4 53.1 95.8 2.4 0.1 0.0 0.0Oman 2023100 11.8 4.7 7.1 8.5 0 0.3 4.5 0.1Pakistan 202398.9 55.2 9.9 0 35.1 0 0.1 95.3 37.9Palau 2022 3.1 8.0 2.2 0.5Panama 2023100 21.8 4.0 4.6 61.2 0.2 0 64.7 0.1Papua New Guinea 2023100 31.1 2.8 0 81.2 0.1 0.4 69.7 3.8Paraguay 2023100 33.5 8.6 0 31.4 0 0 95.1 22.1Peru 2023100 29.4 2.3 2.1 71.2 0 0 97.9 0Philippines 202362.7 22.4 5.5 5.7 14.7 0 0 49.3 1.7Qatar 2023100 13.9 4.6 3.6 8.5 0 0.3 16.2 0.0WTO ITC UNCTADWorld Tariff Profiles 202422Download the data:www.wto.org/statisticsNon-agricultural productsSummary TablesNon-agricultural productsBoundMFN appliedBoundMFN appliedBoundMFN appliedBoundMFN appliedCountry/Territory1213141516171819202122Number of MFN applied tariff linesConcessionsnot yetimplemented in 2023Share of HS 6 digit subhdgs in per centNumber of distinct duty ratesCoefficient of variationMaximum dutyDuties 3*AVG 0 6.2 0 100 7041331015,580Guyana 0 9.8 0 50 4011011551255,088Haiti 0 19.4 0 55 15194291176,497Honduras 0 0 0 0 011006,742Hong Kong,China 8.6 0.9 0 175 104021347697,152Iceland 1.1 1.0 0 157 3791861495010310,736India 0 5.7 0 60 150916251109,972Indonesia 5.1 1.4 0 170 87177191287267,682Israel 0 4.8 0 100 50119391356,492Jamaica 10.5 9.5 0 310 1851191382231867,957Japan 0.0 5.3 0 56 25124661706,046Jordan 0.1 0 0 38 159086749110,524Kazakhstan 0 0.3 0 100 50527271105,152Kenya 0.0 225,4734,948Kiribati 6.5 3.6 0 342 32384399759,687Korea,Republic of 0 0.0 0 100 1002521706,556Kuwait,the State of 0 0.3 0 20 3912134637310,524Kyrgyz Republic 0.1 2.4 0 60 40141051759,443Lao Peoples Democratic Republic 5.9 437282815,294Lebanese Republic 0.1 9.0 0 200 6034161407,208Lesotho 0 0.4 0 50 3510537605,442Liberia 0.9 305615,125Libya 0 0 0 0 011006,038Macao,China 0 0 0 30 2012827586,377Madagascar 0 0 0 125 2511818876,228Malawi 0.0 14.4 0 53 601821701419,993Malaysia 1.9 2.4 0 300 4002131081747,323Maldives 2.3 0.4 0 60 35115112605,442Mali 0.0 0.4 0 50 3512575615,210Mauritania 1.9 3.8 0 122 30341864665,868Mauritius 0.0 7.0 0 156 501518151287,171Mexico 4.3 254875,097Micronesia,Federated States of 0.1 1.6 0 20 201317771047,461Moldova,Republic of 0 0.4 0 30 209738265,366Mongolia 3.2 12.0 0 20 205527991217,932Montenegro 0 19.9 0 45 501171111310,955Morocco 0.1 0 0 100 2035149734,967Mozambique 0.0 7.1 0 165 4012118610510,259Myanmar 0.6 9.0 0 50 1361541691417,199Namibia 0.3 5714354,768Nauru 0 1.6 0 60 80112338835,361Nepal 6.0 5.2 0 716 458451501357,174New Zealand 0 19.1 0 100 1574241146,923Nicaragua 0 0.4 0 50 3511550605,442Niger 0.1 0.4 0 150 357532605,442Nigeria 2.4 7.5 0 29 2929551041168,036North Macedonia 11.5 4.1 0 344 16375112577895,956Norway 0 0.1 0 20 1009452826,556Oman 0 2.8 0 100 1001416321106,679Pakistan 0.6 45382955,187Palau 0.0 13.5 0 81 813013561178,167Panama 0.4 18.0 0 100 501410572275,132Papua New Guinea 0 0.4 0 35 3574823999,412Paraguay 0 10.5 0 30 1123191756,914Peru 0 1.7 0 50 3012266710910,073Philippines 0 0.0 0 30 10014541706,556QatarWTO ITC UNCTADWorld Tariff Profiles 202423Download the data:www.wto.org/statisticsI SUMMARY TABLESNon-agricultural productsSummary TablesNon-agricultural productsCountry/TerritoryBoundMFN appliedBoundMFN appliedBoundMFN appliedBoundMFN appliedin34567891011Year of MFN applied tariffBinding coverageDuties 15%Share of HS 6 digit subheadings in per centSimple averageDuty-freeNon ad valorem dutiesRussian Federation 2023100 7.0 6.1 3.4 16.9 7.0 6.5 0.7 0.7Rwanda 2023100 91.8 11.5 0.8 43.5 0 0.4 97.1 36.5Saint Kitts and Nevis 94.4 70.9 0 0 94.4Saint Lucia 99.4 56.4 0 0 99.4Saint Vincent and the Grenadines 202399.7 57.1 9.6 0 8.3 0 0 99.7 22.8Samoa 100 20.5 0 0 50.7Saudi Arabia,Kingdom of 2023100 10.3 5.7 8.0 8.4 0.1 0.4 0.5 0.5Senegal 2023100 30.0 11.4 0 2.0 0 0 100.0 36.1Serbia 2023 6.2 1.1 0 8.1Seychelles 2023100 8.6 1.8 49.8 92.6 0 0 23.8 5.4Sierra Leone 2023100 48.5 11.4 0 2.0 0 0 100.0 36.1Singapore 202367.3 6.2 0 19.5 100.0 0 0 0 0Solomon Islands 2022100 79.6 9.1 0 0.5 0.9 0.8 97.7 0.1Somalia 2023 14.9 .0.0 38.9South Africa 202392.9 15.6 7.4 12.8 62.9 0 0.9 32.9 19.8South Sudan 2023 10.7 .0 13.6Sri Lanka 202331.0 23.0 6.5 0.2 57.4 0.2 13.1 16.1 23.9Suriname 202315.8 16.1 9.2 1.6 3.7 0.1 0 9.0 21.1Switzerland 202399.7 1.9 1.3 20.8 31.5 78.9 68.5 1.2 0.6Chinese Taipei 2023100 5.0 4.8 31.4 32.3 0.4 0.3 3.7 4.3Tajikistan 100 7.5 14.4 0 7.1Tanzania 20230.3 120.0 12.4 0 42.0 0 1.2 0.2 38.1Thailand 202373.1 24.0 7.1 5.3 40.9 14.5 6.1 59.8 14.7Timor-Leste 2023 2.5 .1.0 0Togo 20230.8 80.0 11.4 0 2.0 0 0 0.8 36.1Tonga 2023100.0 17.3 11.1 0 16.4 0.0 0 46.9 7.2Trinidad and Tobago 2023100 50.4 6.4 0.8 70.0 0 0.0 96.0 22.8Tunisia 202351.6 40.8 17.8 0 38.3 0 0.9 51.6 38.5Trkiye 202343.0 17.2 12.5 3.3 19.5 0.1 0.6 20.4 28.5Uganda 20233.2 50.8 13.6 0 42.6 0 1.0 3.2 37.6Ukraine 2023100 4.9 3.6 34.5 45.7 0.0 0 0.6 0.3United Arab Emirates 2023100 12.7 4.6 3.6 8.5 0 0.3 0 0.0United Kingdom 2023100 4.1 2.9 29.7 55.2 100.0 0.3 1.6 1.3United States of America 2023100.0 3.2 3.1 49.0 50.2 3.2 2.9 2.3 2.2Uruguay 2023100 31.1 10.1 0 16.2 0 0 98.2 34.9Vanuatu 2023100 39.5 7.8 3.9 29.9 0 0.0 95.8 5.1Venezuela,Bolivarian Republic of 2023100 33.6 13.9 0 4.7 0 0 99.0 38.6Viet Nam 2023100 10.5 8.1 14.8 39.7 0.0 0 24.4 20.9Yemen 100 21.2 0.1 0.1 89.4Zambia 20234.2 44.2 13.8 0 27.8 0 2.0 4.2 30.6Zimbabwe 12.3 9.43.80.22.3WTO ITC UNCTADWorld Tariff Profiles 202424Download the data:www.wto.org/statisticsNon-agricultural productsSummary TablesNon-agricultural productsBoundMFN appliedBoundMFN appliedBoundMFN appliedBoundMFN appliedCountry/Territory1213141516171819202122Number of MFN applied tariff linesConcessionsnot yetimplemented in 2023Share of HS 6 digit subhdgs in per centNumber of distinct duty ratesCoefficient of variationMaximum dutyDuties 3*AVG 0.0 0.2 0 93 51120134567110,524Russian Federation 0 3.8 0 100 601413311025,155Rwanda 0 0 1701012Saint Kitts and Nevis 0.6 0 2063039Saint Lucia 0.0 5.2 0 206 4031940915,893Saint Vincent and the Grenadines 0 0 551634Samoa 0 0.5 0 20 1001414527111,050Saudi Arabia,Kingdom of 0 0.4 0 30 35251605,442Senegal 5.4 3015938,272Serbia 0.1 6.8 0 200 200781365385,059Seychelles 0 0.4 0 80 357512605,442Sierra Leone 0 0 0 10 0518109,973Singapore 0.0 0.1 0 593 103121519295,277Solomon Islands 0 356604,695Somalia 0.6 9.0 0 50 6361541691667,200South Africa 0 205384,900South Sudan 0.1 23.8 0 100 43715132811807,023Sri Lanka 0 2.8 0 40 4014975865,263Suriname 7.5 8.4 0 63 386385961881976,619Switzerland 4.8 5.4 0 149 631161011161187,630Chinese Taipei 0.6 0 301773Tajikistan 0 0.1 0 120 5011601005,167Tanzania 0.4 9.5 0 101 11271385715110,125Thailand 0.3 103174,679Timor-Leste 0 0.4 0 80 35150605,442Togo 0 0 0 20 204514634,864Tonga 0 22.8 0 100 681120221535,434Trinidad and Tobago 0.1 0 0 180 50289398513,634Tunisia 0.8 9.4 0 100 82225224731199,273Trkiye 0 0.3 0 80 277413221105,150Uganda 0.8 4.9 0 25 254239901168,744Ukraine 0 0.0 0 15 10010635706,556United Arab Emirates 2.9 9.2 0 26 25 .241061427,629United Kingdom 8.6 8.0 0 56 5645346015014710,229United States of America 0 0.3 0 35 351216228010,618Uruguay 0 2.0 0 85 55151130944,959Vanuatu 0 0 0 40 35131513719,977Venezuela,Bolivarian Republic of 2.3 8.8 0 200 100433311713110,211Viet Nam 0 0 432535Yemen 0 0 0 125 4061634905,794Zambia0.5 0 15017153ZimbabweWTO ITC UNCTADWorld Tariff Profiles 202425Download the data:www.wto.org/statisticsI SUMMARY TABLESNon-agricultural productsWTO ITC UNCTADWorld Tariff Profiles 202426Download the data:www.wto.org/statisticsColumn headingsDescription or method of calculationAll indicators are calculated by sector and for all products.Imports ProfileTrade YearCalendar year or start of fiscal year for trade data notified by reporting country/territory.Value of importsTotal amount of imports in billion US$.Trade Weighted Average MFN Applied TariffHS six-digit MFN tariff averages weighted with HS six-digit import flows for traded national tariff lines.Duty-free importsShare of imports of products for which the MFN duty is zeroExport profile statistics are based on reported imports of partner markets from the country/territory for the year indicated in Part B of the country table.Thus,the data are limited only to markets with notified imports data.Exports ProfileDiversification Index HS ChapterNumber of distinct HS chapters with trade flows after the exclusion of 5 per cent of smallest bilateral tariff line trade flows.Diversification Index HS 6-digitNumber of distinct HS 6-digit sub-headings with trade flows after the exclusion of 5 per cent of smallest bilateral tariff line trade flows.Applied Weighted Tariff Faced in Major MarketsActual MFN or preferential tariff imposed by the five major trading partners in each sector to the products they import from the country/territory(i.e.,to the products exported by the country/territory).Description of column headingsTradeColumn headingsDescription or method of calculationAll indicators are calculated by sector and for all products.Imports ProfileTrade YearCalendar year or start of fiscal year for trade data notified by reporting country/territory.Value of importsTotal amount of imports in billion US$.Trade Weighted Average MFN AppliedHS six-digit MFN tariff averages weighted with HS six-digit import flows of the most recently available year.Duty-free importsShare of imports of products for which the MFN duty is zeroExport profile statistics are based on reported imports of partner markets from the country/territory for the year indicated in Part B of the country table.Thus,the data are limited only to markets with notified imports data.Exports ProfileDiversification Index HS ChapterNumber of distinct HS chapters with trade flows after the exclusion of 5 per cent of smallest bilateral tariff line trade flows.Diversification Index HS 6-digitNumber of distinct HS 6-digit sub-headings with trade flows after the exclusion of 5 per cent of smallest bilateral tariff line trade flows.Applied Weighted Tariff Faced in Major MarketsActual MFN or preferential tariff imposed by the five major trading partners in each sector to the products they import from the country/territory(i.e.,to the products exported by the country/territory).Description of column headingsTradeWTO ITC UNCTADWorld Tariff Profiles 202427Download the data:www.wto.org/statisticsI SUMMARY TABLESThe indicators related to the imports profile are calculated from the reported imports data of the country.However,the exports profile are based on mirror data or the imports reported by the partner from the country.Thus,only data of reporting partners are included in the calculation of indicators for the exports profile.Only duties and imports recorded under HS Chapters 01-97 are taken into account.Each applied tariff schedule is validated against the standard nomenclature at the HS six-digit subheading level of the HS version adopted by the country for the reference year.National tariff lines that do not follow this standard(i.e.,the first six digits should be based on the standard subheading nomenclature of the HS version used by the country)are discarded and not taken into account.On the other hand,missing subheadings are added.Hence,all calculations are based on the complete standard nomenclature.All simple averages are based on pre-aggregated HS six-digit averages.Pre-aggregation means that duties at the tariff line level are first averaged to HS six-digit subheadings.Subsequent calculations are based on these pre-aggregated averages.To the extent possible,non-ad valorem duties are converted into ad valorem equivalents.The methodology used for the conversion is in Technical AnnexB of World Tariff Profiles 2006.Technical notesThe indicators related to the imports profile are calculated from the reported imports data of the country.However,the exports profile are based on mirror data or the imports reported by the partner from the country.Thus,only data of reporting partners are included in the calculation of indicators for the exports profile.Only duties and imports recorded under HS Chapters 01-97 are taken into account.Each applied tariff schedule is validated against the standard nomenclature at the HS six-digit subheading level of the HS version adopted by the country for the reference year.National tariff lines that do not follow this standard(i.e.,the first six digits should be based on the standard subheading nomenclature of the HS version used by the country)are discarded and not taken into account.On the other hand,missing subheadings are added.Hence,all calculations are based on the complete standard nomenclature.All simple averages are based on pre-aggregated HS six-digit averages.Pre-aggregation means that duties at the tariff line level are first averaged to HS six-digit subheadings.Subsequent calculations are based on these pre-aggregated averages.To the extent possible,non-ad valorem duties are converted into ad valorem equivalents.The methodology used for the conversion is in Technical AnnexB of World Tariff Profiles 2006.Technical notesSummary Trade StatisticsCountry/TerritoryAll AGNon-AGAllAGNon-AGAllAGNon-AG1234567891011Afghanistan Albania 20228.41.27.23.37.32.765.321.972.4Algeria Angola 202217.73.214.57.310.06.746.167.041.5Antigua and Barbuda 20220.60.20.514.618.613.16.917.72.8Argentina 202280.65.075.610.310.510.326.03.427.5Armenia 20228.51.37.16.59.75.924.59.527.3Australia 2022286.416.4270.02.52.72.450.449.450.5Azerbaijan 202214.22.611.67.69.97.034.438.033.6Bahrain,Kingdom of 202215.52.213.34.23.44.315.930.113.6Bangladesh Barbados 20222.10.41.722.131.119.814.419.913.0Belarus 202126.04.022.05.48.34.826.519.927.6Belize 20221.40.31.116.743.710.433.743.231.5Benin 20223.81.12.711.014.69.60.00.08.3Bhutan Bolivia,Plurinational State of 202213.00.812.29.714.79.329.40.231.3Bosnia and Herzegovina 202215.42.313.17.514.76.229.912.633.0Botswana 20228.11.17.05.611.24.855.027.359.2Brazil 2022272.313.1259.26.78.06.748.735.849.3Brunei Darussalam 20229.20.68.60.10.10.193.599.493.1Burkina Faso 20225.70.65.09.312.88.80.00.011.5Burundi 20221.20.21.014.636.211.251.914.557.7Cabo Verde 20220.80.30.511.515.99.311.97.314.3Cambodia 202229.92.027.97.911.87.631.320.432.1Cameroon 20216.91.45.613.916.513.30.00.00.4Canada 2022514.347.3467.03.414.42.270.057.571.3Central African Republic 20220.60.10.514.821.413.60.00.09.0Chad Chile 202297.610.986.86.06.06.00.00.00.1China 20221,928.7144.61,784.13.013.12.260.51.165.3Colombia 202275.310.564.86.418.15.053.39.260.4Comoros 20210.30.10.27.96.28.566.578.262.6Congo 20212.30.71.615.215.814.90.00.01.0Cook Islands Costa Rica 202221.42.518.84.812.93.764.933.269.1Cte dIvoire 20228.61.76.910.012.99.30.00.011.9Cuba Democratic Republic of the Congo Djibouti Dominica 20210.20.00.115.229.010.716.911.018.8Dominican Republic 202230.44.925.58.116.96.458.236.362.4Ecuador 202232.54.128.56.47.56.366.457.367.7Egypt El Salvador 202217.13.213.97.316.65.249.021.955.1Eswatini 20212.10.41.78.28.18.245.940.747.2European Union 20222,806.3174.12,632.22.78.42.358.643.659.6Fiji 20223.00.62.410.016.98.524.626.824.1Gabon 20213.50.63.013.517.912.70.00.01.0The Gambia 20220.90.20.711.616.810.40.00.01.6Georgia 202210.01.68.41.97.20.981.735.490.5Ghana 202217.32.514.810.317.09.20.00.06.1Grenada 20220.50.10.413.218.811.511.610.512.0Guatemala 202232.25.227.06.419.43.962.445.165.7Guinea Guinea-Bissau Guyana 20223.60.43.213.020.412.013.124.411.6Haiti Honduras 202213.82.611.37.819.45.148.625.953.8Hong Kong,China 2022665.720.3645.40.00.00.0100.0100.0100.0Trade YearTrade Weighted AverageMFN Applied TariffBillion US$(Per cent)Imports ProfileValue of ImportsMFN Duty-free ImportsShare of total(%)WTO ITC UNCTADWorld Tariff Profiles 202428Download the data:www.wto.org/statisticsImports and exports profileSummary Trade StatisticsAllAGNon-AGAllAGNon-AGAllAGNon-AGCountry/Territory12131415161718192021591448318 60 258 0.40.41.0Afghanistan702052491 89 402 0.30.00.3Albania462819268 217 51 0.13.80.1Algeria441827128 41 87 0.00.80.0Angola511637247 42 205 0.24.60.0Antigua and Barbuda752857783 185 598 3.96.11.1Argentina742255557 112 445 1.10.51.2Armenia8525661,284 223 1,061 1.114.70.1Australia502231159 81 78 0.10.30.1Azerbaijan541837201 49 152 1.30.01.4Bahrain,Kingdom of692449480 119 361 0.17.10.0Bangladesh561345275 42 233 0.70.01.1Barbados8625661,471 164 1,307 0.71.40.5Belarus431431150 38 112 0.40.11.8Belize611646231 48 183 0.30.10.7Benin491436144 34 110 0.616.80.1Bhutan531738164 43 121 3.51.54.2Bolivia,Plurinational State of812758832 193 639 0.10.40.1Bosnia and Herzegovina421725122 34 88 1.10.01.1Botswana8626681,415 127 1,288 2.85.90.4Brazil381326115 23 92 0.03.90.0Brunei Darussalam511636170 49 121 0.40.60.4Burkina Faso2922856 3 53 0.00.00.0Burundi521835149 62 87 0.10.80.1Cabo Verde651649383 45 338 1.02.20.7Cambodia572039252 87 165 0.10.20.1Cameroon8324631,124 131 993 1.68.70.4Canada3282480 9 71 0.10.80.1Central African Republic1841450 5 45 0.01.30.0Chad682450485 142 343 0.21.70.0Chile9631773,957 377 3,580 2.015.61.6China722255641 81 560 1.23.40.6Colombia2322270 4 66 1.51.51.3Comoros571840174 40 134 0.94.60.9Congo30102169 12 57 1.94.61.9Cook Islands722353692 143 549 1.64.10.0Costa Rica411528129 41 88 1.50.92.3Cte dIvoire3292469 13 56 6.614.71.6Cuba521934126 41 85 0.38.00.3Democratic Republic of the Congo43103380 17 63 4.66.83.8Djibouti501536165 52 113 3.46.82.3Dominica581445290 46 244 1.60.91.8Dominican Republic582140192 56 136 2.45.11.6Ecuador802956785 193 592 0.31.40.2Egypt772060709 84 625 1.25.00.0El Salvador551542255 34 221 1.94.31.0Eswatini9532773,859 502 3,357 2.45.72.0European Union731757646 75 571 0.10.00.2Fiji391129105 22 83 0.71.40.7Gabon411133106 20 86 12.50.014.7The Gambia682149283 83 200 0.30.00.4Georgia491337197 57 140 1.51.41.5Ghana391029119 22 97 2.42.71.4Grenada782559898 143 755 0.91.70.2Guatemala33151864 25 39 0.11.60.1Guinea2181448 13 35 0.10.00.5Guinea-Bissau451530150 39 111 0.00.00.0Guyana461731137 39 98 4.10.05.0Haiti641947343 83 260 0.10.30.0Honduras9430732,111 193 1,918 4.62.14.7Hong Kong,ChinaExports ProfileDiversification IndexNumber of HS ChaptersDiversification Index Number of HS 6-digitsBased on exports to the top 5 sectorial partners listed in Part B of each country profile.Applied Weighted Tariff Faced in Major MarketsWTO ITC UNCTADWorld Tariff Profiles 202429Download the data:www.wto.org/statisticsI SUMMARY TABLESImports and exports profileSummary Trade StatisticsCountry/TerritoryAll AGNon-AGAllAGNon-AGAllAGNon-AG1234567891011Trade YearTrade Weighted AverageMFN Applied TariffBillion US$(Per cent)Imports ProfileValue of ImportsMFN Duty-free ImportsShare of total(%)Iceland 20229.30.98.42.324.60.095.248.399.9India 2022712.337.4674.912.065.09.04.70.44.9Indonesia 2022236.328.2208.15.35.85.241.338.341.7Israel 202291.19.481.73.613.72.470.160.271.2Jamaica 20227.71.56.29.116.57.351.828.457.5Japan 2022887.970.1817.81.912.61.080.639.884.1Jordan 202225.85.720.13.85.83.356.963.355.1Kazakhstan 202250.96.044.95.912.15.125.86.528.4Kenya 202221.13.617.611.729.18.160.133.365.5Kiribati 20210.20.10.10.00.00.0100.0100.099.9Korea,Republic of 2022731.440.9690.48.494.03.436.24.338.1Kuwait,the State of 202235.66.229.44.78.34.023.136.820.2Kyrgyz Republic 20229.81.28.65.711.34.929.92.933.5Lao Peoples Democratic Republic 20226.81.15.88.313.57.43.44.63.2Lebanese Republic 202219.42.716.67.319.85.346.248.745.7Lesotho 20221.90.51.310.610.410.747.936.552.5Liberia 20221.90.51.511.517.09.80.00.06.0Libya Macao,China 202216.92.314.60.00.00.0100.0100.0100.0Madagascar 20225.51.04.58.15.68.734.745.132.3Malawi 20221.60.21.48.117.27.143.517.646.3Malaysia 2022292.723.8268.93.37.22.982.263.383.9Maldives 20223.50.72.810.915.39.944.185.034.4Mali Mauritania 20225.11.23.99.78.210.112.934.96.0Mauritius 20226.61.25.41.33.90.695.291.296.2Mexico 2022495.027.9467.13.97.33.770.457.871.2Micronesia,Federated States of Moldova,Republic of 20229.21.28.03.912.42.756.05.663.6Mongolia 20228.71.17.65.38.74.92.20.32.4Montenegro 20223.70.82.95.215.22.447.88.358.9Morocco 202271.89.862.013.935.810.40.00.03.0Mozambique 202214.61.712.95.58.65.15.44.85.5Myanmar 202217.42.215.25.712.04.86.72.27.3Namibia 20227.51.06.57.513.46.547.423.951.2Nauru Nepal 202213.72.511.213.313.413.37.60.59.2New Zealand 202254.16.147.92.32.12.362.352.163.6Nicaragua 20228.11.56.75.912.44.553.720.861.0Niger 20223.81.02.810.513.89.40.00.07.5Nigeria 202259.36.552.88.710.28.50.00.03.4North Macedonia 202212.71.211.66.119.34.751.915.655.6Norway 2022105.79.696.12.524.70.491.742.596.6Oman 202238.55.632.95.914.04.513.835.810.0Pakistan 202265.312.952.57.66.37.934.315.538.9Palau Panama 202211.22.38.85.713.33.757.735.563.5Papua New Guinea 20214.50.83.62.68.01.487.369.691.2Paraguay 202215.81.214.55.911.25.542.417.744.5Peru 202260.27.552.71.71.41.775.978.575.5Philippines 2022145.920.5125.45.412.44.345.719.650.0Qatar 202228.63.924.74.24.24.219.340.016.0Russian Federation 2021280.031.3248.75.38.94.830.020.631.2Rwanda 20225.11.14.017.434.312.832.710.538.6Saint Kitts and Nevis Saint Lucia Saint Vincent and the Grenadines 20220.40.10.313.018.511.014.827.910.1Samoa Saudi Arabia,Kingdom of 2021143.322.7120.66.110.55.225.743.222.4Senegal 202211.22.29.08.912.28.10.00.012.0WTO ITC UNCTADWorld Tariff Profiles 202430Download the data:www.wto.org/statisticsImports and exports profileSummary Trade StatisticsAllAGNon-AGAllAGNon-AGAllAGNon-AGCountry/Territory12131415161718192021Exports ProfileDiversification IndexNumber of HS ChaptersDiversification Index Number of HS 6-digitsBased on exports to the top 5 sectorial partners listed in Part B of each country profile.Applied Weighted Tariff Faced in Major Markets391925170 48 122 0.77.00.6Iceland9431762,750 301 2,449 1.94.01.7India8527651,243 140 1,103 1.46.20.5Indonesia782259896 138 758 1.13.80.9Israel551939290 105 185 0.20.40.0Jamaica9028722,302 231 2,071 2.45.92.4Japan642442505 159 346 2.60.03.1Jordan722352561 146 415 0.64.60.5Kazakhstan862766707 123 584 0.20.30.1Kenya2471745 9 36 1.58.91.2Kiribati8627681,702 169 1,533 0.818.40.6Korea,Republic of542234269 101 168 0.80.00.8Kuwait,the State of722453424 101 323 0.00.10.0Kyrgyz Republic451531169 42 127 0.21.30.0Lao Peoples Democratic Republic782656644 184 460 0.10.70.0Lebanese Republic30922113 18 95 0.00.00.0Lesotho2491542 11 31 0.76.20.1Liberia43142990 29 61 0.01.20.0Libya591447340 38 302 0.72.50.6Macao,China561544277 47 230 0.41.30.0Madagascar461334152 38 114 0.20.30.0Malawi8226631,332 170 1,162 0.54.30.2Malaysia38112898 30 68 2.28.92.2Maldives531638153 42 111 0.00.70.0Mali451531124 32 92 0.03.40.0Mauritania741661663 40 623 0.20.00.3Mauritius9029701,864 212 1,652 1.12.31.0Mexico1751252 6 46 1.117.81.1Micronesia,Federated States of702150490 104 386 0.30.30.4Moldova,Republic of511934196 40 156 2.411.32.1Mongolia481732171 53 118 0.00.40.0Montenegro772062671 104 567 1.45.20.8Morocco27141373 40 33 0.20.90.1Mozambique601547381 64 317 0.63.90.0Myanmar761859562 75 487 1.01.70.9Namibia37730146 8 138 1.31.21.3Nauru722053512 88 424 0.00.00.0Nepal8422691,430 164 1,266 3.36.20.3New Zealand612340243 64 179 0.71.30.0Nicaragua591445233 35 198 0.00.00.0Niger511933174 65 109 0.12.80.1Nigeria752452601 147 454 0.21.20.1North Macedonia762954788 169 619 0.59.10.4Norway602639325 130 195 1.20.01.2Oman792658730 116 614 2.712.31.1Pakistan1521332 2 30 0.128.70.1Palau8019661,048 64 984 0.56.10.0Panama2291342 16 26 0.61.30.5Papua New Guinea582039220 54 166 2.43.60.4Paraguay712552464 123 341 0.10.20.0Peru792459677 113 564 0.33.70.0Philippines482426258 106 152 1.30.21.3Qatar8929701,966 259 1,707 1.03.50.9Russian Federation511439144 35 109 0.00.10.0Rwanda41536151 15 136 0.40.00.7Saint Kitts and Nevis521339293 34 259 0.00.00.0Saint Lucia441034129 22 107 4.50.05.0Saint Vincent and the Grenadines451432123 29 94 3.02.93.0Samoa682347565 129 436 1.10.11.1Saudi Arabia,Kingdom of642046308 94 214 0.10.50.0SenegalWTO ITC UNCTADWorld Tariff Profiles 202431Download the data:www.wto.org/statisticsI SUMMARY TABLESImports and exports profileSummary Trade StatisticsCountry/TerritoryAll AGNon-AGAllAGNon-AGAllAGNon-AG1234567891011Trade YearTrade Weighted AverageMFN Applied TariffBillion US$(Per cent)Imports ProfileValue of ImportsMFN Duty-free ImportsShare of total(%)Serbia 202234.73.131.66.419.35.12.80.13.0Seychelles 20222.10.21.92.47.42.090.173.891.7Sierra Leone Singapore 2022471.917.0454.90.00.60.099.998.4100.0Solomon Islands Somalia South Africa 2022103.87.396.65.810.25.456.842.057.9South Sudan Sri Lanka 202217.02.414.67.519.65.548.612.954.5Suriname 20221.90.31.69.820.18.18.512.67.9Switzerland 2022357.015.6341.41.724.80.760.622.262.3Chinese Taipei 2022402.016.9385.11.79.31.477.638.979.3Tajikistan Tanzania 202215.31.214.19.133.67.047.917.150.5Thailand 2022302.216.9285.36.337.64.457.213.559.7Timor-Leste 20220.90.30.72.52.52.50.00.00.0Togo 20222.80.42.411.617.810.50.00.08.3Tonga 20220.20.10.24.84.25.057.171.852.4Trinidad and Tobago 20226.21.25.08.719.26.061.940.267.3Tunisia 202225.93.422.514.410.614.946.862.444.5Trkiye 2022363.726.5337.26.122.04.931.828.032.1Uganda 20219.11.37.813.829.811.147.510.053.7Ukraine 202253.05.447.63.47.23.056.732.459.4United Arab Emirates 2022327.123.2303.93.39.52.941.830.242.7United Kingdom 2022771.169.9701.33.312.82.360.819.465.0United States of America 20223,107.8194.12,913.82.24.02.154.437.055.6Uruguay 20227.71.16.68.512.27.935.56.440.5Vanuatu Venezuela,Bolivarian Republic of Viet Nam 2022352.432.8319.65.110.34.556.135.958.2Yemen Zambia 20229.00.68.49.615.59.247.424.949.0Zimbabwe WTO ITC UNCTADWorld Tariff Profiles 202432Download the data:www.wto.org/statisticsImports and exports profileSummary Trade StatisticsAllAGNon-AGAllAGNon-AGAllAGNon-AGCountry/Territory12131415161718192021Exports ProfileDiversification IndexNumber of HS ChaptersDiversification Index Number of HS 6-digitsBased on exports to the top 5 sectorial partners listed in Part B of each country profile.Applied Weighted Tariff Faced in Major Markets8629621,352 235 1,117 0.31.10.1Serbia29102265 19 46 0.50.00.5Seychelles461334198 23 175 0.10.60.1Sierra Leone8627651,469 146 1,323 0.45.00.3Singapore3182589 18 71 0.40.80.4Solomon Islands2271739 13 26 0.61.10.2Somalia8928712,127 328 1,799 1.45.91.1South Africa25101554 19 35 0.10.80.0South Sudan8624661,090 169 921 1.21.41.2Sri Lanka461828147 72 75 0.10.00.1Suriname9133661,670 453 1,217 1.03.40.9Switzerland8827661,608 215 1,393 0.55.60.5Chinese Taipei26101763 33 30 0.92.50.8Tajikistan532035235 83 152 0.51.10.3Tanzania9228731,776 175 1,601 1.67.70.9Thailand33528107 10 97 1.10.91.1Timor-Leste732055328 66 262 0.20.20.2Togo3262677 21 56 3.05.40.5Tonga651847526 104 422 1.40.51.5Trinidad and Tobago792360822 89 733 0.810.90.2Tunisia9230722,313 283 2,030 0.64.00.4Trkiye622242295 65 230 0.72.10.0Uganda8626661,278 150 1,128 8.317.70.1Ukraine9126701,670 330 1,340 1.02.41.0United Arab Emirates9231742,710 541 2,169 0.80.60.8United Kingdom9531773,469 359 3,110 1.79.80.8United States of America712551424 87 337 5.08.30.3Uruguay58751345 14 331 1.93.01.7Vanuatu53213214448961.80.81.8Venezuela,Bolivarian Republic of892970165817614821.116.30.4Viet Nam3114199638580.20.00.2Yemen43172711241710.10.40.1Zambia602144221561653.715.50.3ZimbabweWTO ITC UNCTADWorld Tariff Profiles 202433Download the data:www.wto.org/statisticsI SUMMARY TABLESImports and exports profile34II.Country/territory tariff profiles35 Index of tariff profiles 36 Technical notes 37 Country/territory tariff profiles 43WTO ITC UNCTADWorld Tariff Profiles 202436Download the data:www.wto.org/statistics1.The information provided by the European Union covers its 27 member States from 1 February 2020.2.The information provided by Switzerland covers Liechtenstein.3.For statistics on bound tariffs of the UK,the calculations are based on the UK submission of its full Schedule in HS2017 which has not yet been approved by all members.Index of tariff profilesAfghanistan 43Albania 44Algeria 45Angola 46Antigua and Barbuda 47Argentina 48Armenia 49Australia 50Azerbaijan 51Bahrain,Kingdom of 52Bangladesh 53Barbados 54Belarus 55Belize 56Benin 57Bhutan 58Bolivia,Plurinational State of 59Bosnia and Herzegovina 60Botswana 61Brazil 62Brunei Darussalam 63Burkina Faso 64Burundi 65Cabo Verde 66Cambodia 67Cameroon 68Canada 69Central African Republic 70Chad 71Chile 72China 73Colombia 74Comoros 75Congo 76Cook Islands 77Costa Rica 78Cte dIvoire 79Cuba 80Democratic Republic of the Congo 81Djibouti 82Dominica 83Dominican Republic 84Ecuador 85Egypt 86El Salvador 87Eswatini 88European Union1 89Fiji 90Gabon 91The Gambia 92Georgia 93Ghana 94Grenada 95Guatemala 96Guinea 97Guinea-Bissau 98Guyana 99Haiti 100Honduras 101Hong Kong,China 102Iceland 103India 104Indonesia 105Israel 106Jamaica 107Japan 108Jordan 109Kazakhstan 110Kenya 111Kiribati 112Korea,Republic of 113Kuwait,the State of 114Kyrgyz Republic 115Lao Peoples Democratic Republic 116Lebanese Republic 117Lesotho 118Liberia 119Libya 120Macao,China 121Madagascar 122Malawi 123Malaysia 124Maldives 125Mali 126Mauritania 127Mauritius 128Mexico 129Micronesia,Federated States of 130Moldova,Republic of 131Mongolia 132Montenegro 133Morocco 134Mozambique 135Myanmar 136Namibia 137Nauru 138Nepal 139New Zealand 140Nicaragua 141Niger 142Nigeria 143North Macedonia 144Norway 145Oman 146Pakistan 147Palau 148Panama 149Papua New Guinea 150Paraguay 151Peru 152Philippines 153Qatar 154Russian Federation 155Rwanda 156Saint Kitts and Nevis 157Saint Lucia 158Saint Vincent and the Grenadines 159Samoa 160Saudi Arabia,Kingdom of 161Senegal 162Serbia 163Seychelles 164Sierra Leone 165Singapore 166Solomon Islands 167Somalia 168South Africa 169South Sudan 170Sri Lanka 171Suriname 172Switzerland2 173Chinese Taipei 174Tajikistan 175Tanzania 176Thailand 177Timor-Leste 178Togo 179Tonga 180Trinidad and Tobago 181Tunisia 182Trkiye 183Uganda 184Ukraine 185United Arab Emirates 186United Kingdom3 187United States of America 188Uruguay 189Vanuatu 190Venezuela,Bolivarian Republic of 191Viet Nam 192Yemen 193Zambia 194Zimbabwe 195WTO ITC UNCTADWorld Tariff Profiles 202437Download the data:www.wto.org/statisticsII COUNTRY/TERRITORY TARIFF PROFILESTechnical notesOnly duties and imports recorded under HS Chapters 01-97 are taken into account.Each applied tariff schedule is validated against the standard nomenclature at the HS six-digit subheading level of the HS version adopted by the country for the reference year.National tariff lines that do not follow this standard(i.e.,the first six digits should be based on the standard subheading nomenclature of the HS version used by the country)are discarded and not taken into account.On the other hand,missing subheadings are added.Hence,all calculations are based on the complete standard nomenclature.All simple averages are based on pre-aggregated HS six-digit averages.Pre-aggregation means that duties at the tariff line level are first averaged to HS six-digit subheadings.Subsequent calculations are based on these pre-aggregated averages.To the extent possible,non-advalorem duties are converted into advalorem equivalents.The methodology used for the conversion is in Technical AnnexB of World Tariff Profiles 2006.Part A.1 Tariffs and imports:Summary and duty rangesRow titlesDescription or method of calculationSimple average final boundSimple average of final bound duties excluding unbound tariff lines.Simple average MFN appliedSimple average of MFN applied duties.Trade weighted average MFN appliedHS six-digit MFN tariff averages weighted with HS six-digit import flows of the most recently available year.Imports in billion US$Imports in billion US$.Binding coverageShare of HS six-digit subheadings containing at least one bound tariff line.The percentage share is also presented separately for non-agricultural(Non-AG)tariff lines.Full binding coverage is indicated by 100 without further decimals.If some tariff lines are unbound but the result still rounds to 100 this is reflected by maintaining one decimal,i.e.100.0.AG:Tariff quotas(in%)Per cent of HS six-digit subheadings in the schedule of agricultural concession covered by tariff quotas.Partial coverage is taken into account on a prorata basis.AG:Special safeguards(in%)Per cent of HS six-digit subheadings in the schedule of agricultural concessions with at least one tariff line subject to Special Safeguards(SSG).Partial coverage is taken into account on a prorata basis.WTO ITC UNCTADWorld Tariff Profiles 202438Download the data:www.wto.org/statisticsFrequency distribution by duty rangesThe shares by duty ranges in the frequency distribution are based on the prorata shares of tariff line level duties in the standard HS six-digit subheadings.For example,if there are two tariff lines in one HS six-digit subheading,one with a duty of 10 and one with a duty of 20,then half of the HS six-digit subheading is allocated to the 510 range and the other half to the 1525 range.The frequency distribution includes AVEs whenever those were calculated.The percentages by duty ranges add up to 100 per cent for MFN applied duties unless there are non-computable AVEs or missing tariff lines for which no separate category was allocated.For bound duties,the duty ranges add up to the percentage of the binding coverage unless there are non-computable AVEs or missing tariff lines.Please note that the use of different nomenclatures for bound and MFN applied duties affects the comparability of bound and MFN applied duty shares by frequency ranges.When trade is available at the tariff line level,imports are allocated on a tariff line basis to the respective duty ranges.Otherwise,HS six-digit imports are allocated on a prorata basis to duty ranges,e.g.if there are two tariff lines in one HS six-digit subheading,one with a duty of 10 and one with a duty of 20 then half of the HS six-digit imports are allocated to the 510 range and the other half to the 1525 range.Share of HS six-digit subheadings subject to non-advalorem duties:when only part of the HS six-digit subheading is subject to non-advalorem duties,the percentage share of these tariff lines is used.Part A.2 Tariffs and imports by product groupsColumn headingDescription or method of calculationFinal bound dutiesAVGSimple average of final bound duties excluding unbound tariff linesDuty freeShare of duty-free HS six-digit subheadings in the total number of subheadings in the product group.Partially duty-free subheadings are taken into account on a prorata basis.MaxHighest advalorem duty or calculated AVE within the product groupBinding in%Share of HS six-digit subheadings containing at least one bound tariff line.Full binding coverage is indicated by 100 without further decimals.If some tariff lines are unbound but the result still rounds to 100 this is reflected by maintaining one decimal,i.e.100.0.MFN applied dutiesAVGSimple average of MFN applied duties.Duty freeShare of duty-free HS six-digit subheadings in the total number of subheadings in the product group.Partially duty-free subheadings are taken into account on a prorata basis.MaxHighest advalorem duty or calculated AVE within the product groupImportsShare in%Share of imports falling under product groupDuty free in%Share of MFN duty-free imports falling under product group in total imports in that product group.Partially duty-free subheadings are taken into account on a prorata basis if tariff line imports are not available.WTO ITC UNCTADWorld Tariff Profiles 202439Download the data:www.wto.org/statisticsII COUNTRY/TERRITORY TARIFF PROFILESPart B Exports to major trading partners and duties facedColumn headingDescription or method of calculationBilateral importsin Mill US$Total imports of major partner countriesDiversification:95%trade in no.of HS 2 digitNumber of HS Chapters with trade flows after exclusion of 5per cent of smallest bilateral tariff line trade flows.HS 6 digitNumber of HS six-digit subheadings with trade flows after exclusion of 5 per cent of smallest bilateral tariff line trade flowsMFN Average of traded TLSimpleSimple average of MFN duties based only on tariff lines with importsWeightedTrade-weighted average MFN dutyPreference marginWeightedTrade-weighted average difference between the MFN duty and the most advantageous preferential duty.Tariff lines where either MFN or preferential duties cannot be expressed in advalorem terms have been excluded.Duty-free importsTL in%Duty-free tariff lines in per cent of all bilateral trade flows;includes duty-free preferential treatment.Partially duty-free subheadings are taken into account on a prorata basis if tariff line imports are not available.Value in%Share of duty-free trade in per cent of all bilateral trade flows;includes duty-free preferential treatment.Partially duty-free subheadings are taken into account on a prorata basis if tariff line imports are not available.WTO ITC UNCTADWorld Tariff Profiles 202440Download the data:www.wto.org/statisticsDefinition of groups used in part A.2Product Group MTN 1 CategoriesHarmonized System nomenclature 2022Agricultural products(Ag)ALive animals and meatCh 01,Ch 02(except 0209),1601,1602;subheading 0410.10BDairy productsHeadings 0401-0406,2105,3501;subheading 3502.20CFruits and vegetablesCh 07,Ch 08,Ch 20(except 2009);headings 1105,1106,1903;subheading 2103.20DCoffee,tea,cocoa and spicesCh 09,Ch 18;heading 2101ECereals and food preparationsCh 10,Ch 11(except 1105,1106),Ch 19(except 1903),Ch 21 (except 2101,2105,2103.20);heading 2209;subheading 2404.91FOilseeds,fats and oilsHeadings 1201-1207;headings 0209,1501-1506(except 1504.10,1504.20),1518;subheadings 1516.10,1521.90;headings 1507-1517(except 1516.10),1520-1522(except 1521.90)GSugars and confectioneryCh 17HBeverages and tobaccoHeadings 2009,2201,2202;headings 2203-2208;Ch 24 (except 2404.12,2404.91,2404.92,2404.99)ICotton,silk and woolHeadings 5201-5203;headings 5001-5003,5101-5103,5301,5302JOther agricultural productsCh 06,Ch 13,Ch 14;headings 1209-1214;headings 3301,3503-3505,3823;subheadings 2905.43-2905.45,3502.90,3809.10,3824.60;headings 1208,2301-2309(except 2301.20);Ch 05(except 0508.00,0511.91);headings 0407-0410(except 0410.10),4101-4103,4301;subheadings 3502.11,3502.191.Multilateral Trade Negotiations(MTN)categories were first defined in the Tokyo Round and adapted for the Harmonized System in the Uruguay Round.The product group breakdown in this publication deviates slightly from the previous definition,which was based on the HS 1992 nomenclature and updated in 2023(2023 version).See the World Tariff Profiles(2023)Product classification for WTO trade statistics and policy analysis Multilateral Trade Negotiations(MTN)Categories available at https:/www.wto.org/english/res_e/statis_e/wtp2023_special_topic2_e.pdfWTO ITC UNCTADWorld Tariff Profiles 202441Download the data:www.wto.org/statisticsII COUNTRY/TERRITORY TARIFF PROFILESDefinition of groups used in part A.2Product Group MTN 1 CategoriesHarmonized System nomenclature 2022Non-agricultural products(Non-Ag)KFish and fish productsCh 03,Ch 16(except 1601,1602);heading 0508;subheadings 0511.91,1504.10,1504.20,2301.20LMinerals and metalsCh 25,Ch 26,Ch 27(except 2709,2710,2716),Ch 68,Ch 69,Ch 70(except 7019.11-7019.13,7019.61,7019.63-7019.69);headings 7102(except 7102.39),7104(except 7104.91,7104.99);subheading 7103.10;headings 7101,7103(except 7103.10),7105,7113-7117(except 7115.10);subheadings 7102.39,7104.91,7104.99;Ch 74-81;headings 7106-7112;Ch 72,Ch 73(excluding 7321,7322),Ch 82,Ch 83(except 8304,8305);heading 7118;subheading 7115.10MPetroleumHeading 2709;heading 2710NChemicalsCh 28,Ch 29(except 2905.43-2905.45,2936,2937,2939,2941),Ch 30;headings 2936,2937,2939,2941;Ch 39,Ch 31,Ch 32,Ch 33(except 3301,3306.20),Ch 34(except 3406),Ch 36(except 3605,3606),Ch 37,Ch 38 (except 3809.10,3823,3824.60);headings 3506,3507;subheadings 2404.12,2404.92,2404.99OWood,paper,furnitureCh 44-46,Ch 47-49;headings 9401-9404(except 9402.90,9404.30-9404.90)PTextilesCh 50(except 5001-5003),Ch 51(except 5101-5103),Ch 52(except 5201-5203),Ch 53(except 5301,5302),Ch 54,Ch 55,Ch 56-60,Ch 63,Ch 65(except 6506,6507);headings 6601,8804;subheadings 3306.20,4202.12,4202.22,4202.32,4202.92,7019.11-7019.13,7019.61,7019.63-7019.69,9404.30-9404.90,9612.10QClothingCh 61-62RRubber,leather and footwearCh 40,Ch 41(except 4101-4103),Ch 42(except 4202.12,4202.22,4202.32,4202.92,4206.00),Ch 43(except 4301),Ch 64SMechanical,office and computing machineryHeadings 8405,8413-8428(except 8414.51,8414.60,8418.10-8418.40,8419.11-8419.20,8422.11,8423.10),8431(except 8431.41-8431.49),8467(except 8467.21-8467.29),8476,8480-8484,8487;headings 8429-8449(except 8431.10-8431.39,8443.31-8443.39,8443.99),8451-8466(except 8451.21,8452.10),8468,8472(except 8472.90),8474,8475,8477-8479,8485,8486;subheadings 8467.21-8467.29;headings 8401,8402,8404,8406-8412;headings 8470,8471,8473;subheadings 8443.31-8443.39,8443.99,8472.90,8528.42,8528.52,8528.62WTO ITC UNCTADWorld Tariff Profiles 202442Download the data:www.wto.org/statisticsDefinition of groups used in part A.2Product Group MTN 1 CategoriesHarmonized System nomenclature 2022Non-agricultural products(Non-Ag)TElectrical machinery and electronic equipmentHeadings 8501-8507,8511-8515,8531,8535-8539,8540(except 8540.11-8540.60),8543-8549(except 8544.70);headings 8532-8534;subheading 8523.52;headings 8541,8542;headings 8517,8518,8524,8526,8529,8530;subheading 8544.70;headings 8519-8523(except 8523.52),8525,8527,8528(except 8528.42,8528.52,8528.62);subheadings 8540.11-8540.60;headings 7321,7322,8403,8450,8508-8510,8516;subheadings 8414.51,8414.60,8418.10-8418.40,8419.11-8419.19,8422.11,8423.10,8451.21,8452.10UTransport equipmentHeadings 8702-8708(except 8707.90);Ch 86,Ch 89,Ch 88(except 8804);headings 8701,8709,8711-8714,8716;subheading 8707.90VOther ManufacturesHeadings 9001-9013;headings 9014-9017,9024-9033;headings 9018-9022(except 9022.19);subheadings 8419.20,9402.90;Ch 91,Ch 93;heading 8710;Ch 95,Ch 66(except 6601),Ch 67,Ch 92,Ch 96(except 9612.10),Ch 97;headings 2716,3406,3605,3606,4206,6506,6507,6602,6603,8304,8305,8715,9023,9405,9406;subheading 9022.19Afghanistan Part A.1Tariffs and imports:Summary and duty rangesTotalAgNon-Ag WTO member since2016Simple average final bound13.433.810.1Total 96.7 MFN appliedNon-Ag 96.1 Simple average Ag:Tariff quotas (in%)0 Trade weighted average Ag:Special safeguards(in%)0Imports in billion US$Duty-free0=55=1010=1515=2525=5050 100NAVin%Agricultural productsFinal bound 0.4 0.7 18.9 0 19.6 31.0 23.8 0 5.5MFN appliedImports Non-agricultural productsFinal bound 10.1 26.6 38.5 0.1 10.5 10.3 0 0 0MFN appliedImportsPart A.2Tariffs and imports by product groupsAVGDuty-freeMaxBindingAVGDuty-freeMaxShareDuty-freein%in%in%in%in0.8 2.8 6010029.4 0 6010049.2 0 6010027.8 0 6010035.1 0 6010017.5 0 6010035.3 0 5010057.0 0 7010018.8 0 2010022.9 0 601006.6 0 3010011.9 11.9 40 97.413.3 0 151006.3 1.0 40 92.410.2 10.2 30 96.215.2 0 40 96.129.9 0 301008.7 5.8 30 77.44.5 24.0 201006.0 41.7 301007.9 25.0 50 91.410.5 14.5 30 99.4Part BExports to major trading partners and duties facedPref.in millionmarginTLValueUS$HS 2-digitHS 6-digitSimpleWeightedWeightedin%in%Agricultural products1.Pakistan 2022527517 8.7 5.6 1.215.959.22.India 2022449513 30.2 31.2 31.2100.0100.03.China 20223923 14.6 23.3 23.3100.0100.04.Saudi Arabia,Kingdom of 202129210 5.3 4.1 0.08.518.95.Trkiye 202223721 20.1 19.4 0.031.545.3Non-agricultural products1.Pakistan 202252946 15.9 3.6 3.527.198.82.European Union 2022142898 5.1 4.6 4.699.9100.03.United States of America 202213513 6.9 0.6 0.457.096.24.United Arab Emirates 2022121524 4.9 1.2 0.03.075.85.Trkiye 2022946 4.2 1.4 1.4100.0100.0Duty-free importsMechanical,office and computing machineryElectrical machinery and electronic equipmentTransport equipmentOther ManufacturesFinal bound dutiesMinerals and metalsCotton,silk and woolBeverages and tobaccoFish and fish productsRubber,leather and footwearTariff lines and import values(in%)Fruits and vegetablesCoffee,tea,cocoa and spicesCereals and food preparationsOther agricultural productsDairy productsProduct groupsLive animals and meatMFN applied duties Imports SummaryDiversification95%trade in no.oftraded TLMFN AVG ofPetroleumChemicalsWood,paper,furniture Binding coverage:Frequency distribution Major marketsBilateral importsOilseeds,fats and oilsSugars and confectioneryTextilesClothingWTO ITC UNCTADWorld Tariff Profiles 202443Download the data:www.wto.org/statisticsII COUNTRY/TERRITORY TARIFF PROFILESAfghanistanAlbania Part A.1Tariffs and imports:Summary and duty rangesTotalAgNon-Ag WTO member since2000Simple average final bound6.69.76.1Total100MFN appliedNon-Ag100 Simple average20233.57.72.9 Ag:Tariff quotas (in%)0 Trade weighted average20233.37.32.7 Ag:Special safeguards(in%)0Imports in billion US$20228.41.27.2Duty-free0=55=1010=1515=2525=5050 100NAVin%Agricultural productsFinal bound 10.2 19.1 53.2 0.0 17.5 0 0 0 0MFN applied2023 12.3 21.1 52.7 14.0 0 0 0 0 0Imports2022 21.9 18.5 42.0 17.6 0 0 0 0 0 Non-agricultural productsFinal bound 36.3 29.5 17.4 2.0 14.8 0 0 0 0MFN applied2023 61.0 17.5 12.5 9.1 0 0 0 0 0Imports2022 72.4 9.4 12.0 6.2 0 0 0 0 0Part A.2Tariffs and imports by product groupsAVGDuty-freeMaxBindingAVGDuty-freeMaxShareDuty-freein%in%in%in%in%9.3 0.1 201007.9 4.3 15 1.5 6.910.0 0 201009.5 2.0 15 0.7 0.011.9 0 2010010.6 0 15 1.7 016.7 0 2010010.9 3.7 15 0.9 19.58.4 1.3 201006.6 5.3 15 3.5 28.33.1 66.2 101003.0 64.4 10 0.9 91.17.2 0 101005.4 5.9 10 0.6 0.113.8 25.5 201009.6 26.0 15 3.1 24.35.0 0 51002.0 0 2 0.0 07.9 11.6 201006.0 14.3 15 1.2 21.90.0 99.7 101000.0 99.8 10 1.6 100.06.5 43.3 201004.8 43.9 15 18.5 64.18.8 0 101005.7 38.4 10 7.7 95.83.7 33.6 101001.3 56.7 6 11.5 45.00.8 92.9 201000.6 93.4 15 4.4 98.29.1 0.1 201004.4 43.3 15 5.2 56.517.5 0 181000.0 100.0 0 4.0 100.013.6 3.5 201008.3 29.5 15 4.1 64.83.4 34.0 101000.2 93.2 10 5.8 82.84.3 45.1 101002.7 62.4 10 7.4 56.48.3 12.5 201002.3 49.1 15 6.5 78.510.2 35.4 201007.3 37.4 15 9.1 89.0Part BExports to major trading partners and duties facedPref.in millionmarginTLValueUS$HS 2-digitHS 6-digitSimpleWeightedWeightedin%in%Agricultural products1.European Union 20221421658 14.6 11.2 11.290.899.92.United States of America 202230913 4.0 0.2 0.173.898.23.Serbia 202229619 17.5 22.5 22.5100.0100.04.Bosnia and Herzegovina 202215619 8.0 13.0 13.0100.0100.05.North Macedonia 2022151330 29.2 39.2 39.2100.0100.0Non-agricultural products1.European Union 20222,37044282 4.7 4.5 4.399.598.82.China 2022182920 6.6 0.8 0.05.384.43.United States of America 20221121549 9.4 4.3 1.737.982.94.North Macedonia 2022751838 11.5 3.0 3.0100.0100.05.Trkiye 2022671639 6.3 1.9 1.9100.0100.0Duty-free importsMechanical,office and computing machineryElectrical machinery and electronic equipmentTransport equipmentOther ManufacturesFinal bound dutiesMinerals and metalsCotton,silk and woolBeverages and tobaccoFish and fish productsRubber,leather and footwearTariff lines and import values(in%)Fruits and vegetablesCoffee,tea,cocoa and spicesCereals and food preparationsOther agricultural productsDairy productsProduct groupsLive animals and meatMFN applied duties Imports SummaryDiversification95%trade in no.oftraded TLMFN AVG ofPetroleumChemicalsWood,paper,furniture Binding coverage:Frequency distribution Major marketsBilateral importsOilseeds,fats and oilsSugars and confectioneryTextilesClothingWTO ITC UNCTADWorld Tariff Profiles 202444Download the data:www.wto.org/statisticsAlbaniaAlgeria Part A.1Tariffs and imports:Summary and duty rangesTotalAgNon-Ag Non-WTO memberSimple average final boundTotalMFN appliedNon-Ag Simple average202218.923.718.1 Ag:Tariff quotas (in%)Trade weighted average Ag:Special safeguards(in%)Imports in billion US$Duty-free0=55=1010=1515=2525=5050 100NAVin%Agricultural productsFinal boundMFN applied2022 0.4 19.9 0 9.3 0 69.6 0.7 0 0Imports Non-agricultural productsFinal boundMFN applied2022 1.9 22.7 0 37.7 0 37.7 0.0 0 0ImportsPart A.2Tariffs and imports by product groupsAVGDuty-freeMaxBindingAVGDuty-freeMaxShareDuty-freein%in%in%in%in.9 0 3022.1 0 3028.8 0 6028.1 0 3022.9 2.6 6019.3 1.2 3023.8 0 3028.0 0 605.0 0 517.2 0 3029.7 0 3016.6 1.0 3018.7 32.5 3014.5 0.3 6019.5 0 3024.0 0.2 3030.0 0 3019.1 0.6 308.6 0.1 6020.1 0.2 6012.1 23.6 3020.2 9.3 30Part BExports to major trading partners and duties facedPref.in millionmarginTLValueUS$HS 2-digitHS 6-digitSimpleWeightedWeightedin%in%Agricultural products1.European Union 202214427204 15.3 10.0 2.736.856.62.Jordan 20225611 11.4 0.2 0.2100.0100.03.Mauritania 20224133 18.4 3.6 0.010.918.74.Morocco 20223722 17.0 37.8 37.8100.0100.05.Tunisia 20223633 34.7 2.5 2.594.4100.0Non-agricultural products1.European Union 202228,632410 4.6 0.6 0.6100.0100.02.Korea,Republic of 20223,37212 7.5 0.8 0.014.073.93.Trkiye 20223,23235 5.4 0.8 0.020.192.94.United States of America 20222,92236 3.7 0.0 0.079.1100.05.United Kingdom 20222,16425 1.8 0.1 0.184.599.8Duty-free importsMechanical,office and computing machineryElectrical machinery and electronic equipmentTransport equipmentOther ManufacturesFinal bound dutiesMinerals and metalsCotton,silk and woolBeverages and tobaccoFish and fish productsRubber,leather and footwearTariff lines and import values(in%)Fruits and vegetablesCoffee,tea,cocoa and spicesCereals and food preparationsOther agricultural productsDairy productsProduct groupsLive animals and meatMFN applied duties Imports SummaryDiversification95%trade in no.oftraded TLMFN AVG ofPetroleumChemicalsWood,paper,furniture Binding coverage:Frequency distribution Major marketsBilateral importsOilseeds,fats and oilsSugars and confectioneryTextilesClothingWTO ITC UNCTADWorld Tariff Profiles 202445Download the data:www.wto.org/statisticsII COUNTRY/TERRITORY TARIFF PROFILESAlgeriaAngola Part A.1Tariffs and imports:Summary and duty rangesTotalAgNon-Ag WTO member since1996Simple average final bound59.152.760.1Total100MFN appliedNon-Ag100 Simple average202311.021.59.3 Ag:Tariff quotas (in%)0 Trade weighted average20237.310.06.7 Ag:Special safeguards(in%)0Imports in billion US$202217.73.214.5Duty-free0=55=1010=1515=2525=5050 100NAVin%Agricultural productsFinal bound 0 0 1.3 4.3 0 0 94.3 0 0MFN applied2023 30.2 7.8 14.6 0.1 9.2 32.3 5.7 0 0Imports2022 67.0 2.1 5.8 0.0 8.6 14.1 2.4 0 0 Non-agricultural productsFinal bound 0 0 0 0 0 0 100.0 0 0MFN applied2023 46.3 15.0 16.4 0 6.7 15.6 0 0 0Imports2022 41.5 33.8 10.0 0 5.0 9.7 0 0 0Part A.2Tariffs and imports by product groupsAVGDuty-freeMaxBindingAVGDuty-freeMaxShareDuty-freein%in%in%in%inS.4 0 5510013.9 33.0 40 3.8 62.855.0 0 5510021.7 20.0 50 0.8 58.549.8 0 5510041.1 3.7 50 0.5 8.655.0 0 5510014.3 27.8 50 0.2 1.952.9 0 5510018.9 41.7 50 6.8 82.247.9 0 601004.6 38.2 30 3.6 89.255.0 0 5510012.4 23.5 50 1.0 1.155.0 0 5510057.2 3.0 70 0.8 0.455.0 0 551000.0 100.0 0 0.0 100.055.1 0 601007.7 51.0 50 0.4 61.360.0 0 6010025.1 0.4 30 0.3 0.160.4 0 8010013.4 37.8 50 8.1 37.263.3 0 801004.0 33.3 10 22.2 0.060.0 0 601004.6 79.7 50 12.1 76.560.0 0 6010023.0 24.7 50 3.6 55.960.4 0 801006.1 32.1 50 2.0 24.260.0 0 6010010.9 0 20 0.6 060.0 0 601009.2 28.4 50 1.8 36.560.0 0 601001.2 90.2 50 12.9 86.160.0 0 601006.7 38.7 50 5.8 32.260.0 0 601005.3 53.6 50 9.1 38.260.0 0 801009.1 28.8 50 3.5 61.2Part BExports to major trading partners and duties facedPref.in millionmarginTLValueUS$HS 2-digitHS 6-digitSimpleWeightedWeightedin%in%Agricultural products1.European Union 20222835 9.7 18.6 18.697.5100.02.Trkiye 20221311 12.9 0.1 0.081.399.03.Morocco 2022811 6.3 2.8 0.450.03.54.Viet Nam 2022211 2.5 0.0 0.050.099.45.Namibia 20220610 9.5 8.0 0.023.552.4Non-agricultural products1.China 202218,93411 3.2 0.1 0.1100.0100.02.European Union 202214,17523 3.9 0.0 0.0100.0100.03.India 20223,59912 9.8 0.3 0.012.50.04.United Arab Emirates 20221,99111 4.1 0.1 0.017.998.95.Thailand 20221,99012 5.3 0.0 0.091.7100.0Duty-free importsMechanical,office and computing machineryElectrical machinery and electronic equipmentTransport equipmentOther ManufacturesFinal bound dutiesMinerals and metalsCotton,silk and woolBeverages and tobaccoFish and fish productsRubber,leather and footwearTariff lines and import values(in%)Fruits and vegetablesCoffee,tea,cocoa and spicesCereals and food preparationsOther agricultural productsDairy productsProduct groupsLive animals and meatMFN applied duties Imports SummaryDiversification95%trade in no.oftraded TLMFN AVG ofPetroleumChemicalsWood,paper,furniture Binding coverage:Frequency distribution Major marketsBilateral importsOilseeds,fats and oilsSugars and confectioneryTextilesClothingWTO ITC UNCTADWorld Tariff Profiles 202446Download the data:www.wto.org/statisticsAngolaAntigua and Barbuda Part A.1Tariffs and imports:Summary and duty rangesTotalAgNon-Ag WTO member since1995Simple average final bound59.5105.051.7Total 95.2 MFN appliedNon-Ag 94.4 Simple average20229.916.38.9 Ag:Tariff quotas (in%)0 Trade weighted average202214.618.613.1 Ag:Special safeguards(in%)0Imports in billion US$20220.60.20.5Duty-free0=55=1010=1515=2525=5050 100NAVin%Agricultural productsFinal bound 0 0 0 0 0 0.5 84.8 14.5 0MFN applied2022 24.5 23.8 2.1 4.1 16.2 29.4 0 0 0Imports2022 17.7 11.4 2.5 1.7 42.9 23.8 0 0 0 Non-agricultural productsFinal bound 0 0 0 0 0 91.5 1.9 1.0 0MFN applied2022 7.8 63.6 3.0 4.3 17.9 3.2 0.2 0 0.1Imports2022 2.8 38.8 8.8 10.6 31.7 7.3 0.0 0 0Part A.2Tariffs and imports by product groupsAVGDuty-freeMaxBindingAVGDuty-freeMaxShareDuty-freein%in%in%in%in3.0 0 13010020.1 22.4 40 5.6 45.4100.0 0 1001006.4 31.3 20 2.4 36.3116.7 0 22010023.8 7.3 40 4.3 2.8100.0 0 10010021.2 0 40 0.6 0100.0 0 10010011.2 24.0 40 5.5 2.3101.7 0 15610022.5 7.0 40 0.9 0.5100.0 0 10010019.5 0 40 0.5 0110.8 0 18210020.0 0 45 5.7 0100.0 0 1001001.0 80.0 5 0 098.7 0 1001006.6 61.1 40 1.7 66.1100.0 0 100 0.823.0 17.0 40 1.7 17.651.7 0 1201006.9 15.2 30 14.2 1.8102.7 0 1201004.5 37.2 25 0.6 0.850.5 0 1901006.3 6.3 20 11.0 5.152.3 0 1531009.5 14.1 50 10.4 3.150.0 0 831007.1 2.1 20 1.7 0.950.2 0 9310019.8 0 20 1.4 051.5 0 1001009.1 15.8 25 1.5 1.650.6 0 1001005.6 5.8 30 11.5 2.054.5 0 16310011.2 1.0 35 7.3 0.158.7 0 1431009.5 8.6 35 6.8 3.853.6 0 20610013.8 3.9 70 4.5 1.3Part BExports to major trading partners and duties facedPref.in millionmarginTLValueUS$HS 2-digitHS 6-digitSimpleWeightedWeightedin%in%Agricultural products1.Australia 2022611 3.8 0.1 0.150.099.92.The Gambia 2022611 10.0 10.0 0.00.00.03.United Kingdom 2022145 9.7 3.7 3.7100.0100.04.Senegal 2022045 21.9 13.4 0.00.00.05.European Union 2022047 16.5 1.1 1.196.9100.0Non-agricultural products1.Suriname 202218112 4.4 6.1 6.1100.0100.02.European Union 20223733 2.9 0.3 0.3100.0100.03.Barbados 20222022 10.6 1.6 1.6100.0100.04.United Kingdom 20221434 1.0 0.0 0.0100.0100.05.Dominican Republic 2022711 10.3 0.3 0.3100.0100.0Duty-free importsMechanical,office and computing machineryElectrical machinery and electronic equipmentTransport equipmentOther ManufacturesFinal bound dutiesMinerals and metalsCotton,silk and woolBeverages and tobaccoFish and fish productsRubber,leather and footwearTariff lines and import values(in%)Fruits and vegetablesCoffee,tea,cocoa and spicesCereals and food preparationsOther agricultural productsDairy productsProduct groupsLive animals and meatMFN applied duties Imports SummaryDiversification95%trade in no.oftraded TLMFN AVG ofPetroleumChemicalsWood,paper,furniture Binding coverage:Frequency distribution Major marketsBilateral importsOilseeds,fats and oilsSugars and confectioneryTextilesClothingWTO ITC UNCTADWorld Tariff Profiles 202447Download the data:www.wto.org/statisticsII COUNTRY/TERRITORY TARIFF PROFILESAntigua and BarbudaArgentina Part A.1Tariffs and imports:Summary and duty rangesTotalAgNon-Ag WTO member since1995Simple average final bound31.832.431.7Total100MFN appliedNon-Ag100 Simple average202313.410.313.9 Ag:Tariff quotas (in%)0 Trade weighted average202310.310.510.3 Ag:Special safeguards(in%)0Imports in billion US$202280.65.075.6Duty-free0=55=1010=1515=2525=5050 100NAVin%Agricultural productsFinal bound 0.1 3.8 0.4 0.4 6.8 88.4 0 0 0MFN applied2023 7.1 6.9 56.6 14.1 13.3 2.0 0 0 0Imports2022 3.4 1.5 69.2 10.5 12.5 3.0 0 0 0 Non-agricultural productsFinal bound 0 0.1 0.3 1.4 19.8 78.4 0 0 0MFN applied2023 6.0 16.1 13.1 26.4 23.8 14.6 0 0 0Imports2022 27.5 10.4 7.1 24.6 21.7 8.7 0 0 0Part A.2Tariffs and imports by product groupsAVGDuty-freeMaxBindingAVGDuty-freeMaxShareDuty-freein%in%in%in%in&.4 0 351008.3 6.6 16 0.2 13.533.1 0 3510017.7 0 28 0.1 034.2 0 3510010.5 5.0 35 0.8 0.634.6 0 3510011.9 0 35 0.6 033.2 0 3510011.1 14.7 31 0.4 12.734.5 0 351009.2 13.2 35 3.0 0.533.3 0 3510017.6 0 20 0.1 034.7 0 3510018.1 0 35 0.2 0.935.0 0 351006.5 0 8 0.0 030.9 0.7 351007.1 11.5 20 0.7 13.834.5 0 3510010.3 3.3 16 0.3 0.134.4 0 3510010.2 6.5 35 15.3 45.833.6 0 351000.1 97.2 6 8.4 98.721.2 0 351007.7 2.6 35 22.9 13.230.3 0 3510010.6 2.8 35 2.2 3.935.0 0 3510023.3 0.1 35 2.2 0.935.0 0 3510035.0 0 35 0.4 0.535.0 0 3510016.1 2.9 35 2.6 7.934.9 0 3510012.5 14.8 35 14.3 24.034.9 0 3510014.4 15.4 35 10.8 16.134.5 0 3510018.6 13.3 35 10.1 3.333.3 0 3510015.7 9.0 35 4.4 38.7Part BExports to major trading partners and duties facedPref.in millionmarginTLValueUS$HS 2-digitHS 6-digitSimpleWeightedWeightedin%in%Agricultural products1.China 20227,185812 11.1 6.8 0.010.80.32.European Union 20227,1661944 15.8 5.4 0.012.769.63.Brazil 20
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