# HS4 5203 top trade corridors | Yugalinks

> Published by **Yugalinks**, global trade intelligence for growing businesses.
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Explore reported HS4 5203 trade corridors: leading exporter-to-importer routes, value, growth, market share, access, tariffs, and distance context.

Canonical: https://www.yugalinks.com/trade/sector/hs4/5203/corridors

## Page details

- Page type: HS4 subsector top trade corridors
- HS4: **5203 - Cotton**
- Parent sector: [HS2 52 overview](https://www.yugalinks.com/trade/sector/hs2/52)
- Coverage: 1995-2024
- Publisher: [Yugalinks](https://www.yugalinks.com/)

## Answer

India to Viet Nam leads the reported HS4 5203 routes with $47.2M in 2024 and +1.7% calculated three-year growth. The HS4 subsector recorded $230.9M in latest reported trade, with -7% calculated three-year growth.

## Explore Yugalinks

- [Open HS4 5203 in the workspace](https://www.yugalinks.com/app?hs=5203)
- [Read the HS4 overview](https://www.yugalinks.com/trade/sector/hs4/5203)
- [Read the parent HS2 overview](https://www.yugalinks.com/trade/sector/hs2/52)
- [Review data sources](https://www.yugalinks.com/data-sources)
- [Check data coverage](https://www.yugalinks.com/data-coverage)
- [Read the methodology](https://www.yugalinks.com/methodology)
- [Read Responsible AI principles](https://www.yugalinks.com/responsible-ai)

## Summary and indicators

| Measure | Value | Interpretation |
| --- | ---: | --- |
| Latest reported HS4 trade | $230.9M | Reported value in 2024 |
| Displayed corridor value | $154.8M | Sum of the routes shown |
| HS4 3-year CAGR | -7% | Calculated annualized change |
| HS4 5-year CAGR | -11.2% | Calculated annualized change |
| HS4 10-year CAGR | -4.8% | Calculated annualized change |
| Latest year-on-year change | -52.3% | Calculated change from the prior year |
| Reported trend | Declining | Available HS4 trend label |
| Historical peak | $615.6M in 2012 | Reported-history comparison |
| Latest below peak | 62.5% | Calculated peak comparison |
| Exporter / importer HHI | 1,054.5 / 1,737.9 | Calculated concentration indicators |
| Trade volatility | 0.5 | Calculated variation in annual values |
| Active corridors / exporters / importers / HS6 | 1,318 / 117 / 165 / 1 | Latest available breadth |

## Growth leaders

- **Japan -> USA, Puerto Rico and US Virgin Islands**: +363.4% calculated three-year CAGR, $2.2M latest reported value, 0.9% market share, trend Rapid growth.
- **United Arab Emirates -> Sudan**: +126.2% calculated three-year CAGR, $1.8M latest reported value, 0.8% market share, trend Rapid growth.
- **Bangladesh -> Viet Nam**: +126.1% calculated three-year CAGR, $8.9M latest reported value, 3.9% market share, trend Rapid growth.
- **Malaysia -> Viet Nam**: +77.4% calculated three-year CAGR, $3.0M latest reported value, 1.3% market share, trend Rapid growth.
- **Turkey -> Viet Nam**: +54.6% calculated three-year CAGR, $1.8M latest reported value, 0.8% market share, trend Rapid growth.

## Access and tariff context

FTA status, tariff fields, and distance are route context. Group averages below are calculated from the displayed routes and are not tariff recommendations.

| Access group | Reported route value | Routes | Average 3-year CAGR | Average applied tariff | Average tariff advantage |
| --- | ---: | ---: | ---: | ---: | ---: |
| FTA reported | $87.2M | 12 | +17.4% | 0.1% | +0.1 pp |
| No FTA reported | $67.6M | 13 | +44.3% | 0.2% | +0.1 pp |

- Lowest reported applied tariff route: **Portugal -> Spain** at 0%.
- Largest reported tariff advantage route: **Afghanistan -> Pakistan** at +0.4 pp.

## Full corridor table

| Rank | Exporter | Importer | Latest trade | 3-year CAGR | 5-year CAGR | 10-year CAGR | Market share | FTA / access | Applied tariff | MFN tariff | Preferential tariff | Tariff advantage | Distance | Historical peak | Latest below peak | Years | Trend |
| ---: | --- | --- | ---: | ---: | ---: | ---: | ---: | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | --- |
| 1 | India | Viet Nam | $47.2M | +1.7% | +36.5% | +50.9% | 20.4% | FTA reported | 0.2% | 0.2% | 0.1% | +0.1 pp | 3,652 km | $47.2M (2024) | 0% | 25 | Stable |
| 2 | Afghanistan | Pakistan | $23.6M | +18.7% | +70.8% | Not reported | 10.2% | No FTA reported | 0.4% | 0.4% | 0% | +0.4 pp | 1,086 km | $23.6M (2024) | 0% | 7 | Rapid growth |
| 3 | Indonesia | Viet Nam | $12.8M | -0.7% | +0.4% | +29.4% | 5.5% | FTA reported | 0.2% | 0.2% | 0% | +0.1 pp | 1,876 km | $13.0M (2021) | 1.9% | 30 | Stable |
| 4 | Bangladesh | Viet Nam | $8.9M | +126.1% | +186.6% | +110.7% | 3.9% | No FTA reported | 0.2% | 0.2% | Not reported | Not reported | 2,243 km | $18.6M (2023) | 52% | 11 | Rapid growth |
| 5 | India | China | $8.3M | +46.8% | +244.3% | +93.7% | 3.6% | No FTA reported | 0.3% | 0.3% | 0.1% | +0.2 pp | 4,252 km | $11.1M (2022) | 25.6% | 22 | Rapid growth |
| 6 | Poland | France | $6.5M | -14% | +4.9% | +47.9% | 2.8% | FTA reported | 0% | 0% | 0% | +0 pp | 1,371 km | $12.0M (2022) | 45.6% | 17 | Rapid decline |
| 7 | Uzbekistan | Viet Nam | $5.2M | +1.5% | +4.7% | +20.3% | 2.3% | No FTA reported | 0.2% | 0.2% | Not reported | Not reported | 4,981 km | $6.7M (2023) | 21.3% | 12 | Stable |
| 8 | United Rep. of Tanzania | Pakistan | $5.0M | -39.7% | -11.7% | +44.4% | 2.2% | No FTA reported | 0.4% | 0.4% | Not reported | Not reported | 4,627 km | $24.4M (2020) | 79.4% | 16 | Rapid decline |
| 9 | Republic of Korea | Japan | $3.4M | -6.2% | -4.2% | +2.3% | 1.5% | No FTA reported | 0% | 0% | 0% | +0 pp | 1,155 km | $4.7M (2022) | 25.9% | 29 | Declining |
| 10 | Republic of Korea | Viet Nam | $3.4M | -11.5% | -6.3% | +4.4% | 1.5% | FTA reported | 0.2% | 0.2% | 0% | +0.1 pp | 3,599 km | $4.9M (2021) | 30.6% | 30 | Rapid decline |
| 11 | Malaysia | Viet Nam | $3.0M | +77.4% | +138.6% | +74.2% | 1.3% | FTA reported | 0.2% | 0.2% | 0% | +0.1 pp | 1,005 km | $5.5M (2023) | 45.6% | 24 | Rapid growth |
| 12 | Turkey | Spain | $2.5M | -32.8% | -13.1% | -3.9% | 1.1% | FTA reported | 0% | 0.1% | 0% | +0.1 pp | 2,744 km | $10.2M (2011) | 75.3% | 28 | Rapid decline |
| 13 | USA, Puerto Rico and US Virgin Islands | Mexico | $2.3M | +5.3% | -6.1% | +13% | 1% | FTA reported | 0.1% | 0.1% | 0% | +0.1 pp | 3,359 km | $3.2M (2022) | 28.8% | 30 | Growing |
| 14 | Japan | USA, Puerto Rico and US Virgin Islands | $2.2M | +363.4% | +165% | +70.5% | 0.9% | No FTA reported | 0% | 0% | 0% | +0 pp | 10,872 km | $2.5M (2023) | 12.5% | 25 | Rapid growth |
| 15 | USA, Puerto Rico and US Virgin Islands | Honduras | $2.0M | +47% | -16.5% | -15.2% | 0.9% | FTA reported | 0.1% | 0.1% | 0% | +0.1 pp | 3,219 km | $31.7M (2007) | 93.6% | 30 | Rapid growth |
| 16 | Uganda | Bangladesh | $2.0M | +6.8% | +3.2% | +29.8% | 0.9% | No FTA reported | 0.7% | 0.7% | Not reported | Not reported | 6,749 km | $2.0M (2024) | 0% | 11 | Growing |
| 17 | Portugal | Spain | $2.0M | -1.3% | +11.7% | -3.6% | 0.9% | FTA reported | 0% | 0% | 0% | +0 pp | 504 km | $3.0M (2017) | 34% | 30 | Stable |
| 18 | South Africa | Botswana | $1.9M | -15.2% | -2.8% | +14.1% | 0.8% | FTA reported | Not reported | Not reported | Not reported | Not reported | 275 km | $3.5M (2018) | 43.8% | 25 | Rapid decline |
| 19 | India | Taiwan | $1.9M | -36.7% | -13.9% | +11.4% | 0.8% | No FTA reported | Not reported | Not reported | Not reported | Not reported | 4,392 km | $7.6M (2021) | 74.6% | 26 | Rapid decline |
| 20 | Turkey | Viet Nam | $1.8M | +54.6% | +16.1% | +36.2% | 0.8% | No FTA reported | 0.2% | 0.2% | Not reported | Not reported | 8,206 km | $3.1M (2023) | 40.6% | 9 | Rapid growth |
| 21 | Germany | Austria | $1.8M | +26.5% | -12.3% | -1.5% | 0.8% | FTA reported | 0% | 0% | 0% | +0 pp | 524 km | $4.4M (2016) | 59.2% | 30 | Rapid growth |
| 22 | United Arab Emirates | Sudan | $1.8M | +126.2% | +43.6% | Not reported | 0.8% | FTA reported | 0.1% | 0.1% | Not reported | Not reported | 2,604 km | $2.3M (2023) | 22.2% | 6 | Rapid growth |
| 23 | Pakistan | Poland | $1.8M | +30.8% | +6.8% | +29.5% | 0.8% | No FTA reported | 0.1% | 0.1% | 0.1% | +0.1 pp | 4,906 km | $2.4M (2023) | 27% | 26 | Rapid growth |
| 24 | Japan | Israel | $1.8M | +35.1% | +20.4% | +9.4% | 0.8% | No FTA reported | 0.1% | 0.1% | Not reported | Not reported | 9,178 km | $2.3M (2012) | 25.1% | 22 | Rapid growth |
| 25 | USA, Puerto Rico and US Virgin Islands | Viet Nam | $1.6M | -24.9% | -14.2% | +81.8% | 0.7% | No FTA reported | 0.2% | 0.2% | Not reported | Not reported | 14,306 km | $3.9M (2021) | 57.7% | 28 | Rapid decline |

## Definitions

Latest trade values are reported merchandise trade observations. CAGR, market share, HHI, volatility, and peak comparisons are calculated indicators over the available history. FTA, tariffs, and distance provide route context where available. Missing values remain unavailable and are not imputed or presented as forecasts.

## Data sources

- Primary trade series: OECD (2025), Balanced international merchandise trade statistics (BIMTS) - HS2017-6D, OECD Data Explorer (accessed on 2026-08-28). [OECD Data Explorer](https://data-explorer.oecd.org/) - [OECD Terms & Conditions](https://www.oecd.org/termsandconditions/)
- CEPII BACI bilateral trade flows (202601): [dataset page](https://www.cepii.fr/CEPII/en/bdd_modele/bdd_modele_item.asp?id=37) - [BACI documentation](https://www.cepii.fr/DATA_DOWNLOAD/baci/doc/baci_webpage.html) - [Etalab 2.0 Open Licence](https://www.etalab.gouv.fr/wp-content/uploads/2018/11/open-licence.pdf)

This page presents derived Yugalinks views of reported observations and calculated indicators.

## Continue your research

- [Open the HS4 workspace](https://www.yugalinks.com/app?hs=5203)
- [Read the HS4 overview](https://www.yugalinks.com/trade/sector/hs4/5203)
- [Read the HS2 overview](https://www.yugalinks.com/trade/sector/hs2/52)
- [Review data sources](https://www.yugalinks.com/data-sources)
- [Check data coverage](https://www.yugalinks.com/data-coverage)
- [Read methodology](https://www.yugalinks.com/methodology)
- [Read Responsible AI principles](https://www.yugalinks.com/responsible-ai)