# HS4 9108 top trade corridors | Yugalinks

> Published by **Yugalinks**, global trade intelligence for growing businesses.
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Explore reported HS4 9108 trade corridors: leading exporter-to-importer routes, value, growth, market share, access, tariffs, and distance context.

Canonical: https://www.yugalinks.com/trade/sector/hs4/9108/corridors

## Page details

- Page type: HS4 subsector top trade corridors
- HS4: **9108 - Watch movements**
- Parent sector: [HS2 91 overview](https://www.yugalinks.com/trade/sector/hs2/91)
- Coverage: 1995-2024
- Publisher: [Yugalinks](https://www.yugalinks.com/)

## Answer

Japan to China leads the reported HS4 9108 routes with $134.4M in 2024 and -6.8% calculated three-year growth. The HS4 subsector recorded $724.4M in latest reported trade, with -8.6% calculated three-year growth.

## Explore Yugalinks

- [Open HS4 9108 in the workspace](https://www.yugalinks.com/app?hs=9108)
- [Read the HS4 overview](https://www.yugalinks.com/trade/sector/hs4/9108)
- [Read the parent HS2 overview](https://www.yugalinks.com/trade/sector/hs2/91)
- [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 | $724.4M | Reported value in 2024 |
| Displayed corridor value | $536.2M | Sum of the routes shown |
| HS4 3-year CAGR | -8.6% | Calculated annualized change |
| HS4 5-year CAGR | -8.1% | Calculated annualized change |
| HS4 10-year CAGR | -7.4% | Calculated annualized change |
| Latest year-on-year change | -13.4% | Calculated change from the prior year |
| Reported trend | Declining | Available HS4 trend label |
| Historical peak | $2.4B in 2012 | Reported-history comparison |
| Latest below peak | 69.9% | Calculated peak comparison |
| Exporter / importer HHI | 2,285.5 / 1,079.5 | Calculated concentration indicators |
| Trade volatility | 0.3 | Calculated variation in annual values |
| Active corridors / exporters / importers / HS6 | 1942 / 114 / 184 / 5 | Latest available breadth |

## Growth leaders

- **China, Hong Kong Special Administrative Region -> Saudi Arabia**: +391% calculated three-year CAGR, $7.3M latest reported value, 1% market share, trend Rapid growth.
- **China -> India**: +183.9% calculated three-year CAGR, $6.6M latest reported value, 0.9% market share, trend Rapid growth.
- **Malaysia -> Singapore**: +91.9% calculated three-year CAGR, $23.8M latest reported value, 3.3% market share, trend Rapid growth.
- **Democratic People\'s Republic of Korea -> China**: +65.4% calculated three-year CAGR, $16.0M latest reported value, 2.2% market share, trend Rapid growth.
- **China, Hong Kong Special Administrative Region -> Brazil**: +22.8% calculated three-year CAGR, $4.7M latest reported value, 0.6% 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 | $246.0M | 16 | -0.6% | 0.1% | +0.1 pp |
| No FTA reported | $290.2M | 9 | +68.6% | 0.2% | +0.2 pp |

- Lowest reported applied tariff route: **Japan -> China, Hong Kong Special Administrative Region** at 0%.
- Largest reported tariff advantage route: **Japan -> India** at +0.5 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 | Japan | China | $134.4M | -6.8% | -8.8% | -6.6% | 18.5% | No FTA reported | 0.3% | 0.3% | Not reported | Not reported | 1,763 km | $298.8M (1995) | 55% | 30 | Declining |
| 2 | Japan | China, Hong Kong Special Administrative Region | $75.2M | -11.5% | -13.9% | -11.2% | 10.4% | No FTA reported | 0% | 0% | Not reported | Not reported | 2,882 km | $637.4M (1995) | 88.2% | 30 | Rapid decline |
| 3 | China | China, Hong Kong Special Administrative Region | $32.3M | -31.1% | -21.1% | -13.4% | 4.5% | FTA reported | 0% | 0% | Not reported | Not reported | 1,226 km | $273.7M (2013) | 88.2% | 30 | Rapid decline |
| 4 | Switzerland, Liechtenstein | Germany | $26.0M | +0.9% | +5.4% | -1.5% | 3.6% | FTA reported | 0% | 0.1% | 0% | +0 pp | 674 km | $30.2M (2014) | 14% | 30 | Stable |
| 5 | Switzerland, Liechtenstein | China, Hong Kong Special Administrative Region | $25.1M | -19.5% | -12.9% | -13.4% | 3.5% | FTA reported | 0% | 0% | Not reported | Not reported | 9,325 km | $113.0M (2011) | 77.8% | 30 | Rapid decline |
| 6 | Switzerland, Liechtenstein | USA, Puerto Rico and US Virgin Islands | $24.5M | +2.5% | +2.8% | +0.2% | 3.4% | No FTA reported | 0% | 0% | Not reported | Not reported | 6,339 km | $26.9M (2022) | 8.7% | 30 | Stable |
| 7 | Malaysia | Singapore | $23.8M | +91.9% | +29.5% | +14.7% | 3.3% | FTA reported | 0% | 0% | 0% | +0 pp | 316 km | $35.3M (2023) | 32.6% | 30 | Rapid growth |
| 8 | Switzerland, Liechtenstein | France | $23.5M | +6.7% | +7.8% | +3.7% | 3.2% | FTA reported | 0% | 0.1% | 0% | +0 pp | 487 km | $23.5M (2024) | 0% | 30 | Growing |
| 9 | China, Hong Kong Special Administrative Region | Japan | $16.2M | -5.4% | -8.4% | -8.8% | 2.2% | No FTA reported | 0% | 0% | 0% | +0 pp | 2,882 km | $53.9M (2012) | 69.9% | 30 | Declining |
| 10 | Democratic People\'s Republic of Korea | China | $16.0M | +65.4% | -19.8% | Not reported | 2.2% | No FTA reported | Not reported | Not reported | Not reported | Not reported | 951 km | $48.4M (2019) | 66.9% | 8 | Rapid growth |
| 11 | Switzerland, Liechtenstein | Japan | $15.4M | +0.2% | +0.2% | -0.4% | 2.1% | FTA reported | 0% | 0% | 0% | +0 pp | 9,605 km | $17.5M (2012) | 11.7% | 30 | Stable |
| 12 | Japan | Thailand | $14.8M | -14.2% | -5.8% | +0.5% | 2% | FTA reported | 0.3% | 0.3% | 0% | +0.3 pp | 4,604 km | $24.8M (2022) | 40.1% | 30 | Rapid decline |
| 13 | Switzerland, Liechtenstein | United Kingdom | $14.5M | +12.9% | +5.9% | +9.2% | 2% | FTA reported | Not reported | Not reported | Not reported | Not reported | 777 km | $15.7M (2023) | 7.3% | 30 | Rapid growth |
| 14 | Thailand | China, Hong Kong Special Administrative Region | $12.6M | -18.5% | -8% | -10.6% | 1.7% | FTA reported | 0% | 0% | Not reported | Not reported | 1,728 km | $105.2M (1996) | 88% | 30 | Rapid decline |
| 15 | Malaysia | China | $11.5M | -9.3% | -9.4% | +4.7% | 1.6% | FTA reported | 0.3% | 0.3% | 0.1% | +0.2 pp | 3,737 km | $27.0M (2016) | 57.4% | 22 | Declining |
| 16 | Switzerland, Liechtenstein | China | $10.1M | -24.6% | -14.5% | -7.9% | 1.4% | FTA reported | 0.3% | 0.3% | 0.1% | +0.2 pp | 9,034 km | $36.2M (2016) | 72% | 30 | Rapid decline |
| 17 | Malaysia | Japan | $9.8M | +16.9% | -0.6% | +0.6% | 1.4% | FTA reported | 0% | 0% | 0% | +0 pp | 5,315 km | $10.8M (2020) | 9.6% | 29 | Rapid growth |
| 18 | France | Netherlands | $8.4M | -19.2% | -7.2% | -8% | 1.2% | FTA reported | 0% | 0% | 0% | +0 pp | 431 km | $19.2M (2014) | 56.4% | 30 | Rapid decline |
| 19 | Japan | India | $8.3M | +5% | +10.2% | +21.3% | 1.1% | FTA reported | 0.5% | 0.5% | 0% | +0.5 pp | 5,846 km | $8.3M (2024) | 0% | 30 | Growing |
| 20 | China, Hong Kong Special Administrative Region | Saudi Arabia | $7.3M | +391% | +151.5% | +77.1% | 1% | No FTA reported | 0.1% | 0.1% | Not reported | Not reported | 6,826 km | $7.3M (2024) | 0% | 30 | Rapid growth |
| 21 | China | India | $6.6M | +183.9% | +25.7% | +13.7% | 0.9% | No FTA reported | 0.5% | 0.5% | 0.1% | +0.5 pp | 4,252 km | $6.6M (2024) | 0% | 30 | Rapid growth |
| 22 | United Kingdom | China, Hong Kong Special Administrative Region | $5.3M | -24.8% | +16% | +79% | 0.7% | No FTA reported | 0% | 0% | Not reported | Not reported | 9,644 km | $16.2M (2023) | 67.4% | 30 | Rapid decline |
| 23 | China, Hong Kong Special Administrative Region | China | $5.0M | -20.8% | -19.6% | -19.3% | 0.7% | FTA reported | 0.3% | 0.3% | 0% | +0.3 pp | 1,226 km | $132.7M (1995) | 96.2% | 30 | Rapid decline |
| 24 | France | Switzerland, Liechtenstein | $4.8M | +13.4% | -14.2% | -5.4% | 0.7% | FTA reported | 0% | 0% | 0% | -0 pp | 487 km | $14.5M (2016) | 66.8% | 30 | Rapid growth |
| 25 | China, Hong Kong Special Administrative Region | Brazil | $4.7M | +22.8% | +0.9% | +3.7% | 0.6% | No FTA reported | 0.3% | 0.3% | Not reported | Not reported | 18,061 km | $5.7M (2023) | 17.9% | 30 | Rapid growth |

## 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=9108)
- [Read the HS4 overview](https://www.yugalinks.com/trade/sector/hs4/9108)
- [Read the HS2 overview](https://www.yugalinks.com/trade/sector/hs2/91)
- [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)