When it comes to international trade, it is important to have a standardized system to classify and categorize different products. This is where the Harmonized System (HS) codes come into play. HS codes are used globally to identify and classify products for customs and statistical purposes. In this article, we will delve into the details of HS Code 18062024 and explore its product description, duty rates, quantity unit, and special tariff preference programs.
HS Code 18062024 specifically refers to chocolates that weigh over 2 kilograms. These chocolates contain milk solids and are not in blocks weighing 4.5 kilograms or more. It is important to note that these chocolates are subject to adding US Note 2 to Chapter 18. Additionally, they do not fall under the category of GN15 and have a milkfat content of over 5.5 percent.
The bound / most-favored-nation (MFN) duty rate for HS Code 18062024 is 5%. The MFN principle states that every time a country lowers a trade barrier or opens up a market, it has to do so for the same goods or services from all its trading partners. This ensures fairness and equal treatment among trading partners.
The quantity unit for HS Code 18062024 is kilograms (KG). This means that the weight of the chocolates being imported or exported should be measured and recorded in kilograms.
HS Code 18062024 is eligible for various special tariff preference programs. These programs provide certain countries with preferential treatment or duty-free access to specific goods. Here are the special tariff preference programs applicable to this HS code:
These special tariff preference programs aim to promote trade and economic cooperation between the countries involved. They provide benefits such as reduced or eliminated import duties, allowing for more competitive pricing and increased market access.
HS Code 18062024 is imported and exported by the state of Vermont in the United States. Vermont plays a role in the international trade of chocolates falling under this HS code.
HS Code 18062024 represents a specific type of chocolate that meets the described criteria. Understanding the details of this HS code is essential for importers, exporters, and customs officials to ensure proper classification and adherence to applicable duty rates and tariff preference programs. By utilizing the HS code system, international trade becomes more streamlined and transparent.