When it comes to international trade, the Harmonized System (HS) Code plays a crucial role in classifying products. The HS Code 35061050 specifically refers to products that are suitable for use as glues or adhesives, not exceeding 1 kg, and put up for retail sale. In this article, we will explore the details of this HS Code and its implications in international trade.
The HS Code 35061050 helps customs authorities and traders identify and classify the specific product in question. It ensures uniformity and clarity in international trade by providing a standardized system for categorizing goods. With this code, both importers and exporters can easily communicate the nature of the product, facilitating smooth trade transactions.
Products falling under the HS Code 35061050 are subject to a bound or most-favored-nation (MFN) duty rate of 2.1%. The MFN principle states that whenever a country lowers a trade barrier or opens up its market, it must do so for the same goods or services from all its trading partners. This duty rate applies consistently, ensuring fair treatment for all parties involved.
The quantity unit for products classified under the HS Code 35061050 is kilograms (KG). This standardized unit of measurement allows for accurate documentation and tracking of imports and exports. It helps in calculating tariffs, determining shipping costs, and maintaining transparent trade records.
In addition, there are special tariff preference programs in place for products under this HS Code. These programs provide certain countries with preferential treatment, resulting in reduced or duty-free tariffs. The countries eligible for these special tariff preferences include Australia, Bahrain, Canada (under NAFTA), Chile, European Union member states, Israel, Japan, Jordan, Morocco, Mexico (under NAFTA), Oman, Peru, Singapore, and the United States under the Caribbean Basin Initiative (CBI) and the Andean Trade Preference Act (ATPA).
Importing US states that have reported transactions involving products under the HS Code 35061050 include Iowa. This information indicates that these products are being brought into the state of Iowa for various purposes. On the other hand, exporting US states that have reported transactions involving these products include Idaho and Oklahoma.
Overall, the HS Code 35061050 is essential for international trade, as it allows for the proper classification and identification of products suitable for use as glues or adhesives, not exceeding 1 kg, and put up for retail sale. Traders and customs authorities can rely on this code to ensure accurate documentation, fair treatment, and smooth trade transactions. Understanding the HS Code system is crucial for anyone involved in international trade, as it forms the basis for global commerce.