Shoelaces may seem like a small and insignificant part of our daily lives, but they play a crucial role in keeping our shoes secure and comfortable. HS Code 42050020 specifically refers to shoelaces made of leather or composition leather. In this article, we will explore the details of this HS code, including its product description, duty rates, and special tariff preference programs.
The product description covered by HS Code 42050020 is "Shoelaces of leather or of composition leather." This means that the code applies to shoelaces made either entirely of leather or a combination of leather and other materials. Leather shoelaces are known for their durability, flexibility, and stylish appearance, making them a popular choice among shoe manufacturers and consumers.
According to the data, the bound or most-favored-nation (MFN) duty rate for HS Code 42050020 is free. This means that when a country lowers a trade barrier or opens up a market, it must do so for the same goods or services from all its trading partners. This duty-free treatment encourages international trade and promotes economic cooperation between countries.
The data states that no units were collected (X) for the quantity unit of HS Code 42050020. This information indicates that the quantity of shoelaces imported or exported under this code is not measured or reported in a specific unit. The absence of quantity data suggests that the focus is more on the classification and regulation of the product rather than its volume.
HS Code 42050020 is eligible for several special tariff preference programs, which further facilitate international trade and provide certain countries with advantageous treatment. The following special tariff preference programs apply to shoelaces of leather or composition leather:
These special tariff preference programs enable eligible countries to import or export shoelaces of leather or composition leather at reduced or eliminated duty rates. This promotes trade relationships and enhances economic cooperation between countries participating in these programs.
While the data does not provide specific information about the exporting US states, it mentions Hawaii as the importing US state for HS Code 42050020. This suggests that Hawaii is a significant market for shoelaces of leather or composition leather, either for domestic consumption or distribution to other states within the US.
HS Code 42050020 pertains to shoelaces made of leather or composition leather. This code carries a duty rate of free, encouraging international trade and market access. Additionally, there are special tariff preference programs available for eligible countries, providing further benefits to importers and exporters. With Hawaii being highlighted as an importing US state, it is evident that shoelaces of leather or composition leather play a vital role in the footwear industry.