HS Code 50060090: Spun Silk Yarn, Containing Less Than 85% by Weight of Silk, Put Up for Retail Sale
Spun silk yarn is a type of yarn made from silk fibers that have been spun together. It is used in various textile applications and is known for its softness, sheen, and durability. The HS code 50060090 specifically refers to spun silk yarn that contains less than 85% by weight of silk and is put up for retail sale.
When importing or exporting products, it is important to be aware of the HS code assigned to the product. HS codes are standardized codes used internationally to classify and categorize traded goods. They provide a common language for customs authorities and traders to identify and classify products for the purpose of customs duties, trade statistics, and regulations.
The HS code 50060090 is used to identify and classify spun silk yarn that contains less than 85% silk and is packaged for retail sale. This code helps customs authorities and traders accurately identify the product and determine the appropriate customs duties and regulations applicable to it.
One important aspect to note is the bound/MFN duty rate associated with this HS code. Bound duty rates refer to the maximum customs duty rate that a country can impose on a particular product. MFN (Most-Favored Nation) duty rates are the rates that countries apply to imports from their trading partners. These rates are determined through international trade agreements and are usually lower than the bound rates.
In the case of HS code 50060090, the bound/MFN duty rate is listed as "Free." This means that countries are not required to impose any customs duties on the import or export of spun silk yarn containing less than 85% silk, put up for retail sale. This encourages trade and facilitates the flow of goods between countries.
Additionally, there are special tariff preference programs associated with this HS code. These programs provide certain countries with preferential treatment in terms of customs duties. The countries eligible for special tariff preferences for HS code 50060090 include:
- Australia (duty-free treatment) under the Generalized System of Preferences (GSP)
- Bahrain (special rate)
- Canada (duty-free treatment) under NAFTA (North American Free Trade Agreement)
- Chile (special rate)
- European Union (duty-free treatment)
- Israel (special rate) with duty-free treatment
- Japan (special rate)
- Jordan (special rate)
- Morocco (special rate)
- Mexico (duty-free treatment) under NAFTA
- Oman (special rate)
- Panama (special rate)
- Peru (special rate)
- Singapore (special rate)
These special tariff preference programs aim to promote trade and economic cooperation between countries by providing reduced or eliminated customs duties on specific goods. They create opportunities for businesses to expand their market access and increase their competitiveness.
In terms of quantity unit, the measurement for HS code 50060090 is kilograms (KG). This unit is used to determine the weight or quantity of spun silk yarn being imported or exported. It is important to accurately declare the quantity unit to ensure compliance with customs regulations and to determine the appropriate customs duties.
When importing spun silk yarn containing less than 85% silk, put up for retail sale under HS code 50060090, it is crucial to be aware of the applicable customs duties, trade agreements, and special tariff preference programs. Understanding the HS code and its associated regulations can help facilitate smooth and compliant international trade transactions.
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