Wool is a versatile and valuable natural fiber that has been used for centuries in various industries. As an important commodity in the global market, wool trade is regulated and classified under specific codes to facilitate international transactions. In this article, we will delve into the details of HS Code 51011160, which refers to wool that is finer than 46s, greasy, shorn, and not carded or combed.
HS Code 51011160 specifically covers wool that meets the following criteria:
These specifications are crucial in ensuring that the traded wool falls under the correct category, allowing for accurate classification and duty determination.
The bound or Most Favored Nation (MFN) duty rate for HS Code 51011160 is 18.7 cents per clean kilogram. The MFN duty rate is a standard rate applied to imports regardless of the country of origin. It ensures 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 duty rate acts as a safeguard against unfair trade practices and promotes equal treatment for all trading partners. It creates a level playing field and encourages fair competition in the global wool market.
The quantity unit used for HS Code 51011160 is clean yield kilograms (CYK). This unit of measurement refers to the weight of the wool after it has been cleaned, removing impurities such as dirt, grease, and debris. The CYK measurement allows for accurate trading and pricing based on the actual usable wool content.
Several countries and regions offer special tariff preference programs for imports under HS Code 51011160. These programs provide certain benefits or exemptions from duty payments, making the trade more favorable for the involved parties. The following countries and programs offer special rates for this HS code:
These special tariff preference programs aim to promote trade relationships, regional integration, and economic cooperation between the countries involved. They provide incentives for increased imports and create opportunities for businesses to expand their market reach.
HS Code 51011160 applies to wool trade involving various states within the United States. The importing and exporting US states for this HS code can vary depending on market demand, supply availability, and other factors. Some of the major US states involved in the import and export of wool under this HS code include:
These states often have a significant presence in the wool industry, either as major producers or as key importers and exporters. Their involvement in wool trade contributes to the overall growth and development of the industry within the United States.
HS Code 51011160 plays a vital role in regulating and facilitating the international trade of wool that is finer than 46s, greasy, shorn, and not carded or combed. Understanding the product description, duty rates, quantity unit, and special tariff preference programs associated with this HS code is essential for businesses and individuals involved in the wool trade. By adhering to the classification requirements and taking advantage of special tariff programs, stakeholders can optimize their trading activities and contribute to the dynamic global wool market.