When it comes to international trade, it is essential to have a clear and standardized classification system for goods. This is where the Harmonized System (HS) Code comes into play. The HS Code 51062000 refers to yarn made of carded wool, containing less than 85 percent by weight of wool, and not put up for retail sale.
The HS Code is a globally recognized standard for classifying products in international trade. It is used by customs authorities, statisticians, and researchers to track and analyze trade flows. Each HS Code is six digits long and is harmonized across all countries, ensuring consistency and facilitating international trade.
Yarn of carded wool, as described by HS Code 51062000, is a versatile material used in various industries such as textiles, fashion, and crafts. It is made by combing and aligning wool fibers to create a continuous strand that can be used for knitting, weaving, or other textile processes.
One important aspect of the HS Code is the bound or Most Favored Nation (MFN) duty rate. The MFN duty rate is the maximum tariff that a country can impose on imports of a particular product. In the case of HS Code 51062000, the bound or MFN duty rate is 6%. This means that any country importing yarn of carded wool under this HS Code should expect to pay a 6% tariff unless there is a special tariff preference program in place.
Several special tariff preference programs exist for HS Code 51062000. These programs offer reduced or zero tariffs for specific countries. For example, Australia, Bahrain, Canada (under the North American Free Trade Agreement or NAFTA), Chile, Israel, Jordan, Mexico (under NAFTA), Peru, Singapore, and the Dominican Republic-Central American countries (under the Dominican Republic-Central American Free Trade Agreement or DR-CAFTA) all enjoy preferential treatment for imports of yarn of carded wool under this HS Code.
It is important to note that the quantity unit for HS Code 51062000 is kilograms (KG). This means that the trade data for this product is typically reported in terms of weight in kilograms.
When it comes to importing yarn of carded wool under HS Code 51062000, it is crucial to consider the specific regulations and requirements of both the importing and exporting countries. Different countries may have additional product-specific regulations, labeling requirements, or quality standards that need to be met.
HS Code 51062000 refers to yarn of carded wool, containing less than 85 percent by weight of wool, and not put up for retail sale. This HS Code plays a crucial role in facilitating international trade by providing a standardized classification system for this specific product. Importers and exporters should be aware of the bound or MFN duty rate, as well as any special tariff preference programs that may affect the importation of this product. By understanding and adhering to the regulations associated with HS Code 51062000, businesses can effectively navigate international trade and maximize opportunities for growth and expansion.