The HS Code 51071060 refers to yarn of combed wool, containing 85% or more by weight of wool, and not put up for retail sale. This code is used to classify and identify this specific type of product for import and export purposes. It is important for businesses and traders to understand the HS code system as it helps in determining the customs duty rates, trade regulations, and special tariff preferences associated with a particular product.
When importing or exporting yarn of combed wool under HS Code 51071060, it is crucial to be aware of the bound or Most Favored Nation (MFN) duty rate. The bound or MFN duty rate for this product is 6%. The MFN principle 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 promotes fair and equal treatment in international trade.
The quantity unit for yarn of combed wool under HS Code 51071060 is kilograms (KG). This unit is used to measure and calculate the weight of the product during import or export transactions.
Additionally, there are several special tariff preference programs associated with HS Code 51071060. These programs offer preferential or reduced duty rates for specific countries. The countries and their respective tariff rates for yarn of combed wool are as follows:
It is important for businesses to take advantage of these special tariff preference programs as they can significantly reduce the customs duty burden and enhance competitiveness in the international market.
When importing yarn of combed wool under HS Code 51071060 into the United States, it is essential to consider the exporting US states. Similarly, when exporting this product from the United States, it is important to be aware of the importing US states. Understanding the trade flows and requirements of specific states can help businesses streamline their operations and comply with any state-specific regulations or procedures.
HS Code 51071060 represents yarn of combed wool, containing 85% or more by weight of wool, not put up for retail sale. This code is used to classify and identify the product for import and export purposes. Businesses and traders should be familiar with the associated customs duty rates, special tariff preference programs, and state-specific requirements to effectively navigate international trade transactions involving this product.