Denim is a popular fabric that is widely used in the fashion industry for the production of jeans and other clothing items. It is known for its durability and versatility, making it a preferred choice for many consumers. The HS Code 52114200 specifically refers to denim fabrics that contain less than 85% cotton by weight and are mixed mainly or solely with man-made fibers. These fabrics also weigh more than 200 grams per square meter and are made of yarns of different colors.
When it comes to international trade, the HS Code plays a crucial role in classifying and identifying specific products. The HS Code 52114200 helps customs authorities and traders to accurately categorize and track denim fabrics that meet the specified criteria. It ensures that the correct duties and taxes are applied, and that the fabrics are subject to the appropriate trade regulations.
The bound or Most Favored Nation (MFN) duty rate for HS Code 52114200 is 8.1%. This means 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. The MFN principle promotes fair and non-discriminatory trade practices among countries.
The quantity unit for HS Code 52114200 is square meters (M2). This unit of measurement is used to determine the size and quantity of denim fabrics being imported or exported. It allows for accurate calculation and tracking of the fabrics during trade transactions.
There are also special tariff preference programs in place for HS Code 52114200. These programs offer reduced or zero-duty rates for certain countries. The following countries benefit from special tariff rates for this HS Code:
In addition, Australia enjoys a special tariff rate of 3% for HS Code 52114200, while Morocco benefits from a special rate of 0.8%.
When importing denim fabrics classified under HS Code 52114200, it is important to consider the regulations and requirements of the specific importing and exporting countries. Customs procedures, documentation, and any additional restrictions must be adhered to for a smooth and compliant trade transaction.
Overall, the HS Code 52114200 plays a vital role in the international trade of denim fabrics. It ensures accurate classification, appropriate duty rates, and enables the implementation of special tariff preference programs for eligible countries. Understanding and correctly applying the HS Code is essential for traders, customs authorities, and other stakeholders involved in the denim industry.