When it comes to international trade, having a standardized system for classifying products is crucial. The Harmonized System (HS) provides this framework, assigning a unique code to each product. In this article, we will delve into HS Code 53092120, which pertains to woven fabrics of flax that meet specific composition criteria.
The product description for HS Code 53092120 is as follows: woven fabrics of flax, containing less than 85% by weight of flax, containing over 17% of wool or fine animal hair, unbleached or bleached. This code helps customs authorities and traders classify and track the import and export of these specific fabrics.
One important aspect to note is the Bound / MFN duty rate associated with this HS code. The duty rate stands at 14.5%, which means that every time a country lowers a trade barrier or opens up a market, it must apply the same rate to all its trading partners for the same goods or services. This ensures fair and equal treatment in international trade.
The quantity unit for HS Code 53092120 is measured in square meters (M2). This unit provides a standardized measurement for trading and tracking the quantity of these woven fabrics.
Furthermore, there are several special tariff preference programs applicable to this HS code. The following countries enjoy duty-free treatment: Australia, Bahrain, Canada (under NAFTA), Chile, Israel, Jordan, Mexico (under NAFTA), Peru, and Singapore. These countries have established preferential trade agreements that waive the duty on imports of woven fabrics of flax meeting the specified criteria.
In addition, there are two special rate programs for this HS code. Morocco is subject to a 1.5% duty rate, while Oman has a duty rate of 8.7%. These rates are lower compared to the standard 14.5% rate and provide preferential treatment for imports from these countries.
For importers and exporters in the United States, it is essential to be aware of the specific regulations and requirements for each state. While the data provided does not specify importing or exporting US states, it is important to consult with the relevant authorities and comply with any additional state-specific regulations when dealing with woven fabrics of flax falling under HS Code 53092120.
HS Code 53092120 plays a crucial role in classifying and tracking the import and export of woven fabrics of flax with specific composition criteria. Understanding the associated duty rates and special tariff preference programs is vital for businesses engaged in international trade. By adhering to the regulations and requirements, importers and exporters can navigate the global market more effectively and efficiently.