HS Code 54024790 represents a specific category of textile products that fall under the classification of single yarn with a twist of 0-50 turns per meter. This code is used by customs authorities to identify and track these particular goods during international trade. It is important for importers and exporters to understand this code and its associated regulations to ensure compliance with customs requirements.
The product description for HS Code 54024790 states that it refers to single yarns that are not wholly made of polyester and are not put up for retail sale. This means that the yarns in this category are made from other materials and are intended for further processing or use in manufacturing processes. The twist of 0-50 turns per meter indicates the level of tension or winding that has been applied to the yarn during its production.
When importing or exporting goods classified under HS Code 54024790, it is essential to be aware of the applicable duty rates. The bound or most-favored-nation (MFN) duty rate for this code is 8%. This means that countries must apply this duty rate to imports of these goods unless they have lower rates as part of bilateral or regional trade agreements.
Trade barriers and market openings play a significant role in determining the duty rates for HS Code 54024790. Countries that lower trade barriers or open up their markets must do so for the same goods or services from all their trading partners. This principle ensures fair and non-discriminatory treatment for all countries involved in international trade.
The quantity unit for HS Code 54024790 is kilograms (KG). This unit of measurement is commonly used to determine the weight and quantity of the yarns being imported or exported. It is important to accurately declare the quantity in kilograms to comply with customs requirements and facilitate smooth trade transactions.
There are also special tariff preference programs applicable to imports of goods classified under HS Code 54024790. These programs provide preferential duty rates or duty-free treatment for specific countries. For example, Australia, Bahrain, Canada (under NAFTA), Chile, Israel, Jordan, Mexico (under NAFTA), Oman, Peru, Singapore, and the Dominican Republic-Central American countries (under DR-CAFTA) offer either duty-free treatment or a special rate of 0.80% for these goods.
It is crucial for importers and exporters to be aware of these special tariff preference programs and take advantage of them whenever applicable. They can significantly reduce the cost of importing or exporting goods classified under HS Code 54024790, making them more competitive in the global market.
HS Code 54024790 represents single yarns with a twist of 0-50 turns per meter, made from materials other than polyester and not put up for retail sale. Importers and exporters must understand the regulations and duty rates associated with this code to ensure compliance with customs requirements. The special tariff preference programs available for these goods can provide cost-saving opportunities for businesses engaged in international trade.